Digital Vault Market size will showcase promising growth in the period 2022 to 2028 owing to the increasing focus on the protection of data from connected devices and the rising number of government initiatives towards digitization. The higher count of IoT connections has made way for the generation of large volumes of multiple formats of data, as well as its safe and secure storage from threats and thefts. Rising internet penetration coupled with the increasing adoption of cloud-based security solutions and the surging demand for repositories are some other factors influencing the market growth.
Digital vaults are secure online platforms that provide security as well as encrypted online storage solutions to firms and businesses to let them manage, share, or deliver the files securely.
Based on type, the cloud-based digital vault market will gain considerable momentum driven by the rising number of data breaches. The increasing concerns over data theft and security have steered the higher adoption of cloud platforms in organizations. Cloud-based digital vaults assist end-users in storing the required data on the vendor's servers. They are largely preferred over their on-premise counterparts as they save ample upfront costs and IT expenses. The rising obligation for cloud services for data storage, computing, and data networking in organizations is another promising factor for the industry progression.
In terms of industry vertical, the BFSI sector is anticipated to register a significant market share on account of the rising instances of cyber-attacks and data theft. According to estimates, more than 2.9 lakh cyber security incidents pertaining to digital banking were reported in 2020. 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. The rapid digitalization of banking services along with the surging number of challenges regarding severe regulatory and security requirements will positively enhance the market expansion.
North America digital vault market size is expected to rise exponentially over 2022-2028 due to the availability of a 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 potentially drive regional market development.
Some of the renowned digital vault market players include Multicert, Micro Focus (Hewlett Packard Enterprise), Hitachi, Safe4 Information management, Daxtech IT Solutions, Symantec, Cyber Ark, Oracle, Dswiss, Fiserv, Accruit, TokenEx, ENC Security, LexTrado, Logic Choice, MicrosoftJohnsons, FutureVault, eOrignals, OPSWAT, Safe4, and IBM.
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 September 2020, Iron Mountain Incorporated entered a strategic partnership with FutureVault, for the launch of Digitization-as-a-Service offering, a transformational digital vault platform with Aligned Capital Partners Inc. as their first client.
The coronavirus pandemic acted as a massive propeller to the adoption of digital vault solutions considering the accelerated digital revolution in the IT & telecom, and BFSI sectors. On account of the social distancing and remote working norms, eGovernment digital services witnessed significant preference to limit face-to-face interactions.
The increasing growth measures and initiatives undertaken by several companies for strengthening collaboration with clients during the outbreak also added a boost to the digital vault market dynamics. For instance, in November 2020, Kismet Wealth Group, a well-known financial services firm, partnered with FutureVault, to launch Kismet Wealth Vault, a digital vault platform for clients.