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Digital Vault Market Report

RA05497

Digital Vault Market by Component (Solution and Services), Deployment (On-premise and Cloud-based), Enterprise Size (Large Enterprises and Small & Medium Enterprises), End-user (BFSI, IT & Telecommunication, Government, Healthcare, Manufacturing, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

COVID-19

pandemic has shown to have an enormous impact on most
industries.

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Impact of covid-19 on Digital Vault Market

Digital Vault Market Analysis

The global digital vault market is anticipated to garner $3,222.0 million in the 2021–2028 timeframe, growing from $1,119.1 million in 2020, at a healthy CAGR of 13.8%.

Market Synopsis

The digital vault market is expected to grow due to product advancements, acquisitions, and business expansion by key market players to increase the adoption of digital vault for various applications.

Some of the issues that may act as a restraining factor for the digital vault market include interoperability and a lack of awareness in developing nations about the technology.

According to the regional analysis of the market, the Asia-Pacific digital vault market is anticipated to grow at a CAGR of 14.9%, by generating a revenue of $919.9 million during the review period.

Digital Vault Overview

The growing use of online and mobile applications, advancements in analytics, and Internet of Things are booming the need for data security. Digital vault is designed to provide the highest level of security and protection for the repository of all sensitive information. It enables the preservation, monitoring, repairing of records and offers the access to the digital records. The demand for the digital vault developed owing to the ever-growing list of data protection containing passwords along with bank records, policies, other critical papers, and property or legal rights.

Impact Analysis of COVID-19 on the Global Digital Vault Market

The global coronavirus pandemic has created a massive challenge for businesses all over the world. The information technology like the data centers, cloud systems, departmental servers, and the digital devices on which the companies’ now-remote employees rely to stay connected to one another and to the company's data has become even more critical. Digital infrastructure has seen a dramatic increase in demand overnight. The widespread shift to operating businesses online has increased the risk of cyber-attacks, putting organizations’ security at risk. Leaders in security and risk management are focusing on ensuring that their companies' online services and digital platforms are resistant to cyber-attacks. A digital vault is a secure repository for all sensitive information; it is responsible for securing, managing, controlling access to all the data and providing audit records that are tamper-proof. As a result, the security requirements for the digital vault server, the server that runs the digital vault solution, are extremely stringent. The coronavirus pandemic has presented new challenges for businesses as they adapt to a business model in which working from home has become the "new normal." Companies are speeding up their digital transformation and cyber security is now a top priority. One of the major drivers of growth is the global increase in digitalization.

Growing Concerns for Protecting Data Generated from Connected Devices to Drive the Market Growth

In the world where everything is connected, cyber security must be collaborative, comprehensive, and adoptive. The global demand and dependency on the internet and the adoption of the internet-connected devices are increasing. Due to the growing threats and risk associated with data protection in the public and private sector, government initiatives are on a rise to protect both nation security and economic prosperity. Companies’ interests in connecting their devices, production system and products are driving continuous growth of the IoT. The enormous potential of the IoT is making company’s products and services better or improving production efficiency. This potential comes with a sharp increase in security risk, and the challenge of cyber security is quite advanced for IoT technology users. The conventional estimation in 2020 shows that the number of connected devices was around 20-30 billion compared to that in 2015, which was up to 10-15 billion. To date, risking the integrity and confidentiality of the information is a huge concern than any risk regarding the availability. Furthermore, the number of connected devices across the globe is likely to double. Avoiding the risk associated with data is one of the major concerns that is expected to boom the demand for the digital vault. The use of vault can help storing credentials in a digital vault and processing the records. This centralized storage method allows credentials to be reset after each use and achieve advanced protection.

To know more about global digital vault market drivers, get in touch with our analysts here.

Privacy Compliance Challenges and Lack of Expertise may Restrain the Market Growth

Many modern businesses collect massive amounts of complex data as a part of their daily operations and rely on data analytics to run their businesses. This method of data collection complicates privacy compliance processes, starting with the correct identification and classification of business data to determine whether requirements apply. Modern businesses can use privacy compliance to differentiate themselves. With security expertise becoming increasingly difficult to find and retain, businesses should consider cultivating this talent organically.  Those accused of violating data privacy rights risk harming their company's brand and losing the trust of their customers

Growing Digitalization across the Globe Have Created the Need for High-Level Cyber Security Solution

