Pune, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Digital Vault Market Size Analysis:
“The SNS Insider report indicates that the Digital Vault Market was valued at USD 813.5 Million in 2023 and is expected to grow to USD 2118.2 Million by 2032, growing at a CAGR of 12.89% over the forecast period of 2024-2032.”
Rising Demand for Digital Vaults Driven by Data Security Needs and Regulatory Compliance
Demand for these digital vaults is driven by the fact that organizations are forced to secure sensitive data from breaches, unauthorized access, and cyberattacks. With the rapid growth of data production in businesses and the enhanced level of new cyber threats, protecting this data is more important than ever. As regulatory frameworks such as the general data protection regulation and the California Consumer Privacy Act have come into play, organizations have felt the added pressure to find secure storage solutions, the backbone to meeting these stringent data protection standards. Growing Demand for Digital Vaults Due to Cloud Adoption As enterprises move towards the cloud for business operations in recent years, the need for a faster, scalable, and more cost-effective way to secure and store both business and customer data has increased, resulting in soaring demand for digital vaults.
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Major Players Analysis Listed in this Report are:
- Vormetric – Data Security Platform
- Commvault – Commvault Complete Backup & Recovery
- Thales – Thales CipherTrust Cloud Key Manager
- Iron Mountain – Iron Mountain Digital Vault
- Dell Technologies – Dell PowerProtect Cyber Recovery
- Microsoft – Azure Key Vault
- Amazon Web Services (AWS) – AWS Key Management Service
- IBM – IBM Security Guardium
- McAfee – McAfee Total Protection for Data Loss Prevention
- Forcepoint – Forcepoint Data Loss Prevention
- Proofpoint – Proofpoint Enterprise Data Loss Prevention
- Gemalto (now part of Thales) – SafeNet Data Protection
- Acronis – Acronis Cyber Backup
Digital Vault Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 813.5 Billion |
| Market Size by 2032 | USD 2118.2 Billion |
| CAGR | CAGR of 12.89% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Use of blockchain, AI, and ML enhances digital vault functionality and threat detection. • Small and medium-sized enterprises increasingly seek cost-effective solutions to protect sensitive data. |
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Digital Vault Market by Type: Solution Segment Dominates with 61% Market Share, Services Segment to See Highest Growth
The solution segment dominated the market in 2023 and accounted for a large revenue share of over 61% due to a growing demand for a platform that can not only keep threats at bay but also provide safety to sensitive data by storing it in strong and locked storage units.
The services segment is anticipated to witness the fastest growth rate from 2024 to 2032, owing to the growing demand for implementation, integration, and maintenance support for digital vault systems. Moreover, professional services — consulting and customization — to implement these digital vaults will trigger higher demand from this segment.
Digital Vault Market by Deployment: On-Premise Segment Holds 75% Market Share, Cloud Segment to See Fastest Growth
The on-premise segment dominated the market in 2023, accounting for over 75% of revenue share as organizations maintained more control over their data that are more suited to deploy digital vaults on-premise. This deployment allows organizations to keep sensitive information on their premises to reduce the risks of data security breaches and meet the requirements of robust data protection regulations.
Due to scalable, flexible, and initial cost-based pricing environments, the cloud segment is anticipated and projected to have the fastest CAGR over the forecast period. The cloud-based digital vaults provide hassle-free secured data storage and pulling of data from anywhere with network facility which aligns with the organizational needs as digital transformation and remote working culture is taking place.
Digital Vault Market by End-Use: BFSI Dominates with Significant Market Share, Telecommunication Segment to See Fastest Growth.
The BFSI segment held the largest market share in 2023, as a strong need for securely storing data and safeguarding sensitive financial data has led to a high demand for market data in this sector. With the rise in cyberattacks seeking both sensitive customer and business-critical data and the introduction of stringent regulations such as GDPR and the Sarbanes-Oxley Act, financial services seek secure data storage solutions to prevent data breaches and comply with relevant legislation.
The telecommunication segment is projected to face the fastest CAGR. The digital transformation of this industry is quick, while a significant amount of data such as internal data, customer information, intellectual property, etc. is produced that needs protection, to take advanced storage solutions.
Digital Vault Market Segmentation:
By Type
- Solution
- Services
By Deployment
- On-premise
- Cloud
By End - User
- BFSI
- IT and Telecommunication
- Government
- Others
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Digital Vault Market by Region: Europe Leads with 37% Market Share, Asia Pacific to Witness Fastest Growth.
Europe emerged as the largest regional market in terms of digital vault revenue with a share of more than 37%, in 2023, benefiting from stringent data protection regulations such as General Data Protection Regulation and high demand for secure digital data storage across numerous industries.
Due to the rapid digital transformation along with increasing data generation and rising security threats, Asia Pacific is projected to have the highest growth rate in terms of CAGR over the forecast period. Rapidly increasing cloud accessibility, IoT, and mobile tech in the region are fueling the demand for secure data storage resources.
Commvault and Thales Unveil Advanced Digital Vault Solutions in 2024 to Enhance Data Security
In July 2024, Commvault announced the launch of its new data protection suite, which includes enhanced features for digital vaults and secure data storage.
In March 2024, Thales introduced an upgraded version of its CipherTrust Cloud Key Manager, providing organizations with advanced encryption capabilities for securing data in digital vaults.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Digital Vault Market Segmentation, By Deployment
8. Digital Vault Market Segmentation, by Type
9. Digital Vault Market Segmentation, by End-User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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