Global Digital Vault Market Predicted to Witness Progressive Growth by 2031, Owing to the Increasing Data Protection Concerns among Individuals [90-Pages] | Interpreted by Research Dive

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20 Feb, 2023, 11:59 GMT

The global digital vault market is predicted to experience prominent growth by 2031, due to the rising concern about data protection among people worldwide. Regionally, the Asia-Pacific region is expected to hold the largest share of the market. 

NEW YORK, Feb. 20, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Digital Vault Market by Component (Solution and Service), Deployment (On Premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), End Use (BFSI, IT & Telecom, Manufacturing, Government, Healthcare, Healthcare, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031".

According to a report, the global digital vault market is anticipated to generate a revenue of $2,850.7 million and rise at a healthy CAGR of 14.2% during the estimated timeframe from 2022 to 2031. 

Dynamics of the Digital Vault Market

With the increasing adoption of internet-connected gadgets all across the globe and the growing need for protecting vital data among businesses worldwide, the digital vault market is expected to see striking growth during the analysis timeframe. Moreover, the rapidly increasing digitalization around the world is predicted to create massive growth opportunities over the forecast timeframe. However, the lack of availability of expert professionals may hamper the growth of the market throughout the estimated period. 

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Covid-19 Impact on the Digital Vault Market

The rise of the Covid-19 pandemic has had a positive impact on the digital vault market. This is mainly due to the increasing adoption of digital infrastructure by several leading companies. Moreover, the increasing need to protect personal information and data among individuals and organizations due to the rising threat of cyberattacks during the pandemic period inclined the growth of the market throughout the crisis. 

Segments of the Digital Vault Market

The report has divided the market into various segments based on component, deployment, enterprise size, end-use, and region. 

  • By component, the service sub-segment is expected to be the most productive and is predicted to grow at a healthy CAGR during the forecast period. Digital vault services offer various advantages such as data monitoring, protection, and centralized visibility of an organization to protect it from illegal exposure and theft is the factor expected to bolster the growth of the market sub-segment over the analysis period.

  • By deployment, the cloud sub-segment is predicted to be the most profitable and is expected to have the fastest growth during the estimated timeframe. The increasing demand for organizational data security and cloud security solutions is expected to foster the growth of the market sub-segment throughout the forecast timeframe.

  • By enterprise size, the small & medium enterprises sub-segment is expected to be the most lucrative and is predicted to continue a steady growth during the analysis timeframe. The increasing demand for solutions across enterprises to safeguard data and limit access to unauthorized users is predicted to amplify the growth of the market sub-segment over the estimated period.

  • By end-use, the healthcare sub-segment is expected to be most beneficial and is predicted to be the fastest growing during the forecast period. The rise in cyberattacks on healthcare companies and the development of advanced technology by cybercriminals has increased the importance of healthcare data security which is expected to upsurge the growth of the market sub-segment over the analysis timeframe.

  • By region, the Asia-Pacific region of the digital vault market is predicted to hold the highest share of the market throughout the estimated timeframe. The rising demand for digital vaults due to the existence of numerous industries in this region and medium-specific data security regulations are the factors expected to drive the regional growth of the market during the forecast period.

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Key Players of the Market

The major players of the digital vault market include

  • Microfocus
  • CyberArk Software Ltd.
  • Johnson Controls
  • Fiserv, Inc.
  • Microsoft
  • Hitachi Vantara LLC
  • IBM Corporation
  • Multicert
  • Oracle
  • Keeper Security, Inc.

These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry. 

For instance, in February 2022, Trinity Management Systems GmbH, one of the leading software companies announced its collaboration with Digital Vault Services GmbH, a SaaS company based in Munich. With this collaboration, the companies aimed to develop an API interface that would help their customers fully digitize their communication with guarantors while continuing to use their familiar system environment. 

Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.

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