Digital Vault Market Size Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3159
Digital Vault Market size is estimated to grow at a significant CAGR during the forecast period is driven by the rising incidences of cyber-attacks across the globe. As the adoption of internet services are increasing rapidly and the organizations are moving towards the digital channels, the risk of the data theft and cyber attacks are also rising. The digital channels that makes the businesses more profitable are also providing hackers easy access to the enterprise’s digital assets. To address these challenges, organizations are looking more advance ways to secure their digital data, which can be achieved by deploying digital vaults.
The rapid adoption of cloud-based services also acts as a major driver for the digital vault market. over the past decade, the adoption of the cloud services among the organizations has increased significantly for wide array of applications ranging from data storage to computing to data networking. The cost effectiveness, scalability and flexibility provided by the cloud services is the primary factor augmenting its demand among the industry verticals. However, as the implementation of cloud platforms among the organizations are increasing, the risk of data theft and security is also rising. This is estimated to drive the demand for the digital vault market to protect digital data from the threat of cyber-attacks.
Digital vault protects the data from multiple security layer that helps in prevention, detection and response of the threats, it also protects the data by providing firewall, that monitors and controls the incoming and outgoing traffic. Similarly, it also provides data access control and encryption for the unauthorized data access. With all of this it provides functionality such as access management, digital asset management, data loss prevention and privileges account management.
Digital Vault is used in the BFSI, It & telecom, defense, real estate, government & public sector and others. BFSI is estimated to be one of the major end-users of the digital vault solutions. The increasing digitalization of the banking services and the rapid automation of the banking operation is the primary factor driving the market growth. Furthermore, the high risk of data theft and cyber-attacks among the BFSI sector also augments the demand for the digital vault solutions. IT & telecom also holds significant share in the digital vault market. The growing digital data in the IT sector and the rising need to protect these data is propelling the market. Defense & government sector is projected to grow significantly during the forecast period. The increasing incidences of the cyber attacks and data theft is driving the adoption in the sector.
North America holds the largest share in the digital vault market. The increasing number of cyber-attacks and data theft cases in the region foster the market. Over the past five years, the incidences of the cyber-attacks have increased significantly. U.S. has witnessed approximately 130 large scale data breach cases in 2017 and the number is increasingly rapidly with the annual growth rate of 27%. According to Cisco, more than 31% of the organization has witnessed cyber-attacks in U.S., and the number is further estimated to increase during the forecast period. This is forcing organization to spend more on the cyber-security infrastructure to protect their data and mitigate the risk of cyber threats.
The major key players in the IBM, Oracle, Hitache, Microsoft, Multicert, Johnsons, Microfocus, Fiserv, Safe4, Dswiss, TokenEx, Accruit, OPSWAT, FutureVault, ENC security, Daxtech IT Solutions, eOrignals, LexTrado, Symantec, Safe4 Information management, Logic Choice, Tokenex, Cyber Ark’s and others. The vendors are leveraging on the product development and innovation strategies to expand the product portfolio and gain market share. For Instance, in 2018, IBM launched its new e-vault solution that is equipped with wide range of technology and innovation. Similarly, CyberArk introduced its new CyberArk Privilege Cloud, which provides the service of security access in June 2018.
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