The current outburst of the Covid-19 crisis has forced many organizations to adapt rapidly to new realities for working in faster ways with customers, suppliers, and colleagues. Growth and agility in digital transformation is a never-ending process involving people, processes, and technology. Infrastructure managed services are an important part of any digital transformation strategy. The covid-19 pandemic fueled massive increase in online shopping.  The pandemic has prompted digital platforms to ramp up efforts to build businesses and their digital presence, as well as expand development to capture consumer engagement. The increasing adoption of the digital platform across the globe has led to the rise in the data lost, hacking, or others. The surge in global digital attacks implies that corporations are towards the top of the list of threats they face in an increasingly digital economy, and that they must be alerted by beefing up their security processes to counter the threat. Privacy and data protection requirements are vital, but they can also create a patchwork of objectives and expenses for businesses, weakening defense systems. Companies must defend and guard against attacks while simultaneously attempting to comply with complex rules within their budgetary constraints.

To know more about global digital vault market opportunities, get in touch with our analysts here.

Digital Vault Market
By Components

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Based on components, the market has divided into been Solution and services. Solution sub-segment accounted for the highest revenue share in 2020, and services sub-segment is predicted to show the fastest growth during the forecast period.

Source: Research Dive Analysis

The services sub-segment is expected to have a dominant market share and generate $ 1429.7 million revenue by 2028, up from $ 489.8 million in 2020. The practice of preventing unauthorized access, corruption, or theft of digital information throughout its entire lifecycle is known as data security. It is a concept that encompasses all aspects of information security, ranging from physical security of hardware and storage devices to access controls and administrative, as well as the logical security of software applications. It also includes policies and procedures for the organization. Data protection, monitoring and centralized visibility enterprise data landscape against unauthorized access, exposure, or data theft are all advantages of digital vault services.

Digital Vault Market
By Deployment

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Based on deployment, the analysis has been divided into on-premise and Cloud based. Out of these, Cloud based sub-segment is predicted to be the most dominant and show the fastest growth during the forecast period.

Source: Research Dive Analysis

The cloud subsegment of the global digital vault market is anticipated to have the fastest growth and surpass $2096.1 million by 2028, with an increase from $ 690.4 million in 2020, with the highest CAGR of 14.6%.  As the need for cloud data security is becoming important, there is a growing demand for cloud-based data security. As data centers, business processes, and other services have migrated to the cloud, the demand for organizational data security and cloud security solutions is increasing, as digital vault cloud-based solutions are cheaper than on-premise solutions.

Digital Vault Market
By Enterprise Size

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Based on enterprise size, the analysis has been divided into Large Enterprise and small & medium enterprise. Among these, small & medium enterprises sub-segment is anticipated to have the fastest growth during the forecast period.

Source: Research Dive Analysis

The small and medium enterprise segment of the global digital vault market is anticipated to have the fastest growth and surpass $ 1093.5 million by 2028, with an increase from $ 355.5 million in 2020, with highest CAGR of 14.8%.  Enterprises of all sizes require data security, which works to protect an organization from data loss and to ensure the security of all devices that use data. It is delivered with the help of information security technologies like antivirus and firewalls, as well as data security standards and policies for managing and governing the entire process.  Growing concern of small and medium enterprise towards the data security is booming the demand for the solution that protect the data and restrict the access of unauthorized user is booming the demand for the digital vault.

Digital Vault Market
By End Use

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Based on end-user, the analysis has been divided into BFSI, IT and telecom, manufacturing, government, healthcare, others. Among these, BFSI is predicted to be the most dominant sub-segment and healthcare sub-segment is anticipated to have the fastest growth during the forecast period.

Source: Research Dive Analysis

The healthcare sub-segment of the global digital vault market is anticipated to have the fastest growth and surpass $227.2 million by 2028, with an increase from $72.3 million in 2020 with highest CAGR of 15.1%. Healthcare data security has never been more important with cyber-attacks on healthcare organizations on the rise and with cybercriminals developing ever-more sophisticated tools and methods to attack healthcare organizations. In addition, regulations such as HIPAA-covered entities must implement appropriate physical, administrative, and technical safeguards to ensure the confidentiality, integrity, and availability of electronic protected health information.

