Global Digital Vault Market Anticipated to Generate a Revenue of $3,222.0 Million, Growing at a CAGR of 13.8% from 2021 to 2028Download Sample Reports Overview
The global digital vault market is estimated to be valued at $3222.0 million by 2028, surging from $1,119.1 million in 2020, at a noteworthy CAGR of 13.8%.
Impact Analysis of COVID-19 on the Digital Vault Market
The pandemic has required swift and effective measures, resulting in increased use of digital technologies by governments to combat the virus spread. This increased interest in new technologies has been accompanied by a shift toward digital solutions provided by the private sector, with public authorities collaborating with digital market companies. The difficulties faced by government to protect the population from the threat of Covid-19 are challenging. In the midst of the health crisis, governments uphold the protection of an individual’s personal information. Privacy and data protection play a critical role in establishing and maintaining trust in digital solutions. The legal obligation to conduct a data protection impact assessment and requirement to implement appropriate data protection exercises are growth factors for the digital vault in the market. To protect data from cyber threats and ransomware, a comprehensive digital vault solution is designed. Digital vaults secure the data of individuals and organizations from cyber-attacks. The higher access to data due to increased shift to work from home across the globe is a major factor for the positive impact on the digital vault market.
Global Digital Vault Market Analysis
The volume of emails, instant messages, images, audio files, and other data grows exponentially. Critical data is dispersed across global business units. Due to an increasingly stringent regulatory and complex environment, businesses may be penalized for noncompliance, as a result of unprecedented data growth. Managing massive amounts of complex, often unstructured data presents unique security and compliance challenges. With crucial customer information spread across the organization and out of sight, data security and the ability to remain compliant are at risk. Digital vaults are designed as a safety deposit box for treasured and sensitive electronic files. It is world’s greatest privacy and information security technology. Having a place to store all vital documents online can go a long way; data loss can happen due to powerful storms and hurricanes to raging forest fires and other factors. The adoption of digital vault is increasing. It is a secure application that can create a different ultra-safe and secure password for everything the end user needs.
The high cost associated with the solution is expected to hinder the market growth. Moreover, some of the vaults offered by company only protect the data but not encrypt them. Very few of them completely prevent third parties from accessing data, which might help the hacker to attack on data. Such factors may pose a hindrance to the market growth.
Digital vaults are used in financial, telecommunications, banking, and government sectors. The growing benefits of digital vaults for both small & large size businesses and firms to secure and encrypted online storage solution that enables them to securely manage, share, and deliver files is expected to boost the growth opportunities for the digital market.
Global Digital Vault Market, Segmentation
The global digital vault market is segmented based on components, deployment, enterprise size, end-users, and region.
The components category is further subdivided into solution and services. Revenues in the service sub-segment is expected to exceed $1,429.7 million by 2028, up from $ 489.8 million in 2020. The market is expected to expand as the services sub-segment provides applicants, intermediaries, beneficiaries, and guarantors with cost-effective services and secure access to the files and data.
The deployment is further classified into on premise and cloud based. The cloud based sub-segment is expected to have a dominant market share of $2,096.1 million by 2028, up from $ 690.4 million in 2020. The demand for cloud-based solution is increasing across the globe. Organizations select digital cloud vault as the cloud, colocation, and interconnection platform for designing, planning, and deploying hybrid, multi-cloud IT solutions. High-performance data centers are ideal for performance-critical applications.
The enterprise size sub-segment is further divided into large enterprise and small and medium enterprise. The small and medium enterprise sub-segment is expected to have a dominating market share and surpass $1093.5 million by 2028, up from $ 355.5 million in 2020. The demand for the digital vault is increasing from the small and medium scale enterprise to control company data and documents from threats and cyber-attacks.
The end-user sub-segment is divided into BFSI, IT and telecom, manufacturing, government, healthcare, others. The healthcare is anticipated to have a dominating market share and surpass $227.2 million by 2028, up from $72.3 million in 2020. The “New Normal” has forever changed how consumers want to get documents to and from their financial institution. For doctors and healthcare administrators, the leading content-led digital solution for developing, recording, storing, and retrieving surgical informed consent documentation has boosted the demand for the digital vault.
The digital vault market for the North America region is projected to have the largest share. The market in North America generated a revenue of $423.1 million in 2020 and is projected to reach up to $1,168.6 million by 2028. The North American cyber security market provides a high-level overview of cyber security innovation. One of the major factors driving the region's growth is increased government support for the data security which has boosted the demand for digital vaults.
Key Players in the Global Digital Vault Market
- Johnson Controls International PLC
- CyberArk Software Ltd
- Oracle Corporation
- Keeper Security
- Hitachi Limited
- Micro Focus
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Digital Vault Market
- Bargaining Power of Suppliers: Suppliers in the digital vault market are many, and product dependence, availability of and pricing give supplier’s significant bargaining power.
As a result, the bargaining power of suppliers is low.
- Bargaining Power of Buyers: The initial cost of digital vault necessitates no large capital investments. Buyers are eligible for tax credits and subsidies for choosing a clean energy source.
As a result, the bargaining power of buyers is low.
- Threat of New Entrants: Startups entering this market face high capital investment costs, labor costs, and must adhere to government regulations.
As a result, the threat posed by new entrants is low.
- Threat of Substitutes: There is no substitute available for digital vault in the market Therefore,
the threat of substitutes is low.
- Competitive Rivalry in the Market: To stay ahead of the competition, companies in the global digital vault market are focusing on strategies such as business expansion, technological innovations, and product advancements.
As a result, the market's competitive rivalry is high.