The Global Digital Vault Market size is expected to reach $1.7 billion by 2028, rising at a market growth of 14.4% CAGR during the forecast period.
A digital vault is a kind of online security vault that may be used to store and protect your digital assets, therefore protecting the information that is most important to you. A digital vault provides a safe location for the safekeeping of a variety of assets, including digital files such as photographs and videos, information required for internet login, and financial data. The market for digital vaults plays an important part in estate planning, particularly in terms of the maintenance of wills and trusts and the provision of simple access to other individuals whenever it is required.
The market for digital vaults is undergoing significant development, and these vaults are increasingly being used as a compliance and operations tool, which assists financial firms in strengthening their level of security. A digital vault is an information storage facility that functions analogously to a fireproof safe but is constructed entirely using digital means. Digital vaults are a kind of highly secure digital deposit box that safeguard an individual's sensitive and confidential information by using firewalls and other forms of access control technology.
The fast growth and investment in the information technology industry has led to the creation of a digital vault, which as a result provides the client with access to a diverse variety of services. When it comes to safely storing sensitive digital assets, a digital vault is the way to go. It is a more comprehensive solution than password managers and far more secure than spreadsheets or other online collaborative applications.
The cloud provides a safe and secure location for a digital vault to store user's most sensitive data. The data will only ever be stored in the vault in their encrypted form. When users access the files, it synchronizes them in an automated manner with a device of their choosing. It assures that even if someone steals or hacks into the computer, which is uncommon but conceivable, they won't be able to view any of the information stored on it until they also have access to the private key. This is a very secure way to protect sensitive data (which only the owner knows). When used with two-factor authentication, the data will be unavailable to anybody who isn't authorized to see it.
Digital vault provides organizations with significant benefits, including security on par with that of a bank, increased privacy control combined with ease of access, low cost, and the ability to better maintain organization while also keeping pace with the most recent developments in security standards. During the pandemic, the fast growth in wireless and digital transactions has prompted the need for data security. This requirement has been made necessary by the rapid spread of the virus. During the pandemic, the chances presented by the digital vault business have been helped significantly by these considerations.
The regulation requires financial institutions to protect the data of their customers and to maintain the security of operations within the industry. The regulation was first introduced in 2017. The regulation applies to all companies that are regulated by the DFS, including their branches outside of the state and overseas, and it requires those companies to evaluate the cybersecurity risk profiles of their organizations and implement an all-encompassing plan that acknowledges and reduces the risk. During the time of the projection, the demand for the Digital Vault Market will be driven in large part by the increasing compliance and regulatory regulations for data protection.
This may be a sensor that is integrated into a vehicle, a camera that is connected to a network, an implantable heart monitor, an injectable ID chip for a farm animal, a remote-controlled electrical outlet, or something else entirely. Any gadget that is able to transmit data via a network is considered part of the Internet of Things. The Internet of Things (IoT) is a concept that facilitates communication between everyday objects and other computing devices, like cloud servers, desktop and laptop computers, tablets, and mobile phones. As a result, it is predicted that the Digital Vault Market will expand over the duration of the projection.
The proliferation of vulnerabilities in information technology is driving an ever-increasing need for more advanced protection against cyberattacks. Outdated network security solutions are completely worthless in protecting enterprises from modern threats to their endpoints, clouds, and networks. The absence of sufficient professionals and experts in the area of developing and improving security solutions is one of the primary obstacles. The significant upfront and ongoing costs associated with establishing and maintaining internet security solutions and services dissuade small and medium companies (SMEs) from using them. As a result, the development of the global market for digital vaults would be hampered by these factors over the period covered by the projection.
Based on the component, the Digital Vault Market is categorized into Solution and Services. In 2021, the solution segment held the largest revenue share in the Digital Vault Market. The solutions provided by the digital vault provide many layers of protection for the data, including a firewall, a control system for data access, and end-to-end encryption. In addition, digital vault solutions incorporate a number of standard and well-known security layers, such as control of your file access through virtual private networks (VPN), encryption, authentication, and a firewall.
Based on the deployment type, the digital vault market is segmented into On-Premise and Cloud. In 2021, the On-premise segment garnered the significant revenue share in the market. This On-Premises Digital Vault helps individuals learn how to use the product more successfully and efficiently by organizing and consolidating the many learning materials available to them. The contents contain an introduction to the product's functionality as well as its architecture, components, available integrations, and settings that may be customized.
Based on the organization size, the Digital Vault Market is divided into large enterprises and small & medium enterprises. In 2021, the large enterprise segment accounted for the major revenue share in digital vault market. Large enterprises are increasingly turning to digital vault solutions in order to keep up with the constantly shifting world of rules and compliance. The use of digital vaults makes it much simpler to check that all of the information is correct and up to date. The use of these digital vaults rather than more conventional storing techniques has a number of benefits, including increased convenience and safety.
Based on the end-use, the digital vault market is categorized into BFSI, IT & Telecom, Manufacturing, Government, Healthcare, and Others. The healthcare segment procured the substantial revenue share in the market during 2021. This is mostly due to the fact that there has been a rise in the number of cyberattacks on the healthcare industry, which is caused by the existence of essential patient data. A digital vault is an essential piece of software that may be used for the purpose of preserving electronic medical data.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 680.7 Million |
| Market size forecast in 2028 | USD 1.7 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 14.4% from 2022 to 2028 |
| Number of Pages | 249 |
| Number of Tables | 440 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Deployment Type, Organization Size, End Use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on region, the digital vault market is classified into North America, Europe, Asia Pacific, and LAMEA. The North America region garnered the considerable revenue share in the market in 2021. The presence of developed economies in the area, namely those of the United States and Canada, gives it an advantage over other regions with regard to the employment of highly secure platforms for the storage of data obtained from essential sources. As a result of the growing need for safe repositories for the long-term preservation of vital information, it is anticipated that the area would provide enormous prospects for business expansion to sellers of digital vaults.
Free Valuable Insights: Global Digital Vault Market size to reach USD 1.7 Billion by 2028
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 Geography
The global Digital Vault Market size is expected to reach $1.7 billion by 2028.
An increasing number of compliance requirements and legislation designed to safeguard sensitive data are driving the market in coming years, however, The deployment comes at a high cost restraints the growth of the market.
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.
The Cloud segment acquired maximum revenue share in the Global Digital Vault Market by Deployment Type in 2021 thereby, achieving a market value of $1.1 billion by 2028.
The Asia Pacific market dominated the Global Digital Vault Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $636.8 million by 2028.
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