According to a new report, published by KBV research, 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.
The Services segment is showcasing a CAGR of 15.5% during (2022 - 2028). The use of digital vault services protects the company's data environment against unauthorized access, disclosure, or theft of data. These services also monitor the environment and give centralized insight into it. The process of protecting digital information from unauthorized access, theft, or corruption during its entire lifespan is referred to as data security. It is a concept that encompasses all elements of information security, including the physical protection of hardware and storage devices, access restrictions, administrative administration, and the logical protection of software applications.
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 market for cloud-based digital vaults is expected to see considerable development as the frequency of data breaches continues to rise. Enterprises have been encouraged to enhance their usage of cloud platforms in response to growing concerns around the loss of data and its security. End users are able to keep the essential data on the vendor's servers with the assistance of cloud-based digital vaults.
The SMEs segment has shown the growth rate of 16.2% during (2022 - 2028). Small and medium-sized businesses need data protection since they are more susceptible to cybercrime than larger businesses because they have a wider variety of datasets but less security measures. This is due to the fact that the number of small and medium enterprises (SMEs) is quickly growing all over the globe.
The BFSI segment is generating highest revenue share in the Global Digital Vault Market by End Use in 2021 thereby, achieving a market value of $498 million by 2028. The BFSI business has been a pioneer in the adoption of digital vault solutions because of the extraordinarily sensitive nature of the financial data it handles. In addition, the sector is always looking for new products and services within the security industry that it can use to secure its workers, customers, offices, assets, branches, and overall operations.
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. The Europe market is exhibiting a CAGR of 13.9% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 13.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/digital-vault-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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By Deployment Type
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Companies Profiled
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