Dublin, March 01, 2024 (GLOBE NEWSWIRE) -- The "Digital Vaults Market by Offering (Solutions, Services, Subscriptions), Deployment (Cloud, On-premise), End User (BFSI, Government, IT & Telecom, Aerospace & Defense, Energy & Utility, Legal, Individuals, Others), and Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In the current digital landscape, the demand for advanced data security solutions is surging at an unprecedented rate, fueling the growth of the digital vaults market, which is anticipated to reach a value of $2.77 billion by 2030. Industry experts attribute this growth to a significant compound annual growth rate (CAGR) of 14.4% from 2023 to 2030.
This burgeoning market is being driven predominantly by stringent data protection laws, the burgeoning volume of data produced by internet-connected devices, and an uptick in data breaches. Despite these driving forces, a noted challenge is the lack of awareness regarding data security among enterprises which could impede market expansion.
Deployment and Offerings Insights:
- In the realm of offerings, the solutions segment leads, boasting a predominant market share due to the critical need for secure data storage and access management among organizations globally. Moreover, the services and subscriptions segments are also signaling a healthy growth trajectory.
- Regarding deployment modes, cloud-based deployments are emerging as the favored approach, primarily embraced by small and medium enterprises (SMEs), due to its cost-effectiveness and flexibility.
End-User Industry and Regional Analysis:
The IT & telecom sectors are currently the most prominent end users of digital vault services, driven by a rapid technological shift and a substantial increase in security breaches. The Banking, Financial Services, and Insurance (BFSI) sector is also projected to witness the highest CAGR during the forecast period, necessitating robust data security measures.
From a geographical standpoint, North America is dominating the digital vaults market, credited to strong cybersecurity measures and the prevalence of major tech entities focused on data protection. However, the Asia-Pacific region is forecasted to exhibit the highest growth rate over the forecast period due to escalating cyber threats and increasing fintech activities.
Global Competitive Landscape:
The global digital vaults market features a dynamic competitive landscape with key players focused on innovations and data security solutions. The report identifies their market positioning, strategic initiatives, and overall contribution to the industry.
Key Takeaways:
- The report provides an in-depth analysis of the current market trends and offers predictions for the upcoming years, helping stakeholders make informed decisions.
- It assesses the primary market drivers, restraints, opportunities, and challenges, delivering a comprehensive picture of the market dynamics.
- Recent developments, strategic actions by prominent industry players, and geographic trends are also meticulously documented.
Key questions answered in the report
- Which are the high-growth market segments based on offering, deployment mode, and end user?
- What was the historical market for digital vaults?
- What are the market forecasts and estimates for the period 2023-2030?
- What are the major drivers, restraints, and opportunities in the digital vaults market?
- Who are the major players, and what shares do they hold in the digital vaults market?
- How is the competitive landscape in the digital vaults market?
- What are the recent developments in the digital vaults market?
- What strategies are adopted by the major players in the digital vaults market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global digital vaults market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
- Data Protection Regulations Boosting the Adoption of Digital Vaults
- Growing Use of Connected Devices Making Organizations Vulnerable to Cyber Risks
- Increasing Data Breaches Driving the Need for Data Security Solutions
- Enterprises' Lack of Awareness about Data Security
- Growing Business Digitization Driving the Need for Advanced Data Security Solutions
- BSFI Organizations' Increasing Use of Digital Vaults
- Lack of Digitalization in Developing Countries
- Availability of Alternative Cybersecurity Measures
Trends
- Growing Adoption of Cloud-Based Security Solutions
Case Studies
Scope of the report:
Digital Vaults Market, by Offering
- Solutions
- Identity and Access Management
- Data Loss Prevention
- Digital Asset Management
- Privileged Account Management
- Subscriptions
- Services
- Support & Maintenance Services
- Deployment & Integration Services
- Consulting Services
Digital Vaults Market, by Deployment Mode
- Cloud-based Deployments
- On-premise Deployments
Digital Vaults Market, by End User
- BFSI
- Government
- Public Sector
- IT & Telecom
- Aerospace & Defense
- Energy & Utility
- Healthcare & Pharmaceuticals
- Legal
- Individuals
- Other End Users
Digital Vaults Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/6nu9fn
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