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Digital Vault Market Overview
The global digital vault market is expected to grow at a substantial rate during the forecast period (2020–2030). This can be attributed to the increasing concerns, regulations, and compliances to protect sensitive data from any type of cyberattack by deploying security solutions. A large number of businesses across the globe are deploying these solutions to mitigate security risks and safeguard their assets against frauds or data loss. However, limited spending on security solutions against the backdrop of lack in awareness is impeding the market growth across most part of the globe.
Digital vault is a platform that protects a system’s data, using encryption and access control solutions, in a manner that fraudsters become unable to access it. The digital vault tools store an enterprise’s data, centralize the credentials, and offer customizable dashboards for real-time tracking and safeguarding repositories.
The digital vault market on the basis of content is bifurcated into solutions and services. Between the two, the solution category is projected to attain faster growth during the forecast period. Digital vault solutions allow organizations to be more competitive in order to be more efficient.
The digital vault market in terms of deployment type is categorized into cloud-based and on-premises. Between these, the cloud-based category is estimated to grow at a faster rate between 2020 and 2030. On the basis of industry, the market is classified into banking, financial services, and insurance (BFSI); government; IT & telecommunication; real estate; defense; and others.
Globally, Asia-Pacific (APAC) is projected to hold significant share in the digital vault market in 2030. The region is expected to provide immense growth opportunities for digital vault vendors, due to the increased demand for long-term storage of critical information.
Digital Vault Market Dynamics
Increasing demand for secured repositories for long-term storage of critical data, including documents and passwords, is expected to drive the digital vault market during the forecast period. This is due to the increase in digitization and the need of data privacy. Implementing and designing a robust cybersecurity structure is a basic step for protecting an infrastructure from both active and passive attacks. The information security systems are built according to the government-set norms and standards. The data security framework requires blueprints and network mapping of the entire system, which can be achieved by analyzing security risks; identifying network assets; developing security plans and policies; training the users; and implementing and maintaining security infrastructure.
At present, in the digital vault market, digital vault solutions are being utilized for integrated banking services and improved asset management. The banking end users are able to leverage digital vault solutions to store their assets including valuable data within their IT infrastructure, along with utilizing the online banking user interface for enhancing their service portfolio. The digital vault solutions are integrated with the banking infrastructure for complying with standards required by regulators and financial intermediaries. Also, professional investors, such as asset managers or hedge funds, need immediate availability of asset for trading, and thus showcase interest in digital vault tools for providing feasible solutions and meeting regulatory requirements.
Digital Vault Market Competitive landscape
Key players in the digital vault market are currently focusing on organic and inorganic growth strategies, including product launches, merger and acquisitions, client wins, partnerships, and other developments, in order to increase their presence globally and enhance their product offerings to capture larger customer base. In 2018, the European Union implemented General Data Protection Regulation (GDPR) that stated guidelines and the responsibilities of the institutions doing business with the European citizens to keep the consumer data safe. Such initiatives by the government are expected to drive the market in a positive way.
Some of the major players operating in the global digital vault market include International Business Machines Corporation (IBM), Oracle Corporation, Hitachi Vantara LLC, Microsoft Corporation, Multicert S.A., Johnson Controls International PLC, Micro Focus International PLC, Fiserv Inc., DSwiss AG, TokenEx, Accruit LLC, OPSWAT Inc., FutureVault Inc., ENC Security BV, eOrignal Inc., LexTrado, NortonLifeLock Inc., Safe4 Information Management Ltd., Logic Choice Technologies, and CyberArk Software Ltd.
The report covers country-wise digital vault market analysis. The major countries covered in the report include the U.S., Canada, France, Germany, the U.K., Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Turkey, Saudi Arabia, and the U.A.E.
Digital Vault Market Size Breakdown by Segment
The digital vault market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Component
Based on Deployment
Based on Industry