PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1355045
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1355045
Digital Vault Market Assessment, By Component, By Deployment Type, By Use Case, By Industry, By Region, Opportunities and Forecast, 2016-2030F
The global digital vault market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years. With projected revenue of approximately USD 806.72 million in 2022, the market is forecasted to reach a value of USD 2253.2 million by 2030, displaying a robust CAGR of 13.7% from 2023 to 2030.
Digital vaults provide safe data storage, access management, and encryption, among other advantages. These vaults safeguard sensitive data from illegal access, breaches, and cyberattacks. Users may effectively manage and distribute data while remaining compliant with the rules. Digital vaults improve data integrity, allowing businesses to protect key assets while maintaining consumer confidence.
Digital transformation projects necessitating secure data management and access fuel the digital vault market. As businesses migrate to digital workflows, protecting sensitive information becomes increasingly important. Furthermore, expanding data volume and cloud usage drive demand for the digital vault market, which provides efficient, compliant, and secure data storage in an increasingly digital world.
Cloud adoption rates have increased globally, with over 90% of enterprises embracing cloud services. A sizable proportion of 48% intend to transfer at least half of its apps to the cloud within the next year, and 47% are adopting a cloud-first strategy. Cloud-based workloads account for 75% of workloads in one out of every five companies, and 31% of organizations intend to run 75% of their workloads in the cloud by 2023. This quick adoption is fueling development in the digital vault market as enterprises seek secure cloud storage solutions for their data.
For instance, in September 2023, Virtual StrongBox's digital vault technology grew, emphasizing safe storage and easy document interchange between financial institutions and clients, boosting file-sharing capabilities inside digital banking .
Remote Work Revolution to Create Traction in the Market
Remote work trends have a considerable impact on the digital vault market. With the increasing use of remote work arrangements, enterprises are concerned about data security and access control. The demand for secure digital vaults has increased as employees' access and exchange sensitive company information from various places and devices. These vaults serve as a centralized data storage location, offering strong encryption, access management, and audit trails. They ensure that distant workers may view, modify, and share crucial documents securely while adhering to data protection rules. As remote work becomes a long-term strategy for many businesses, the demand for digital vaults to protect valuable assets and sensitive data in an increasingly distant work environment grows.
For example, in May 2023, CyberArk extended its Identity Flows solution with Gurucul, Proofpoint, and SentinelOne connectors, easing attack response and automating security procedures for increased productivity and identity security .
Addressing the Surge in Data Security Concerns
Rising data security concerns are leading the digital vault market. Data breaches and cyber-attacks are prevalent in today's digital world, posing serious threats to companies and people. This rising knowledge of vulnerabilities has prompted the use of digital vaults as a fundamental security process. These vaults provide a fortified fortress for sensitive data by leveraging powerful encryption, access restrictions, and authentication methods. As legal requirements tighten and the risk of data breaches rises, organizations and people alike are increasingly expected to incline towards digital vaults to safeguard the privacy and integrity of their precious information. This trend emphasizes the critical role that digital vaults play in preserving digital assets and sustaining confidence in an era of increased data security concerns.
For example, in May 2023, British Telecommunications plc and CyberArk launched Managed Identity Privileged Access Management. This managed service leverages CyberArk's Identity Security Platform to provide SaaS-based cybersecurity solutions with continuous threat monitoring and prevention for human and machine identities.
On-premises dominance in the Digital Vault Market
On-premises implementation continues to dominate the global digital vault market, giving enterprises more control over their data by ensuring its physical existence within their secure infrastructure. The control remains in line with severe data security and compliance regulations that are critical in a variety of businesses. On-premises installations provide lower latency and quicker data access, which is vital for mission-critical applications and industries like banking and healthcare. Furthermore, it serves enterprises with legacy systems and sensitive data that cannot be easily transferred to the cloud.
North America Dominates Digital Vault Market
North America leads the digital vault market, as the region has a strong economy and many large organizations and financial institutions prioritize data protection. The advent of strong legal frameworks, such as HIPAA and GDPR, necessitating robust data protection safeguards, is driving the increased awareness. North America has a robust technological environment, with multiple cybersecurity businesses and creative startups focused on creating digital vaults. These businesses benefit from significant investment and access to a competent staff. Furthermore, North America's early and broad adoption of cloud technologies has resulted in a high demand for secure cloud-based storage solutions, which is supporting the growth of the digital vault market.
Government Initiatives
Impact of COVID-19
Future Market Scenario
Key Players Landscape and Outlook
Table of Contents
1. Research Methodology
2. Project Scope & Definitions
3. Impact of COVID-19 on Global Digital Vault Market
4. Executive Summary
5. Voice of Customer
- 5.1. Product and Market Intelligence
- 5.2. Mode of Brand Awareness
- 5.3. Factors Considered in Purchase Decisions
- 5.3.1. Features and other value-added service
- 5.3.2. IT Infrastructure Compatibility
- 5.3.3. Efficiency of Solutions
6. Global Digital Vault Market Outlook, 2016-2030F
7. Digital Vault Market Outlook, By Region, 2016-2030F
8. Market Mapping, 2022
9. Macro Environment and Industry Structure
10. Market Dynamics
11. Key Players Landscape
12. Case Studies
13. Key Players Outlook
16. Strategic Recommendations
17. About Us & Disclaimer
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Digital Vault, By Value, In USD Million, 2016-2030F
- Figure 2. Global Digital Vault Share, By Component, In USD Million, 2016-2030F
- Figure 3. Global Digital Vault Share, By Deployment Type, In USD Million, 2016-2030F
- Figure 4. Global Digital Vault Share, By Use Case, In USD Million, 2016-2030F
- Figure 5. Global Digital Vault Share, By Industry, In USD Million, 2016-2030F
