Digital Vault Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions

"The Business Research Company recently released a comprehensive report on the Global Digital Vault Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The digital vault market size has grown rapidly in recent years. It will grow from $0.96 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to the rise of data breaches, the proliferation of digital assets, the rise of remote work, increasing cybersecurity threats, and the proliferation of mobile devices.

The digital vault market size is expected to see rapid growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to increasing demand for data security and compliance, focus on user experience, the rise of quantum-safe encryption, an increasing number of online transactions, and growing concerns about data protection from connected devices. Major trends in the forecast period include digital transformation, advancements in encryption, cloud-based solutions, integration with emerging technologies, secure storage solutions, digital transactions, biometric authentication, and end-to-end encryption.

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Market Drivers and Trends:

An increase in the number of cyberattacks is expected to propel the growth of the digital vault market going forward. Cyberattacks refer to malicious attempts by individuals or organizations to disrupt, damage, or gain unauthorized access to computer systems, networks, or digital devices. This cyberattack arises because of the proliferation of technology, insider threats, remote work, increased online activity, and a lack of awareness. Digital vaults are being used in cyberattacks to obstruct security measures, including encryption, access controls, regular security audits, employee training, and the use of multi-factor authentication. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, cyber crime reports received were 76,000, in 2022, up from 13% from the previous year. Therefore, an increase in the number of cyberattacks is driving the digital vault market.

Major companies operating in the digital vault market are focused on developing advanced technological solutions, such as OmniVault, to enhance data security and protect sensitive information. OmniVault refers to a versatile or comprehensive digital vault solution designed to securely store and manage various types of sensitive information. For instance, in May 2022, Wolters Kluwer N.V., a Netherlands-based global information services company, launched the OmniVault for Real Estate Finance. This platform leverages its eVault technology to support digital home equity lending, including HELOCs and home equity loans, alongside conventional mortgages. This digital platform or solution is tailored to the needs of real estate finance professionals, offering capabilities such as document management, compliance tracking, and possibly even analytics or reporting features. Additionally, it supports standards-based SSO (Single Sign-On) using SAML (Security Assertion Markup Language), openID Connect, and active directory federation services. These features highlight the diverse capabilities of omnivault solutions, ranging from secure password management and information security to single-sign-on authentication and keychain functionality.

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Major Key Players of the Market:

Microsoft Corporation, Hitachi Ltd., International Business Machines Corporation, Oracle Corporation, Broadcom Inc, Johnson Controls International plc, Fiserv Inc, Wolters Kluwer N.V., Iron Mountain Incorporated, OpenText Corporation, Micro Focus International plc, NortonLifeLock Inc., Veritas Technologies LLC, CyberArk Software Ltd, Insoft Infotel Solutions, HarshiCorp, Keeper Security Inc., DigiCert Inc., OPSWAT Inc, Multicert S.A., TokenEx, Eclypses Inc., Daxtech IT Solutions, Lextrado Legal Exchange, FutureVault Inc., Accruit Holdings LLC., Logic Choice Technologies, DSwiss AG, Safe4 Information Management Limited, ENC Security

Digital Vault Market 2024 Key Insights:

• The digital vault market size is expected to see rapid growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%.
• Rising Cyberattacks Drive Growth In The Digital Vault Market
• Introducing Innovative Solutions In The Digital Vault Market
• North America was the largest region in the digital vault market in 2023

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