The Asia Pacific Digital Vault Market would witness market growth of 14.7% CAGR during the forecast period (2022-2028).
Cloud platforms are gaining popularity as businesses are growing more worried about the safety of their data and the prevention of theft of such data. The rise in the use of business applications, as well as the proliferation of mobile devices that can connect to the internet, including as smartphones, tablets, and other electronic gadgets, are all factors that have contributed to the expansion of the market's need for digital vaults.
It is becoming more and more essential that sensitive information, such as passwords and crucial documents, be kept in a safe and secure digital format, like in a digital locker or vault, as the rate of digitalization continues to accelerate and the importance of data privacy continues to rise. Vaults provide a safe environment for the storage of assets such as cash, papers, significant records, and collectibles at financial institutions. A digital vault serves the same purpose as the physical vault.
On the other hand, digital vaults are used to store and safeguard property that only exists in the digital realm rather than actual, physical assets. These platforms often use encryption technology on par with that used by banks as well as two-factor authentication in order to protect the information and property of its users. They even protect information from their own "eyes," giving them the ability to store private files in a digital vault without fear of prying eyes.
Cloud-based digital vaults in the Asia Pacific region make it possible for end-users to store the necessary information on the servers of the vendor. These servers can be accessed remotely from any location and at any time, which helps end-users lower the cost factor associated with on-premise maintenance. A further positive feature of the expansion of businesses is their increasing dependence on cloud computing solutions for the storage, processing, and networking of their data. It is an initiative of the Department of Electronics and Information Technology (DEITY), which is located under the Ministry of Communications and IT, Government of India that provides its citizens with 10 MB of free online storage space to store important documents and certificates as soft copies in a variety of formats. These soft copies can be shared via e-mails if they are required to be done so. This supports the growth of the regional market.
The China market dominated the Asia Pacific Digital Vault Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $181.2 million by 2028. The Japan market is estimated to grow a CAGR of 14% during (2022 - 2028). Additionally, The India market would experience a CAGR of 15.4% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on End Use, the market is segmented into BFSI, Healthcare, Manufacturing, Government, IT & Telecom, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Digital Vault Market is Projected to reach USD 1.7 Billion by 2028, at a CAGR of 14.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, CyberArk Software Ltd., IBM Corporation, Oracle Corporation, Hitachi, Ltd., Micro Focus International PLC, Fiserv, Inc., Broadcom, Inc. (Symantec Corporation), Microsoft Corporation, and TokenEx, Inc.
By Component
By Deployment Type
By Organization Size
By End Use
By Country
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