The Global Digital Vault Market Projected to Surpass a Revenue of $2,850.7 Mn by 2031Download Sample Reports Overview
The Global Digital Vault Market Share is predicted to be valued at $2,850.7 million by 2031, surging from $743.8 million in 2021, at a noteworthy CAGR of 14.2%.
Impact Analysis of COVID-19 on the Digital vault Market
The covid-19 outbreak positively impacted the global digital vault market. Due to social distancing norms and nationwide lockdowns, the COVID-19 pandemic has increased the use of digital technologies. During the pandemic, the frequency of cyberattacks on businesses also increased significantly, which has augmented the need for businesses to implement data security. A digital vault solution is extremely useful for maintaining privacy while storing all digital assets and implementing fraud prevention techniques. Given the fast digital revolution in the IT & telecom and BFSI sectors, the coronavirus pandemic served as a significant catalyst for the adoption of digital vault solutions. The social distance and remote working practices have resulted in a substantial preference for limiting face-to-face encounters in eGovernment digital services. Furthermore, enhanced growth plans and initiatives undertaken by numerous firms to strengthen client collaboration throughout the pandemic helped to boost the market dynamics for digital vaults. For instance, in November 2020, a well-known financial services company, Kismet Wealth Group, partnered with FutureVault to introduce Kismet Wealth Vault, a digital vault platform for clients. This advancement will help improve the user experience.
Global Digital Vault Market Analysis
A digital vault is a type of data security system that enables the control and protection of essential information. A comprehensive strategy for guaranteeing data compliance and privacy in enterprises is provided by digital vaults. The rise in cyberattacks is the main reason propelling the market's expansion. Cyberattacks cause destruction and damage of data, money robbery, stealing of intellectual property, theft of confidential and financial data, deletion of data, etc. In the last few years, the augmentation of smartphones, cloud computing, and social media has raised the risk posed by cybercriminals. The adoption of digital vaults is very crucial for any organization as there is a rise in concern about data security across the world.
The lack of skilled personnel along with an experienced workforce is likely to restrain the growth of the market during the forecast timeframe. Moreover, selecting the right digital vault solution is crucial since not all digital vault service provider uses the most advanced and secure technology. Using any randomly selected digital vault service may impact the data privacy and security of the organization.
Stringent rules and regulations by various government authorities to curb cyberattacks are anticipated to offer lucrative growth opportunities in the upcoming years. Many governments have introduced more stringent safety standards in response to increased cyberattacks. In recent years, there have been many cyberattacks on healthcare facilities. Due to this healthcare organizations are increasing their expenditure on cybersecurity.
Global Digital vault Market Value, Segmentation
The global digital vault market is segmented based on component, deployment, enterprise size, end use, etc.
Component segment is further classified into solution and service. The service sub-segment is anticipated to be fastest growing during the forecast period. A digital vault is an online safe for digital assets that helps in keeping important information such as banking information, online login information, confidential document, etc. secure. In recent years, there has been significant growth in the various digital vault services worldwide as these services offer an added layer of safety to maintain sensitive data secure. Services that provide digital vaults have certain procedures for guaranteeing the safety of data and often involve various forms of authentication as well as encryption. It is also most common for digital vault service providers to have different levels of secure digital vaults depending on the budget of the service.
The deployment segment is further classified into on premise and cloud. The cloud sub-segment is anticipated to have the fastest growth during the forecast period. Due to the growing incidence of data breaches, the market for cloud-based digital vaults will experience significant growth. Cloud-based services offer numerous advantages such as a high level of mobility, enhanced productivity, increases collaboration, reduces hardware infrastructure investments, etc. Cloud-based digital vaults offer excellent levels of mobility. With remote work becoming more normal, businesses need to assure that their employees can remotely access all the important data from any location. Moreover, with a cloud-based digital vault service, there is no requirement to have a data center. This helps to reduce expenses and the savings can be utilized for other important aspects of the business.
The enterprise size segment is further classified into large enterprises and small & medium enterprise. The small & medium enterprises sub-segment is anticipated to have the fastest growth during the forecast period. The growing concern of small and medium-sized businesses about data security is driving up demand for solutions that protect data and prevent unauthorized users from accessing it. These factors are expected to drive the demand for digital vaults among small & medium-sized enterprises.
End use segment is further classified into BFSI, IT and telecom, manufacturing, government, healthcare, and others. The healthcare sub-segment is anticipated to have the fastest growth during the forecast period. Healthcare data security is more important than ever due to an increase in cyberattacks on healthcare organizations and the improvement in advanced technological tools and tactics by cybercriminals. Healthcare institutions worldwide are increasingly encountering cyber threats. It is becoming necessary for healthcare organizations to consider cybersecurity on priority as patient safety is at risk. In the upcoming years, digital vault services are expected to be increasingly used in the hospital’s existing risk management, administration, and business continuity framework.
The global digital vault market in Asia-Pacific is projected to be the most dominant during the forecast period. The fast pace of automation in the banking sector and the increasing emphasis on the efficient administration of extremely sensitive financial data can both be cited as contributing factors to the rise. In addition, the rise in the digitalization of banking services and the growing number of issues posed by stringent security and regulatory requirements will significantly benefit market growth.
Key Players in the Global Digital vault Market
Some of the leading digital vault market players are
- Keeper Security, Inc.
- Hitachi Vantara LLC
- Fiserv, Inc.
- Johnson Controls
- CyberArk Software Ltd
- IBM Corporation
In June 2021, CyberArk a global leader in identity security has announced the advancement in their CyberArk identity security platform. Identity protection is accomplished using this CyberArk cloud-delivered service. These advancements contribute to the expansion of security and the secure access to high-risk resources in cloud and hybrid settings.