A digital vault is a highly secure online software platform that enables an individual to gather, supervise, and maintain crucial & confidential digital information such as credentials, assets, documents, and many more. Various things like logins of bank accounts, cryptocurrency accounts, crucial personal documentation, confidential company information, etc. can be stored in a digital vault. The demand for the digital vault is growing rapidly due to the outburst of COVID-19, which has forced many organizations to adapt rapidly to new realities for smooth working with customers, suppliers, and colleagues.
Forecast Analysis of the Global Digital Vault Market
The global digital vault market is projected to witness an exponential growth during the forecast period, owing to the growing digitization across the globe, which has created an increased need for high-level cyber security solutions. Conversely, the lack of expertise and privacy compliance challenges associated with digital vaults are the factors expected to hamper the market growth in the projected timeframe.
The increasing demand & dependency on the internet and the growing adoption of the internet-connected devices along with the growing concerns about protecting data generated from connected devices are the significant factors and digital vault market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global digital vault market is anticipated to rise at a CAGR of 14.2%, and will reach up to $2,850.7 million by the end of 2031.
Digital Vault Market Trends and Developments
Some of the foremost players in the digital vault market are Johnson Controls International PLC, CyberArk Software Ltd., Microsoft, IBM, Oracle Corporation, Keeper Security, Multicert, Hitachi Limited, Fiserv, Micro Focus, and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market. For instance:
- In May 2021, Johnson Controls, the global leader for smart and sustainable buildings, announced a partnership with DigiCert, the global leading provider of digital certificate services & PKI solutions, in order to take advantage of IoT Device Manager to improve smart building cybersecurity, PKI (Public Key Infrastructure), and management of digital identities. Built on ONE digital certificate platform of DigiCert, this device manager provides advanced secure connectivity in smart building solutions.
- In April 2022, FutureVault, a leading provider of secure document exchange & Digital Vault solutions, entered into a partnership with Envestnet|Yodlee, a data analytics and data aggregation platform powering dynamic, with an aim to enhance FutureVault’s connectivity, productivity, and experience between financial services advisors, organizations, and end-clients within the platform.
- In June 2022, Prisidio, a digital vault that helps people to easily and securely store, organize, and share information, announced the launch of its web and mobile applications (Android and iOS). The company solves the “digital dilemma,” in which digital assets, critical documents, and personal information of people are spread across digital and physical locations, but they don’t have a centralized, convenient digital access point for all of it.
Most Profitable Region
The Asia-Pacific digital vault market is expected to observe dominant growth in the years to come. This is because the region is experiencing a rising demand for digital vaults owing to the region’s numerous industry- & medium-specific data security regulations. The government services are available in digital form with the help of various digital platforms in the developing economies, such as India, China, Thailand, and others. Moreover, many government services are digitalized with the help of the using digital vaults that helps in saving personal information of customers when doing online banking transactions.
Impact of COVID-19 on the Market
The outbreak of COVID-19 across the globe has positively impacted the global digital vault market. This is mainly because the digital infrastructure has witnessed a dramatic increase in the demand due to pandemic. Despite the shutting down of offices and other facility closures, the global businesses are continuing to operate online, which has increased the risk of cyber-attacks, data breaches, and other problems. With cyber-security the top priority, the leading companies are highly focusing on security and risk management by ensuring that their companies’ digital platforms and online services are resistant to cyber-attacks. All these factors are boosting the demand for digital vaults, thereby accelerating the growth of the global market during the pandemic period.