Digital Vault Market Size Worth USD 1829.50 Million by 2030

Data Bridge Market Research analyses that the Digital Vault Market was valued at USD 674.69 million in 2022 and is expected to reach the value of USD 1829.50 million by 2030, at a CAGR of 13.28% during the forecast period. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

According to a recent analysis, it has been reported from 2019 to 2024 the digital vault market will grow around 12% which is a highly significant growth. It is very common among numerous people to stored personal documentation online. Nowadays, it is even possible to complete all transactions online, so digital vaults provide an extra level of safety and security to keep our sensitive information and data safe due to which its demand has increased in the global market.

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Digital Vault Market Drivers

Rising demand of digital vault for safety and security purpose
One of the major advantage of a digital vault is that it is very secure. Services offer by digital vaults each have their own specific procedures and processes for ensuring the security of private information, but they generally use different forms of authentication and encryption to maintain safety. By providing high level of data safety and security, digital vaults can be a feasible solution for protecting personal information online.

Growing usage of digital vault in BFSI sector
The BFSI sector is expected to register a major market share due to increasing data theft and cyber-attacks. As per the estimates, more than 2.9 lakh cyber security incidents were reported in 2020 which were pertaining to digital banking. The development can also be attributed to increasing focus on the effective organization of highly sensitive financial data and the quick incursion of automation in banking operations. The speedy digitalization of banking services coupled with the increasing number of challenges regarding security requirements and severe regulatory will positively enhance the market growth.

Some of the major players operating in the digital vault market are:

Microsoft (U.S.)
Orcale (U.S.)
IBM (U.S.)
CyberArk Software Ltd. (U.S.)
Hitachi Vantara LLC (U.S.)
Micro Focus (U.K.)
Fiserv, Inc. (U.S.)
Johnson Controls (Ireland)
Multicert (Portugal)
HashiCorp (U.S.)
DSwiss AG (Switzerland)
Safe4 Security Group AS (Norway)
Logic Choice Technologies (U.S.)
Skyflow, Inc (U.S.)
ENC Security (Netherlands)
Infotel (India)

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Global Digital Vault Market Scope

Type

On-Premise
Cloud Based
Component

Solutions
Services

Organization Size

Small and Medium Sized Enterprises
Large Enterprises

Industry

Banking
Financial Services, and Insurance (BFSI)
Defence
IT and Telecom
Government
Real Estate
Others

Digital Vault Market Regional Analysis/Insights

The countries covered in the digital vault market report are report U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

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