Global Digital Vault Market – Industry Trends and Forecast to 2030

Digital Vault Market Analysis and Size

According to a recent analysis, it has been reported from 2019 to 2024 the digital vault market will grow around 12% which is a highly significant growth. It is very common among numerous people to stored personal documentation online. Nowadays, it is even possible to complete all transactions online, so digital vaults provide an extra level of safety and security to keep our sensitive information and data safe due to which its demand has increased in the global market.

Data Bridge Market Research analyses that the digital vault market was valued at USD 674.69 million in 2022 and is expected to reach the value of USD 1829.50 million by 2030, at a CAGR of 13.28% during the forecast period. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Digital Vault Market Scope and Segmentation

Market Definition

A digital vault is an online security vault which is commonly used to keep precious products such as family heirlooms and jewellery within a safe. Digital vault is online secure and safe for our digital assets because it keeps important data and information in the digital realm secure. A few of the products may include within a digital vault are banking information, any digital files such as online login information, videos and photos, and more.

Digital Vault Market Dynamics

Drivers

• Rising demand of digital vault for safety and security purpose

One of the major advantage of a digital vault is that it is very secure. Services offer by digital vaults each have their own specific procedures and processes for ensuring the security of private information, but they generally use different forms of authentication and encryption to maintain safety. By providing high level of data safety and security, digital vaults can be a feasible solution for protecting personal information online.

• Growing usage of digital vault in BFSI sector

The BFSI sector is expected to register a major market share due to increasing data theft and cyber-attacks. As per the estimates, more than 2.9 lakh cyber security incidents were reported in 2020 which were pertaining to digital banking. The development can also be attributed to increasing focus on the effective organization of highly sensitive financial data and the quick incursion of automation in banking operations. The speedy digitalization of banking services coupled with the increasing number of challenges regarding security requirements and severe regulatory will positively enhance the market growth.

Opportunities

• Surging government initiatives for data protection

The surging government initiatives for data protection offer numerous growth opportunities for the market growth within the market. For instance, the European Union implemented General Data Protection Regulation (GDPR) in 2018 which stated the responsibilities and strategies of the institutions doing business with the European people to keep consumer data safe. This initiatives by the government will boost the demand of the digital vault.

Restraints

• Lack of expertise and privacy compliance challenges

Lack of experts, skilled workforce and professionals are some of the major factors that will hamper the growth of the markethamper the market. Another major challenge that may limit the market growth is choosing the correct information technology security solution because not every digital vault service provider incorporates the best technology. Selecting and installing one just randomly may pose a risk to critical information.

This digital vault market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital vault market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Covid-19 Impact on Global Digital Vault Market

The outbreak of covid-19 has created a massive challenge for several businesses all over the globe. Information technology such as the data centers, departmental servers, cloud systems and the digital devices on which the businesses’ now-remote employees and rely to stay connected with one another and to the company's information and data has become even more important. Digital infrastructure has witnessed a dramatic surge in demand overnight. The extensive shift to operating businesses online has augmented the risk of cyber-attacks. Major market players in security management are focusing on ensuring that their companies' digital platforms and online services are resistant to cyber-attacks. Moreover, companies are speeding up their cyber security and digital transformation is now a top priority.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In June 2021: CyberArk announced the expansion of its CyberArk Identity Security Platform. These advancements help to secure high-risk access and broaden protection across hybrid and cloud environments. This cloud-offered service from CyberArk is used to protect human and machine identities.

Global Digital Vault Market Scope

The digital vault market is segmented based on the type, component, organization size and industry. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• On-Premise
• Cloud Based

Component

• Solutions
• Services

 Organization Size

• Small and Medium Sized Enterprises
• Large Enterprises

Industry

• Banking
• Financial Services, and Insurance (BFSI)
• Defence
• IT and Telecom
• Government
• Real Estate
• Others

Digital Vault Market Regional Analysis/Insights

The digital vault market is analyzed and market size insights and trends are provided by country, type, component, organization size and industry as referenced above.

The countries covered in the digital vault market report are report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the digital vault market in revenue growth owing to the prevalence of a strong IT infrastructure. Moreover, continuously investing in the research and development of IT security solutions in the developed economies in this region will further create more market opportunities.

Asia-Pacific is projected to be the fastest developing region during the forecast period of 2023-2030. This is mainly due to augmented investment in the encrypted security solution. Further, small and medium-sized enterprises realize the value of protecting the information and data from a range of cyber threats. in this region.

 The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Digital Vault Market Share Analysis

The digital vault market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital vault market.

Some of the major players operating in the digital vault market are:

• Microsoft (U.S.)
• Orcale (U.S.)
• IBM (U.S.)
• CyberArk Software Ltd. (U.S.)
• Hitachi Vantara LLC (U.S.)
• Micro Focus (U.K.)
• Fiserv, Inc. (U.S.)
• Johnson Controls (Ireland)
• Multicert (Portugal)
• HashiCorp (U.S.)
• DSwiss AG (Switzerland)
• Safe4 Security Group AS (Norway)
• Logic Choice Technologies (U.S.)
• Skyflow, Inc (U.S.)
• ENC Security (Netherlands)
• Infotel (India)

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