The North America Digital Vault Market would witness market growth of 13.7% CAGR during the forecast period (2022-2028).
It is anticipated that the market for digital vaults will see considerable growth throughout the duration of the projection. It is anticipated that the market for software that acts as a digital vault will expand at a breakneck speed because to the progressive increase in the number of online transactions and the amount of paperwork that is saved online. Because they have their own policies, procedures, and protocols in place, the information that is kept in the digital vault is protected to a very high degree against unauthorized access.
In addition, the amount of money the customer is prepared to spend determines the degree of security that may be provided by the digital vault. The digital vaults provide protection against a wide variety of natural disasters, including tornadoes, hurricanes, and fires, amongst others. During the period under consideration, it is predicted that these factors will contribute to an increase in the market share held by digital vaults.
In 2019, New York expanded its data breach notification law by adding the express requirement that enterprises develop, implement, and maintain "reasonable" safeguards to protect the security, confidentiality, and integrity of private information. Importantly, the SHIELD Act (N.Y. Gen Bus. Legislation 899-bb) in New York outlines a variety of administrative, technological, and physical protections that, if implemented, are considered to fulfill the reasonableness criterion outlined in the law in New York. In order to do so, the state established minimum standards for cybersecurity and mandated that businesses undertake periodic risk assessments and file annual compliance certifications (23 NYCRR 500). Because of the necessity to safeguard data in the BFSI industry, digital data protection solutions are required; as a result, the demand in the digital vault market in North America is growing.
The US market dominated the North America Digital Vault Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $364.6 million by 2028. The Canada market is poised to grow at a CAGR of 15.9% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 15.6% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Digital Vault Market is Predict to reach $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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