Digital Vault Market
By Region

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The digital vault market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Digital Vault in North America to be the Most Dominant

The North America digital vault market accounted $ 423.1 million in 2020 and is projected to register a revenue of $ 1168.6 million by 2028. The demand for digital vaults is increasing in North America, as the country has several medium-specific and sector-specific data security laws. Regulations and laws governing telecommunication companies, children's information, financial institutions, personal credit report information, health information, telemarketing, and direct marketing have gained importance and are being adopted in various countries. Hundreds of data security and privacy laws exist in the United States' 50 states and territories, including requirements for data safeguarding, data disposal, privacy policies, appropriate use of social security numbers, and data breach notification. Thus, the adoption of the secure solution for data security is creating growth options for the digital vault; for example, according to the 15 U.S.C. 41-58, Federal Trade Commission act has risen to prominence as the nation's main privacy and data security authority. The Federal Trade Commission (FTC) is in charge of enforcing a range of laws related to privacy and data security, as well as providing the foundation for enforcement proceedings.  Thus, the demand for the data protection solution is booming.

The Market for Digital Vault in Asia-Pacific to be the Most Lucrative

The Asia-Pacific digital vault market accounted $297.1 million in 2020 and is projected to register a revenue of $919.9 million by 2028. The Asia-Pacific digital vault market is expected to grow at a significant CAGR 14.9%, over the forecast period. The digital readiness programme office is helping citizens by developing regions to access various government services digitally in the developing countries such as India. A digital vault is used for storage of personal details so that users need not repeatedly provide and verify their personal information when transacting online; thousands of government services have been made available digitally. Growing digital services offered by government in developing regions has boosted the market for digital vaults.

Competitive Scenario in the Global Digital Vault Market

Organizations are bridging the gap between emerging and existing technologies to balance the need to both run and transform business., Innovations and business expansion are common strategies followed by major market players.

Competitive Scenario in the Global Digital Vault Market

Source: Research Dive Analysis

Some of the leading digital vault market players are Johnson Controls International PLC CyberArk Software Ltd, Miosoft, IBM, Oracle Corporation, Keeper Security, Multicert, Hitachi Limited, Fiserv, and Microfocus.

Porter’s Five Forces Analysis for the Global Digital Vault Market:

  • Bargaining Power of Suppliers: There are many providers in the digital vault market. Also, there is high demand for digital vault from various countries in order to reduce the data vulnerability.
    Thus, the bargaining power of suppliers is low.
  • Bargaining Power of Buyers: Buyers have little bargaining power because establishing a digital vault requires a large capital investment. However, the customers are eligible for tax benefits and subsidies from the government.
    Thus, the bargaining power of the buyers is low.
  • Threat of New Entrants: The companies entering digital vault market have to deal with high investment cost and adhere to the environmental regulations as well. 
    Thus, the threat of the new entrants is low.
  • Threat of Substitutes: There is no or few substitute available in the market. .
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is extensive mainly because the number of players operating in digital vault industry are focusing on enhancing the business expansion and product innovations.
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Components

  • Solution
  • Services

  Segmentation by Deployment

  • On-premise 
  • Cloud-based

  Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises

  Segmentation by End-User

  • Healthcare
  • BFSI
  • IT & Telecom
  • Manufacturing
  • Government
  • Healthcare
  • Others

  Key Companies Profiled

 

  • Johnson Controls International PLC
  • CyberArk Software Ltd
  • Microsoft
  • IBM
  • Oracle Corporation
  • Keeper Security
  • Multicert
  • Hitachi Limited
  • Fiserv
  • Micro Focus

Frequently Asked Questions
 

A. The size of the global digital vault market was over $1,119.1 million in 2020 and is projected to reach $ 3222 million by 2028.

A. Johnson Controls International PLC, CyberArk Software Ltd, Microsoft, IBM, and Oracle Corporation. are some of the major companies operating in the global digital vault market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. The growth rate of the Asia-Pacific digital vault market is 14.9%.

A. Product innovations, technological advancements, and business expansions are the key strategies opted by the operating companies in this market.

A. Johnson Controls International PLC, CyberArk Software Ltd, Microsoft, IBM, Oracle Corporation.; these companies are investing more on R&D practices.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data Enterprise Sizes

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.Component trends
2.3.Enterprise Size trends
2.4.End User trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Enterprise Size landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.Digital Vault Market, by Components

4.1.Solution

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020&2028

4.2.Services

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020&2028

5.Digital Vault Market, by Deployment

5.1.On-premise

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020&2028

5.2.Cloud-based

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020&2028

6.Digital Vault Market, by Enterprise Size

6.1.Large Enterprise

6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020&2028

6.2.Small and Medium Enterprise

6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020&2028

7.Digital Vault Market, by End Use

7.1.BFSI

7.1.1.Market size and forecast, by region, 2020-2028
7.1.2.Comparative market share analysis, 2020&2028

