Global Archival Data Storage Market: Introduction
Archival data storage is a form of storage designed for data which is not needed at present but needs to be stored so that it can be retrieved in the future, if necessary. Usually, backup systems often allow for archiving records. Corporates and government organizations of various countries have started to understand the value of a secure long-term archival storage policy for their sensitive data records. However, sectors such as BFSI and healthcare that use insurance record management and medical imaging have a long tradition of electronic archival storage. Other sector companies have also started to adopt archival data storage to save their data for the long term.
Global Archival Data Storage Market: Dynamics
- Government Regulations for Data Storage
- Increase in government compliance for data storage plays a key role in the growth of the market. In certain sectors complying with policy and business, data protection laws are necessary. Various legislations are being placed in motion to determine the duration of record-keeping and a data management system that guarantees the reliability and easy retrieval of electronic documents. For example, Global laws such as SEC 17a-4, Sarbanes-Oxley, and Basel II have a significant impact on the global archival data storage market.
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North America Led Global Market in 2018
- Based on the region, the global archival data storage market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America held a dominant share of the global archival data storage market in 2018. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are the major countries that drive the market in this region. Rapid adoption of cloud technologies by corporations in North America has provided the country a leading role in the global market for archival data storage.
- The archival data storage market in the Asia Pacific is expected to expand at the maximum CAGR during the forecast period. India, China, Japan, and Australia are major countries of the archival data storage market in the region.
Healthcare & BFSI Accounted for Major Market Share in 2018
- Based on end-user, the archival data storage market is segmented into BFSI, entertainment, education, healthcare, IT & telecommunication, military & defense, and others. Healthcare & BFSI combined held the largest market share in 2018 and is expected to retain its dominance throughout the forecast period. Growing online financial transactions across the globe and increase in demand for reduction of primary data storage cost have provided the dominant position to the segment in the market.
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Key Players Operating in the Global Archival Data Storage Market
Key players operating in the global archival data storage market are listed below:
- Cohesity, Inc.
- Google, LLC
- Information Business Machine Corporation
- Oracle Corporation
- Red Hat
- SolarWinds MSP
Global Archival Data Storage Market: Research Scope
Global Archival Data Storage Market, by End-user
- IT & Telecommunication
- Military & Defense
Figure: Global Archival Data Storage Market, by End-user
Global Archival Data Storage Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Figure: Global Archival Data Storage Market, by Region
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.