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STRUCTURED DATA ARCHIVING AND APPLICATION RETIREMENT MARKET REPORT OVERVIEW

The global structured data archiving and application retirement market size was anticipated to be worth USD 7.51 billion in 2024, projected to reach USD 15.63 billion by 2033 at a 8.49% CAGR during the forecast period.

Structured data archiving software transfers data while preserving referential integrity and data access from proprietary or off-the-shelf programs to a different file system or database management system. Batch windows can be shortened and performance can be enhanced by lowering the amount of data in production instances. Additionally, it can save acquisition costs for storage, environmental impacts, facility needs, and the price of maintaining data for compliance when retiring applications. Around the world, digital entertainment is becoming more and more widely accepted and used. Furthermore, the growth of the industry was aided by consumer goods like game consoles, digital cameras, and portable music players.

COVID-19 IMPACT

"Pandemic Generated Ample of Data to Preserve and this Data Drive to Drive the Market Growth"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

As data volume rises, so does the requirement for data archiving and application retirement. Organizations are finding that regulatory requirements make data preservation and application retirement more crucial. Businesses are increasingly searching for methods to save expenses, such as retiring apps that are no longer needed or transferring them to the cloud, where they may be accessed whenever needed without requiring ongoing maintenance.

LATEST TRENDS

"Hybrid, Multi-Cloud Storage Strategies to Uplift the Market Share"

Cloud-based solutions have become increasingly popular in many IT domains, including data preservation. Scalability, flexibility, and frequently more affordable options for data archiving and storage are provided by cloud systems. In order to take advantage of the advantages of both on-premises and cloud-based solutions, organizations are implementing hybrid and multi-cloud strategies. This method offers management of structured data preservation flexibility according to particular demands and specifications.

STRUCTURED DATA ARCHIVING AND APPLICATION RETIREMENT MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into cloud-based, on-premise and others.

• Cloud-Based: Cloud-based solutions make it simple for businesses to change their processing and storage capacities by providing the flexibility to scale resources up or down in response to demand. Pay-as-you-go models are common in cloud solutions, allowing businesses to only pay for the services they really utilize. This may be more affordable, particularly for smaller businesses. Remote access and collaboration are made possible by the ability to access data stored in the cloud from any location with an internet connection.

• On-Premise: These solutions provide businesses direct control over their infrastructure, enabling them to install security measures and alter them to suit their unique needs.

• Others: A hybrid strategy that combines on-premises and cloud-based solutions is chosen by certain enterprises. By doing so, they may take use of the advantages of both deployment models and meet particular requirements for certain kinds of data or applications.

By Application

Based on application the global market can be categorized into BFSI, education, manufacturing, telecom & IT and others.

• Banking, financial services, and insurance, or BFSI,: These industries frequently have to adhere to stringent regulatory compliance standards. By securely storing and maintaining financial records, client information, and transaction details for auditing reasons, structured data archiving assists these firms in adhering to compliance regulations.

• Education: Large volumes of structured data, such as student records, academic data, and administrative data, are created and maintained by educational institutions. Data retention regulations are complied with and historical data is preserved with the use of archiving technologies. While keeping access to past academic records, educational institutions may retire outmoded technologies like learning management systems or student information systems.

• Manufacturing: Businesses engaged in manufacturing produce a lot of data on supply chain management, quality assurance, and production procedures. Data organization and storage for future reference and compliance needs are facilitated by archiving.

• Telecom and IT: Telecom businesses manage enormous volumes of structured data, such as call logs, invoice data, and client information. Solutions for archiving help manage and secure this data for corporate analytics and regulatory compliance. IT departments handle a wide range of structured data on user behavior, network performance, and server logs. Efficient management and storage of data is facilitated by archiving systems.

• Others: Maintaining patient records, medical histories, and compliance-related data are all part of structured data archiving in the healthcare industry. Archiving systems are used by retail firms to manage supply chain data, customer information, and transaction data. Structured data archiving helps this industry manage data on grid performance, energy usage, and regulatory compliance.

DRIVING FACTORS

"Prevailing Automation and Digital Transformation to Step Up the Market Sales"

Streamlining and upgrading their application portfolio is a common step in the digital transformation activities that many firms are undertaking. A crucial part of this process is application retirement, which has raised interest in products that make it easier to safely archive and retire outdated applications. To increase productivity and decrease manual involvement, data archiving systems are increasingly incorporating automation and artificial intelligence (AI). While guaranteeing adherence to retention regulations, machine learning algorithms may assist enterprises in automatically identifying and archiving pertinent data.

"Data Governance and Security to Improvise and Accelerate the Market Growth"

Archiving solutions are becoming more and more popular as data security and governance become more important. Companies must guarantee the privacy, availability, and integrity of their structured data, and archiving offers a safe, well-organized method of handling sensitive data. Ensuring the security and privacy of stored data is critical as cyber threats and data breaches become more complex. Advanced encryption methods and security features are becoming more and more popular in solutions.

RESTRAINING FACTORS

"Data Redundancy, Duplication and Complexity of Implementation to Restrain the Market Growth"

Having data from several sources archived might result in duplication and redundancy. Effective handling of redundant data is crucial to prevent needless storage expenses and possible misunderstanding during information retrieval. Application retirement and structured data archiving can be complicated to perform and may need a lot of preparation and cooperation. It might be difficult to retire apps or migrate data from outdated systems to new storage formats without interfering with business as usual. As a result the redundancy of data, duplication and complexity of implementation are the factors subjected to restrained structured data archiving and application retirement market growth.

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STRUCTURED DATA ARCHIVING AND APPLICATION RETIREMENT MARKET REGIONAL INSIGHTS

"North America to Lead with Robust IT Ecosystem and Huge Number of Eneterprises"

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Because there are so many IT businesses in North America, the region is likely to maintain its dominance in the worldwide structured data archiving and application retirement market share over the forecast period. This was the case in 2020.Advanced data management technologies have been widely used by the US economy in a number of different industries. The adoption of application retirement and structured data archiving solutions is facilitated by the existence of major organizations, stringent regulatory constraints, and a strong IT ecosystem.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important market players are crucial for determining consumer preferences and market dynamics since they have a big impact on the market. Customers have easy access to a huge selection of garment alternatives because to the large retail networks and online platforms of these big corporations. Product adoption has risen as a result of their well-known brand and strong worldwide presence, which have also boosted customer loyalty and confidence. Additionally, these giants of business consistently support research and development, which allows structured data archiving and application retirement to adapt their designs, materials, and clever features to changing consumer tastes and demands. The combined efforts of these big businesses will have a big impact on how competitive the market will be going forward.

List of Top Structured Data Archiving And Application Retirement Companies

• Actifio (U.S.)
• Gimmal (U.S.)
• OpenText (Canada)
• Delphix (U.S.)
• Micro Focus (U.K.)
• Metalogix (U.S.)
• Oracle (U.S.)
• Microsoft (U.S.)
• Dolphin (India)
• IBM (U.S.).

INDUSTRIAL DEVELOPMENT

February 2019: The announcement of an OEM partnership between Actifio and IBM enabled IBM to market an Actifio software version under the IBM InfoSphere Virtual Data Pipeline (VDP) brand.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.