7.2.IT and Telecom

7.2.1.Market size and forecast, by region, 2020-2028
7.2.2.Comparative market share analysis, 2020&2028

7.3.Manufacturing

1.1.1.Market size and forecast, by region, 2020-2028
1.1.2.Comparative market share analysis, 2020&2028

7.4.Government

1.1.1.Market size and forecast, by region, 2020-2028
1.1.2.Comparative market share analysis, 2020&2028

7.5.Healthcare

1.1.1.Market size and forecast, by region, 2020-2028
1.1.2.Comparative market share analysis, 2020&2028

7.6.Others

7.6.1.Market size and forecast, by region, 2020-2028
7.6.2.Comparative market share analysis, 2020&2028

8.Digital Vault Market, by Region

8.1.North America

8.1.1.Market size and forecast, by Component, 2020-2028
8.1.2.Market size and forecast, by Deployment, 2020-2028
8.1.3.Market size and forecast, by Enterprise Size, 2020-2028
8.1.4.Market size and forecast, by End User, 2020-2028
8.1.5.Market size and forecast, by country, 2020-2028
8.1.6.Comparative market share analysis, 2020&2028

8.1.7.U.S.

8.1.7.1.Market size and forecast, by Component, 2020-2028
8.1.7.2.Market size and forecast, by Deployment, 2020-2028
8.1.7.3.Market size and forecast, by Enterprise Size, 2020-2028
8.1.7.4.Market size and forecast, by End User, 2020-2028
8.1.7.5.Comparative market share analysis, 2020&2028

8.1.8.Canada

8.1.8.1.Market size and forecast, by Component, 2020-2028
8.1.8.2.Market size and forecast, by Deployment, 2020-2028
8.1.8.3.Market size and forecast, by Enterprise Size, 2020-2028
8.1.8.4.Market size and forecast, by End User, 2020-2028
8.1.8.5.Comparative market share analysis, 2020&2028

8.1.9.Mexico

8.1.9.1.Market size and forecast, by Component, 2020-2028
8.1.9.2.Market size and forecast, by Deployment, 2020-2028
8.1.9.3.Market size and forecast, by Enterprise Size, 2020-2028
8.1.9.4.Market size and forecast, by End User, 2020-2028
8.1.9.5.Comparative market share analysis, 2020&2028

8.2.Europe

8.2.1.Market size and forecast, by Component, 2020-2028
8.2.2.Market size and forecast, by Deployment, 2020-2028
8.2.3.Market size and forecast, by Enterprise Size, 2020-2028
8.2.4.Market size and forecast, by End User, 2020-2028
8.2.5.Market size and forecast, by country, 2020-2028
8.2.6.Comparative market share analysis, 2020&2028

8.2.7.UK

8.2.7.1.Market size and forecast, by Component, 2020-2028
8.2.7.2.Market size and forecast, by Deployment, 2020-2028
8.2.7.3.Market size and forecast, by Enterprise Size, 2020-2028
8.2.7.4.Market size and forecast, by End User, 2020-2028
8.2.7.5.Comparative market share analysis, 2020&2028

8.2.8.Germany

8.2.8.1.Market size and forecast, by Component, 2020-2028
8.2.8.2.Market size and forecast, by Deployment, 2020-2028
8.2.8.3.Market size and forecast, by Enterprise Size, 2020-2028
8.2.8.4.Market size and forecast, by End User, 2020-2028
8.2.8.5.Comparative market share analysis, 2020&2028

8.2.9.France

8.2.9.1.Market size and forecast, by Component, 2020-2028
8.2.9.2.Market size and forecast, by Deployment, 2020-2028
8.2.9.3.Market size and forecast, by Enterprise Size, 2020-2028
8.2.9.4.Market size and forecast, by End User, 2020-2028
8.2.9.5.Comparative market share analysis, 2020&2028

8.2.10.Spain

8.2.10.1.Market size and forecast, by Component, 2020-2028
8.2.10.2.Market size and forecast, by Deployment, 2020-2028
8.2.10.3.Market size and forecast, by Enterprise Size, 2020-2028
8.2.10.4.Market size and forecast, by End User, 2020-2028
8.2.10.5.Comparative market share analysis, 2020&2028

