New York, USA, Jan. 12, 2023 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global digital vault market is expected to garner a revenue of $2,850.7 million by 2031 and grow with a stunning CAGR of 14.2% in the 2022-2031 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the digital vault market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: Increase in the requirement of stringent compliance for data storage across various industries is predicted to boost the digital vault market in the forecast period. Along with this, government regulations enacted to secure sensitive data are predicted to help the market grow in the forecast period.
Opportunities: Growing number of connected devices across the globe which are continuously creating data is anticipated to offer numerous growth opportunities for the market in the forecast period. Additionally, growing data protection concerns are expected to be the major factor behind the growth of the market in the forecast period.
Restraints: However, despite the various growth opportunities, the lack of availability of expert professionals is predicted to be a major restraint in the full-fledged growth of the digital vault market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The digital vault market, however, has been an exception to this phenomenon. The lockdowns and travel restrictions compelled industries to shift to digital infrastructure. This increased the demand for safe storage services to protect the data from cybersecurity threats. As a result of this, the market witnessed huge growth in the pandemic period.
Segments of the Market
The report has divided the digital vault market into certain segments based on component, deployment, enterprise size, end use, and region.
Component: Service Sub-segment to be Highly Dominant
By component, the service sub-segment is predicted to have a dominant market share by 2031. The advantages of data availability, redundancy, and cost-effectiveness offered by digital vault services are expected to help the market grow in the forecast period.
Deployment: Cloud Sub-segment to be Immensely Lucrative
By deployment, the cloud sub-segment of the digital vault market is anticipated to be the most lucrative by 2031. The growing importance of cloud data security in different organizations is predicted to help in propelling the sub-segment forward.
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Enterprise Size: Small & Medium Enterprises Sub-segment to be the Fastest Growing
By enterprise size, the small & medium enterprises sub-segment is predicted to have a high CAGR by 2031. Increasing concern among small and medium enterprises regarding the security and safety of their organization’s data is expected to boost the sub-segment in the forecast period.
End Use: Healthcare Sub-segment to Have the Highest CAGR
By end use, the healthcare sub-segment of the digital vault market is anticipated to have the fastest growth rate by 2031. Increasing cybersecurity attacks on healthcare infrastructure and growing threats of data breach are predicted to take the sub-segment forward.
Market in the North America Region to be the Most Profitable
By regional analysis, the digital vault market in North America region is expected to be significantly profitable in the forecast period. The growing data security regulations and numerous governmental initiatives for data protection are predicted to be the two main growth drivers of the market in the forecast period.
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Prominent Market Players
Some leading market players of the digital vault market are
- Keeper Security Inc.
- Microfocus
- Microsoft
- Multicert
- Johnson Controls
- IBM Corporation
- Hitachi Vantara LLC
- CyberArk Software Ltd.
- Oracle
- Fiserv Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market- Inquire here to grab full report
For instance, in November 2022, NBW Capital LLC, a leading investment advisor, announced the launch of its digital vault, NBW Capital Vault. NBW Capital LLC had partnered with Future Vault, a leading secure document exchange software developer. This product launch is predicted to help both companies to increase their footprint in the market.
Finally, the Research Dive report also summarizes many crucial aspects of the digital vault market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Digital Vault Market:
- What Could be Included in a Digital Vault? And What is its Importance?
- Digital Vault: A Technological Breakthrough that Claims to Wipe Out the Threat of Illegal Use of Valuable Documents
- Digital Vault System: Purposes and Other Related Information
- Digital Vault Market to Observe Significant Growth Due to Product Launches and Strategic Partnerships by Market Players, such as Johnsin Controls, FutureVault, and Others
