The Market for Digital Vaults is Anticipated to grow Rapidly by 2032, with a CAGR of 12.3%

The market for digital vaults is expected to increase from US$ 785 million in 2022 to US$ 2.5 billion in 2032, according to a study by Persistence Industry Research. The market would most likely expand quickly, with a CAGR of 12.3%. Because it is protected by firewalls, encryption, and access restrictions, the digital vault is an extraordinarily secure alternative for storing data. The fact that digital vaults are on-site and physically protected makes them much safer than cloud-based storage choices.

Additionally, daily assaults on the users' privacy and personal information are stopped. Due to the growing significance of preventing data breaches, securing data, and offering data protection solutions, the use of virtual vaults has expanded over the past few years.

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Cyber-attacks and the dynamic nature of the security industry have both increased in recent years as companies look for ways to protect sensitive financial data from breaches with the utmost risk and the highest return.

In recent years, banking institutions have been moving toward the cloud at an accelerated rate, demonstrating their capability to protect this data by using digital vaults on the market. By storing passwords and data sets in the cloud-based systems, digital vaults are anticipated to positively impact future growth of IT & Telecom. Cloud-based solutions are expected to be in high demand as new businesses are established in emerging economies.

Key Takeaways

• The digital vault market is expected to reach a valuation of US$ 2.5 Billion by 2032.
• As a major powerhouse of advanced technology and early adopter of some of its latest products, North America is likely to hold the largest share of the market for digital vaults.
• The market for consulting services in digital vault will grow at a CAGR of 11.8% during the forecast period.
• Japan market size is projected to reach US$ 168 Million by 2032, at a growth rate of 11.8% over the forecast period.
• According to the forecast, the solutions digital vault market is expected to grow at a CAGR of 11.8%.

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Competitive Landscape

As per the global digital vault market study, with significant suppliers such as Johnson Controls, CyberArk, IBM, Oracle, Hitachi, Micro Focus, Fiserv, Symantec, Microsoft, Multicert, Keeper Security, Accruit, DSwiss, ENC Security, TokenEx, Logic Choice, Eclypses, HarshiCorp, Insoft Infotel Solutions, Daxtech, IT Solutions, eOrigina, LexTrado, OPSWAT and FutureVault the digital vault industry is moderately fragmented. In order to gain a competitive advantage, the companies rely on strategic collaboration activities and acquisitions to broaden their client base and gain market share.

IoT Device Manager from DigiCert will be used by Johnson Controls to help improve smart building cybersecurity, manage digital identities, and build Public Key Infrastructure (PKI) in May 2021. DigiCert ONE is the perfect platform for building smart buildings that provides advanced secure connectivity.

In June 2021, CyberArk announced improvements to its CyberArk Identity Security Platform. Cloud and hybrid environments have been enhanced with these advancements, providing broader protection and secure access to high-risk systems. CyberArk delivers this cloud-based service for protecting both machine and human identities.Customers running CyberArk software on-premises, in their own cloud, or managed by CyberArk have access to the new shared services.

Key Companies Profile

Johnson Controls
CyberArk
IBM
Oracle
Hitachi
Micro Focus
Fiserv
Symantec
Microsoft
Multicert
Keeper Security
Accruit
DSwiss
ENC Security
TokenEx
Logic Choice
Eclypses
HarshiCorp
Insoft Infotel Solutions

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

This release was published on openPR.