8.2.11.Italy

8.2.11.1.Market size and forecast, by Component, 2020-2028
8.2.11.2.Market size and forecast, by Deployment, 2020-2028
8.2.11.3.Market size and forecast, by Enterprise Size, 2020-2028
8.2.11.4.Market size and forecast, by End User, 2020-2028
8.2.11.5.Comparative market share analysis, 2020&2028

8.2.12.Rest of Europe

8.2.12.1.Market size and forecast, by Component, 2020-2028
8.2.12.2.Market size and forecast, by Deployment, 2020-2028
8.2.12.3.Market size and forecast, by Enterprise Size, 2020-2028
8.2.12.4.Market size and forecast, by End User, 2020-2028
8.2.12.5.Comparative market share analysis, 2020&2028

8.3.Asia Pacific

8.3.1.Market size and forecast, by Component, 2020-2028
8.3.2.Market size and forecast, by Deployment, 2020-2028
8.3.3.Market size and forecast, by Enterprise Size, 2020-2028
8.3.4.Market size and forecast, by End User, 2020-2028
8.3.5.Market size and forecast, by country, 2020-2028
8.3.6.Comparative market share analysis, 2020&2028

8.3.7.India

8.3.7.1.Market size and forecast, by Component, 2020-2028
8.3.7.2.Market size and forecast, by Deployment, 2020-2028
8.3.7.3.Market size and forecast, by Enterprise Size, 2020-2028
8.3.7.4.Market size and forecast, by End User, 2020-2028
8.3.7.5.Comparative market share analysis, 2020&2028

8.3.8.China

8.3.8.1.Market size and forecast, by Component, 2020-2028
8.3.8.2.Market size and forecast, by Deployment, 2020-2028
8.3.8.3.Market size and forecast, by Enterprise Size, 2020-2028
8.3.8.4.Market size and forecast, by End User, 2020-2028
8.3.8.5.Comparative market share analysis, 2020&2028

8.3.9.Japan

8.3.9.1.Market size and forecast, by Component, 2020-2028
8.3.9.2.Market size and forecast, by Deployment, 2020-2028
8.3.9.3.Market size and forecast, by Enterprise Size, 2020-2028
8.3.9.4.Market size and forecast, by End User, 2020-2028
8.3.9.5.Comparative market share analysis, 2020&2028

8.3.10.South Korea

8.3.10.1.Market size and forecast, by Component, 2020-2028
8.3.10.2.Market size and forecast, by Deployment, 2020-2028
8.3.10.3.Market size and forecast, by Enterprise Size, 2020-2028
8.3.10.4.Market size and forecast, by End User, 2020-2028
8.3.10.5.Comparative market share analysis, 2020&2028

8.3.11.Australia

8.3.11.1.Market size and forecast, by Component, 2020-2028
8.3.11.2.Market size and forecast, by Deployment, 2020-2028
8.3.11.3.Market size and forecast, by Enterprise Size, 2020-2028
8.3.11.4.Market size and forecast, by End User, 2020-2028
8.3.11.5.Comparative market share analysis, 2020&2028

8.3.12.Rest of Asia-Pacific

8.3.12.1.Market size and forecast, by Component, 2020-2028
8.3.12.2.Market size and forecast, by Deployment, 2020-2028
8.3.12.3.Market size and forecast, by Enterprise Size, 2020-2028
8.3.12.4.Market size and forecast, by End User, 2020-2028
8.3.12.5.Comparative market share analysis, 2020&2028

8.4.LAMEA

8.4.1.Market size and forecast, by Component, 2020-2028
8.4.2.Market size and forecast, by Deployment, 2020-2028
8.4.3.Market size and forecast, by Enterprise Size, 2020-2028
8.4.4.Market size and forecast, by End User, 2020-2028
8.4.5.Market size and forecast, by country, 2020-2028
8.4.6.Comparative market share analysis, 2020&2028

8.4.7.Brazil

8.4.7.1.Market size and forecast, by Component, 2020-2028
8.4.7.2.Market size and forecast, by Deployment, 2020-2028
8.4.7.3.Market size and forecast, by Enterprise Size, 2020-2028
8.4.7.4.Market size and forecast, by End User, 2020-2028
8.4.7.5.Comparative market share analysis, 2020&2028

8.4.8.Saudi Arabia

8.4.8.1.Market size and forecast, by Component, 2020-2028
8.4.8.2.Market size and forecast, by Deployment, 2020-2028
8.4.8.3.Market size and forecast, by Enterprise Size, 2020-2028
8.4.8.4.Market size and forecast, by End User, 2020-2028
8.4.8.5.Comparative market share analysis, 2020&2028

