Increasing data volume, complexity from stringent regulations, new database applications, and legal discovery requirements is posing challenges to organizations of all sizes. In order to address these challenges, organizations are utilizing structured data management software which enables organizations to store and manage various forms of data generated during operations.
A structured data management software facilitates efficient archiving of legacy data from existing applications and retire the complete data store from existing applications, in turn reducing application footprint and enhancing performance. These software solutions enables enterprises to retire the outdated applications through automated processes such as extracting, validating, and deleting data.
Databases that have been in service since long time, accumulate large amount of data. Significant part of this data remains inactive which can be efficiently stored in a less expensive location outside the active database. Also, accumulation of such old records in the active database slows performance of the database, in turn leading to the need for additional, expensive hardware tools.
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Therefore, in order to avoid such complexities and ensuring smooth system performance, enterprises are utilizing structured data management software solutions. This enables the user to balance the need for long-term records retention along with optimal database performance.
The market growth of structured data management software solutions is driven by various factors such as increasing data volumes that adversely affect database performance, need to retain and manage large volumes of historical data in effective manner, and to effectively address regulatory compliance demands to avoid financial penalties.
Additionally, the structured data management software market is propelled by the several advantages offered by these solutions. Some of these advantages include immediate and indistinguishable access to the archive data, enables critical data to survive longer than the originating applications or databases, and accelerates application retirement processes to shorten time to cost savings.
However, the growth of market is confronted by challenges such as concerns related security and data privacy, and frequent cyber-attacks on enterprises, which has decreased the demand for database products to some extent.
Global structured data management software market is mainly classified on the basis of deployment type, end user and regions.
- On the basis of deployment type, global structured data management software market is segmented into on premise and cloud based.
- On the basis of end user, the market can be segmented as small, medium and large enterprises.
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On the basis of regions, the market is segmented into 7 key regions:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East & Africa
Key Market Players
The major players active in the global structured data management software market include Hewlett Packard Enterprise Development LP, Clarity Information Solutions, IBM, Salesforce.com, Teradata, Oracle, SAS Institute Inc., and Rackspace US, Inc.
Overall it can be concluded that the growth prospects of the structured data management software market are promising, as adoption across most small and medium enterprises is set to increase in the foreseeable future.