Press release
Rising Cyberattacks Drive Growth In The Digital Vault Market: Powering Innovation and Expansion in the Digital Vault Market by 2025
Digital Vault
What Is the Expected CAGR for the Digital Vault Market Through 2025?
The market size for digital vaults has seen a speedy expansion in the past few years. The market is projected to surge from $1.11 billion in 2024 to $1.3 billion in 2025, showcasing a compound annual growth rate (CAGR) of 16.9%. Factors contributing to the historical period growth include increasing data breach incidents, the spread of digital assets, the surge in remote work, growing cybersecurity threats, and the rise in mobile device usage.
What's the Projected Size of the Global Digital Vault Market by 2029?
The market size of digital vaults is expected to witness significant expansion in the upcoming years, reaching $2.4 billion in 2029 with a compound annual growth rate (CAGR) of 16.6%. The projected increase during this period can be attributed to the growing demand for data safety and regulation compliance, enhancement in user interaction, emergence of quantum-safe cryptography, swelling numbers of online transactions, and escalating worries about data safety from linked devices. Key trends for the forecast period encompass digital transformation, progress in encryption technology, adoption of cloud-based solutions, integration of emergent technology, secure storage solutions, electronic transactions, biometric verification, and comprehensive data encryption.
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Top Growth Drivers in the Digital Vault Industry: What's Accelerating the Market?
The growth of the digital vault market is likely to be driven by a forecasted rise in cyberattacks. These cyberattacks, which are malicious attempts by individuals or organizations to cause disruption, damage, or illicitly access computer systems and digital devices, stem from the expansion of technology, internal threats, remote work, heightened online activity, and unawareness. Digital vaults are utilized in these cyberattacks to impede security measures such as encryption, access control, regular security checks, employee training, and multi-factor authentication. In November 2022, the Australian Cyber Security Centre, a cyber security agency based in Australia, reported receiving 76,000 cyber crime reports, marking a 13% increase from the previous year. For this reason, the escalating trend of cyberattacks is bolstering the digital vault market.
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What Trends Will Shape the Digital Vault Market Through 2029 and Beyond?
Major players in the digital vault market are prioritizing the development of advanced technology solutions, including digital vault technologies, to bolster data protection and safeguard sensitive details. A digital vault solution is essentially a safe, encrypted software or platform tailored to store, handle, and shield important digital properties such as files, documents, passwords, and cryptographic keys. For example, in May 2022, Wolters Kluwer N.V., an international information services firm located in the Netherlands, introduced the OmniVault for Real Estate Finance. This platform utilizes its eVault technology to facilitate digital home equity lending, including Home Equity Lines of Credit and home equity loans, in addition to traditional mortgages. This digital tool is custom-made for the requirements of real estate finance professionals, delivering features like document handling, compliance monitoring, and potentially analytic or reporting functionalities. Furthermore, it supports SSO (Single Sign-On) based on standards using SAML (Security Assertion Markup Language), openID Connect, and active directory federation services. These attributes underscore the diverse functionalities of omnivault solutions, from secure password management and information safety to single-sign-on verification and keychain operations.
What Are the Main Segments in the Digital Vault Market?
The digital vault market covered in this report is segmented -
1) By Type: Services, Solutions
2) By Deployment: On-Premise, On-Cloud
3) By Organization Sizes: Small And Medium Organizations, Large Organizations
4) By End-Users: Information Technology (IT) And Telecommunications, Banking, Financial Services And Insurance (BFSI), Retail, Power And Utilities, Government, Aerospace And Defense, Healthcare, Other End-Users
Subsegments:
1) By Services: Cloud Storage Services, Data Encryption Services, Backup And Recovery Services, Security And Compliance Services
2) By Solutions: Digital Identity Management Solutions, Digital Asset Protection Solutions, Secure Data Sharing Solutions, Digital Vault Software Solutions
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Which Top Companies are Driving Growth in the Digital Vault Market?
Major companies operating in the digital vault market report are 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
Which Regions Will Dominate the Digital Vault Market Through 2029?
North America was the largest region in the digital vault market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital vault market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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