Digital Vault Market size is anticipated to witness healthy growth during 2023 to 2032, owing to the increasing focus on the protection of data from connected devices and the rising number of government initiatives toward digitization.
The mounting number of IoT connections has made way for the generation of large volumes of data in multiple formats, as well as its safe and secure storage from threats and thefts. Growing internet penetration, coupled with the rapid adoption of cloud-based security solutions and the surging demand for repositories.
Based on type, the cloud-based digital vault market will gain considerable momentum through 2032, driven by the rising number of data breaches. For instance, in 2022, Florida had more than four times the number of data breaches per 1000 recognized healthcare companies as any other state in the country. Prevalent concerns over data theft and security have enhanced the adoption of cloud platforms in organizations.
The ongoing Russia-Ukraine war is projected to have a favorable impact on the market growth. Russian government-backed attackers launched an aggressive, multi-pronged operation to establish a decisive wartime edge in cyberspace. Furthermore, Ukraine has experienced significant levels of Russian offensive cyber activities since the invasion, and European countries have witnessed a spike in the number of cyber-attack cases, which is set to boost the digital vault market demand.
Cloud-based digital vaults assist end-users in storing the required data on the vendor’s servers. They are largely preferred over their on-premises counterparts as they save ample upfront costs and IT expenses. Additionally, the rising obligation for cloud services for data storage, computing, and data networking in organizations is likely to positively influence the industry outlook.
The BFSI segment is predicted to register a significant market share during the forecast period, on account of the rising instances of cyber-attacks and data theft. The growth can also be attributed to the rapid incursion of automation in banking operations and the growing focus on the effective management of highly sensitive financial data. In June 2022, Flagstar Bank, one of the major financial institutions in the United States, suffered a massive data breach, exposing the Social Security information of about 1.5 million clients. Such incidents caused by the rapid digitalization of banking services as well as the surging number of challenges regarding severe regulatory and security requirements will positively enhance the industry expansion.
The North America digital vault market size is expected to rise exponentially between 2023 and 2032, due to the availability of robust IT infrastructure and the rise in the number of R&D investments for IT security solutions. There is a surging obligation for secured repositories to facilitate the long-term storage of critical information. The presence of sustainable and well-established economies, mainly in the U.S. and Canada has prompted the higher deployment of innovative technologies. The growing adoption of highly secured digital vault platforms for effectively storing data derived from vital sources will drive regional market development.
Some of the renowned players operating in the digital vault market include CyberArk, Accruit, LexTrado, Safe4 Information management, ENC Security, Daxtech IT Solutions, TokenEx, OPSWAT, FutureVault, Micro Focus (Hewlett Packard Enterprise), Multicert, Hitachi, Symantec (Gen Digital Inc), Oracle, Fiserv, IBM, and Safe4.
Technological advancements, along with inorganic strategies, such as acquisitions, partnerships, and mergers are constantly adopted by these firms to extend their global presence. They are also coming up with R&D investments for sustaining the escalating market competition.
For instance, in October 2022, the Dubai International Financial Centre (DIFC) Courts announced the debut of a worldwide digital vault, 'tejouri,' at GITEX Global, with live demos exhibiting the new platform's capabilities and security protocol features.