Market Trends of North America Enterprise Information Archiving Industry
Cloud Segment to Witness Major Growth
- Virtual technology hosts a company's applications remotely on a cloud-based server. There are no upfront costs, data is backed up regularly, and businesses only pay for resources they use. The cloud has even more appeal for companies planning aggressive worldwide expansion, as it allows them to communicate with customers, partners, and other enterprises from anywhere with no effort.
- Businesses that choose the cloud computing paradigm conduct due diligence to ensure that their third-party provider is up to date and complies with all their industry's regulatory obligations. Sensitive data must be safeguarded, and the privacy of customers, partners, and employees must be protected.
- Furthermore, the growing use of the cloud has aided the data created across various industries. Enterprise information archiving software uses public and private cloud platforms to provide enterprises with the required agility, scalability, and cost savings. As a result, market participants are offering cloud-based solutions to manage such massive data.
- Moreover, according to the National Association of State Chief Information Officers (NASCIO) report, in 2023, around 88% of state CIO respondents stated that accelerating cloud adoption aligns with the trend of ongoing migration to the cloud across operating domains. It reflects the widespread recognition of the benefits of cloud computing and the need to leverage cloud services for various operational domains.
- Moreover, according to the National Association of State Chief Information Officers (NASCIO) report, 2023 hybrid and multi-cloud settings will already be standard when moving to the cloud. Infrastructure as a Service (IaaS) and Software as a Service (SaaS) models are used in around 23% to 24% of the state's overall system and application catalogs. It confirms that hybrid and multi-cloud setups have become customary in IT infrastructure, reflecting the ongoing migration to the cloud.
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United States to Hold Significant Market Share
- The North American region, particularly the United States, has been an early adopter of the latest technological advancements within traditional enterprise information archiving solutions, such as integration technologies with AI, cloud, and mobile technologies. Moreover, the region also has a stronghold of information archiving vendors, such as Microsoft Corporation, Barracuda Networks Inc., Proofpoint Inc., and Smarsh Inc.
- According to NASSCOM’s 2023 IT modernization survey across a mix of end-user sectors, IT modernization is the topmost priority for most enterprises. The report states that North American enterprises are ahead of others in the IT modernization journey due to a strong focus on innovation, large and mature IT markets, well-developed financial markets, and a robust regulatory environment.
- The United States is witnessing demand for IoT in healthcare. According to United States-based Aruba, 73% of healthcare organizations use IoT for maintenance and monitoring. Such initiatives in the regional healthcare sector drive the demand for EIA solutions as hospitals must store patient-sensitive data for a minimum period of 7 years. The IoT market in the United States is expected to generate around USD 297 billion by 2028, boosting the market studied.
- Governmental standards and regulations framed for various industries regarding data archiving are one of the significant growth drivers for the region, driving market growth. Overall, as users require a reasonable level of confidence in cloud infrastructures to plan and operate their businesses efficiently, the market vendors tend to adopt cloud platforms of recognized vendors in cloud space, such as Amazon Web Services and Azure, to provide uninterrupted services to their clients. Furthermore, due to increased cloud investment, the cloud-based category is predicted to grow fastest throughout the enterprise information archiving market projection period.
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