8.4.9.South Africa

8.4.9.1.Market size and forecast, by Component, 2020-2028
8.4.9.2.Market size and forecast, by Deployment, 2020-2028
8.4.9.3.Market size and forecast, by Enterprise Size, 2020-2028
8.4.9.4.Market size and forecast, by End User, 2020-2028
8.4.9.5.Comparative market share analysis, 2020&2028

8.4.10.Rest of LAMEA

8.4.10.1.Market size and forecast, by Component, 2020-2028
8.4.10.2.Market size and forecast, by Deployment, 2020-2028
8.4.10.3.Market size and forecast, by Enterprise Size, 2020-2028
8.4.10.4.Market size and forecast, by End User, 2020-2028
8.4.10.5.Comparative market share analysis, 2020&2028

9.Company profiles

9.1.Johnson Controls International PLC.

9.1.1.Business overview
9.1.2.Financial performance
9.1.3.Product portfolio
9.1.4.Recent strategic moves & developments
9.1.5.SWOT analysis

9.2.CyberArk Software Ltd

9.2.1.Business overview
9.2.2.Financial performance
9.2.3.Product portfolio
9.2.4.Recent strategic moves & developments
9.2.5.SWOT analysis

9.3.Microsoft

9.3.1.Business overview
9.3.2.Financial performance
9.3.3.Product portfolio
9.3.4.Recent strategic moves & developments
9.3.5.SWOT analysis

9.4.IBM

9.4.1.Business overview
9.4.2.Financial performance
9.4.3.Product portfolio
9.4.4.Recent strategic moves & developments
9.4.5.SWOT analysis

9.5.Oracle Corporation

9.5.1.Business overview
9.5.2.Financial performance
9.5.3.Product portfolio
9.5.4.Recent strategic moves & developments
9.5.5.SWOT analysis

9.6.Keeper Security.

9.6.1.Business overview
9.6.2.Financial performance
9.6.3.Product portfolio
9.6.4.Recent strategic moves & developments
9.6.5.SWOT analysis

9.7.Multicert

9.7.1.Business overview
9.7.2.Financial performance
9.7.3.Product portfolio
9.7.4.Recent strategic moves & developments
9.7.5.SWOT analysis

9.8.Hitachi Limited

9.8.1.Business overview
9.8.2.Financial performance
9.8.3.Product portfolio
9.8.4.Recent strategic moves & developments
9.8.5.SWOT analysis

9.9.Fiserv, Inc.

9.9.1.Business overview
9.9.2.Financial performance
9.9.3.Product portfolio
9.9.4.Recent strategic moves & developments
9.9.5.SWOT analysis

9.10.Microfocus.

9.10.1.Business overview
9.10.2.Financial performance
9.10.3.Product portfolio
9.10.4.Recent strategic moves & developments
9.10.5.SWOT analysis

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.

COVID-19 Impact on Digital Vault 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.

Digital Vault Market Trends and Developments

The companies operating in the global industry are adopting various growth strategies and business tactics such as partnerships, acquisitions, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global digital vault market growth in the upcoming years.

In July 2019, Box, a US-based cloud content management and file sharing service company, entered into a partnership with Morgan Stanley, US-based multinational investment bank & financial services company, to launch a digital vault. The aim behind the partnership is to cater the customers with an encrypted Box storage repository on the Morgan Stanley wealth management platform.

In April 2021, StorMagic, a British multinational computer software company, acquired SoleraTec, a California-based video and digital asset management software company, in order to provide an exemplary secure storage of biometric information.

In November 2020, VersaBank, a leader in digital banking and cyber security solutions through its whole owned subsidiary, DRT Cyber Inc. acquired Digital Boundary Group, a London-based information technology (IT) security assurance firm, so as to add a significant potential to strengthen core banking operations of VersaBank.

Forecast Analysis of Global 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 expected to garner $3,222.0 million during the forecast period (2021-2028). Regionally, the North America region is estimated to dominate in the global industry owing to the rising adoption of secure solution for data security in various countries of the region due to sector-specific and medium-specific data security laws. The key players functioning in the global market include

  • Johnson Controls International PLC
  • CyberArk Software Ltd
  • Microsoft
  • IBM
  • Oracle Corporation
  • Keeper Security
  • Multicert
  • Hitachi Limited
  • Fiserv
  • Micro Focus

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