New York, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The global digital vault market is expected to grow from US$ 785 million in 2022 to US$2.5 billion by 2032, at a CAGR of 12.3% from 2022 to 2032. The growth of the market is attributed to the increasing demand for secure storage of digital assets, such as financial documents, legal documents, personal data, and intellectual property.
Introduction
The global digital vault market is a vital component of modern data security and protection solutions. Digital vaults are secure data storage systems that safeguard sensitive information from unauthorized access and cyber threats.
This comprehensive research report provides a detailed analysis of the global digital vault market, exploring its market dynamics, growth drivers, challenges, and future prospects.
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Market Overview
Digital vaults serve as highly secure repositories for critical data, ensuring confidentiality, integrity, and accessibility. They are used across industries such as finance, healthcare, government, and various enterprises to protect sensitive information, including financial records, intellectual property, and personal data.
Digital vaults are used by a variety of organizations, including businesses, governments, and individuals. Businesses use digital vaults to store sensitive data, such as customer records, financial data, and intellectual property. Governments use digital vaults to store sensitive data, such as citizen records, classified information, and national security data. Individuals use digital vaults to store personal data, such as financial documents, legal documents, and family photos.
The North American region is expected to account for the largest market share in the global digital vault market during the forecast period. This is due to the presence of a large number of established digital vault vendors in the region, as well as the increasing adoption of digital vaults by businesses and individuals in the region.
Market Dynamics
Several key dynamics influence the global digital vault market:
- Rising Cybersecurity Concerns: Growing cyber threats and data breaches drive organizations to invest in advanced digital vault solutions to protect their critical data.
- Data Privacy Regulations: Stringent data protection regulations worldwide necessitate robust data security measures, boosting the demand for digital vaults.
- Cloud Adoption: The increasing adoption of cloud computing requires secure storage solutions, fostering the market for cloud-based digital vaults.
- Digital Transformation: The ongoing digital transformation journey of businesses necessitates secure storage for digital assets, supporting market growth.
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Competitive Landscape
The global digital vault market features a competitive landscape with established cybersecurity companies and emerging players.
Key market players include –
Johnson Controls
- CyberArk
- IBM
- Oracle
- Hitachi
- Micro Focus
- Fiserv
- Symantec
- Microsoft
- Multicert and many more
Competition revolves around innovation, security features, and the ability to address diverse industry needs.
Recent Developments
Here are some recent developments of companies in the digital vault market,
Year : 2023
- Iron Mountain opens its Singapore digital vault.
- FutureVault announces a partnership with Envestnet| Yodlee to enhance its productivity, connectivity, and experience between financial advisors and their clients.
- IBM Security launches a new digital vault solution called IBM Security Guardium Insights, which provides customers with a centralized view and management of their data security across hybrid cloud environments.
Year : 2022
- Iron Mountain acquires 4mation, a leading provider of digital vault services.
- Shred-it unveils plans to establish a digital vault in London.
- Entrust launches its new digital vault solution, Entrust IdentityGuard, which provides users with a secure place to store and manage their digital identities.
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Market Segmentation
The global digital vault market can be segmented based on type, organization size, deployment, and region:
- Type: Segments include software-based and hardware-based digital vaults.
- Organization Size: Categories encompass small and medium-sized enterprises (SMEs) and large enterprises.
- Deployment: Options include on-premises and cloud-based deployments.
Regional Analysis
The demand for digital vaults varies by region:
- North America: The United States and Canada have a mature market, with extensive adoption of digital vault solutions, particularly in the financial and healthcare sectors.
- Europe: European countries emphasize data protection, driving the adoption of digital vaults.
- Asia-Pacific: Rapid digitalization and a growing awareness of cybersecurity fuel market growth in countries like China and India.
- Latin America and Middle East: Expanding businesses and increased digitization contribute to market expansion.
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