Global Digital Vault Market to Generate $3,222.0 Million and Exhibit a CAGR of 13.8% during the Forecast Period from 2021 to 2028 - Exclusive Report [265 pages] by Research Dive
The global digital vault market is estimated to witness massive growth in forecast period, due to rising concerns to protect data generated from internet-connected devices. The Asia Pacific region is expected to foresee significant growth by 2028.
NEW YORK, Aug. 26, 2021 /PRNewswire/ -- Research Dive has published a report titled, 'Research Dive has published a report titled, 'Digital Vault Market by Component (Solution and Services), Deployment (On-premise and Cloud-based), Enterprise Size (Large Enterprises and Small & Medium Enterprises), End-user (BFSI, IT & Telecommunication, Government, Healthcare, Manufacturing, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028'
Research Dive in its latest published report estimates that the Global Digital Vault Market will generate $3,222.0 million by 2028, and exhibit a CAGR of 13.8% during the forecast period from 2021 to 2028.
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Market Dynamics
The dependency and demand on the internet is increasing at a rapid pace across the globe which has resulted in rise in number of threats and risk associated with the data protection in the public as well as private sector. The adoption of internet-connected devices is increasing leading to rising concerns to protect data generated from these devices. These factors are projected to foster the global digital vault market growth during the during the forecast period. Moreover, technological advancements and increasing digitalization globally are estimated to create massive opportunities for the growth of the global market by 2028. However, the privacy compliance challenges and lack of expertise in digital vault solutions are expected to restrict the market growth in the estimated timeframe.
COVID-19 Impact on the Digital Vault Market
The COVID-19 outbreak has positively impacted the global digital vault market growth during the pandemic. The favorable impact on the digital vault market share and size is majorly due to the widespread shift to operating businesses online. This has increased the risk of cyber-attacks, putting the security of organizations at risk. As cyber security has become the top priority, organizations are increasingly adopting digital vault solutions, which is propelling the market growth.
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Key Segment Findings of the Market:
The research report segments the global market into component, deployment, enterprise size, end user, and region.
- Based on component, the services sub-segment is expected to value for $1,429.7 million by 2028 and garner the largest share in the market during the analysis period. This is mainly due to various advantages of digital vault services such as data protection, monitoring, and centralized visibility of enterprise data landscape against unauthorized exposure, access, or data theft are the factors boosting the sub-segment's growth.
- Based on deployment, the cloud-based sub-segment is projected to garner strong revenue share and grow at a CAGR of 14.6% over the forecast period, owing to the rising preference of organizations for cloud security and cloud-based solutions. Business processes and data centers are some of the services that migrate in cloud.
- Based on enterprise size, the small and medium enterprise sub-segment is projected surpass $1,093.5 million by 2028 and have the fastest growth in the analysis period. Growing concern of small & medium enterprises towards the data security is booming the demand for digital vault solutions across the globe is driving the sub-segment's growth.
- Based on end user, the healthcare sub-segment is expected to observe fastest growth and garner a revenue of $227.2 million by 2028. The growing importance of healthcare data security due to increase in number of cyber-attacks and the rise in cybercriminals developing ever-more sophisticated methods & tools to attack healthcare organizations are the significant factors for the sub-segment's growth.
- Based on region, the Asia Pacific digital vault market size was $297.1 million in 2020 and is projected to witness significant growth in the analysis period. The digital readiness programme office is assisting people in the developing countries like India to access thousands of government services digitally. The rapid growth in digital services offerings by governments is predicted to boost the regional market growth by 2028.
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Top 10 Key Players of Digital Vault Market
1. Johnson Controls International PLC
2. CyberArk Software Ltd
3. Microsoft
4. IBM
5. Oracle Corporation
6. Keeper Security
7. Multicert
8. Hitachi Limited
9. Fiserv
10. Micro Focus
- Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
In January 2021, Digital Vault Services GmbH, a leading SaaS provider, announced the launch of new digital vault namely, 'Guarantee Vault,' which is a central register for the issuance & safe keeping of digital guarantees.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
More about Digital Vault
Digital Vault System: Purposes and Other Related Information
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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