ID: MRFR/ICT/5767-HCR | 100 Pages | Published By Aarti Dhapte on March 2023
The global digital vault market is expected to grow at a CAGR of 11.00% for the period between 2022 to 2030
Digital Vault Market Overview
The global digital vault market is expected to grow at a CAGR of 11.00% for the period between 2022 to 2030. The increasing focus on privacy in the cyber world is fuelling the market in the global sphere. There have been tremendous developments in information technology (IT) over the last few decades that are directing businesses to turn digital more than ever. The brand values and market participation of the brands in the digital world are increasing the worth of digital assets. People are showing interest in protecting their digital footprints and assets now.
A digital vault platform is, as the name suggests, a container or vault in the digital format that protects sensitive information, financial and banking details, online transaction credentials, etc, regarding end-users digital assets. There are wide applications of digital technologies vaults in protective repositories, secured networks, digital asset management, etc. Big industries like Banking, Financial Services and Insurance (BFSI), Defense and Government, Consumer Retail, IT and telecommunication, etc are the sole users of the digital vault industry. The recent trends in the technology industry have presented glorious growth opportunities for the digital vault market in the coming future.
COVID-19 Analysis Of Digital Vault Market
The last year was a curse to the human race when the COVID-19 had fallen upon the world. This infectious disease has affected the lives of global citizens far beyond the health hazard. Due to the hyper-infective nature of the disease, the Governments of almost all countries of the world were forced to impose complete lockdown for months. This shutdown has completely stopped the functioning of emerging business avenues for an unknown amount of time. The digital vault market sales have faced the consequences of the imposed lockdown as well. With the ongoing decrease in the end-user industries during the lockdown, it can be anticipated that the market for digital vaults will suffer too.
Additionally, the economies of major countries have faced severe hits due to the pandemic and lockdown. Hence, there has been an overall decline in the investment for research and development in IT and computer technology. This lack of resources affects the market greatly in the way of growth. But it is also noteworthy that the market has turned to be digital more than ever due to the physical absence of working personnel in the workplaces. Heavy financial dealings via the internet, operating sensitive databases from remote locations, etc are going to increase the digital vault market size in the coming years as well.
There is a consistent surge in the demand for long-term repositories in the market. This demand is a steady pusher for the market for digital vaults solution as well. Digital vaults are safety containers that secure a wide kind of things. From the digital sign-in credentials to banking and financial transaction details, cryptocurrency records, and a lot more stays in the digital vaults. The importance of protecting sensitive data has been a consistent concern of the end-users for ages. Since digital vaults are much more secure than other available options, the end-users trust the technology. That is what drives the cloud-based digital vault business in the global market. Repositories are supposed to deposit crucial and sensitive data for longer times. The demand for long-term repositories is fuelling the digital vault market for the last couple of years.
Massive usage in the Banking, Financing Services, and Investment (BFSI) industry is increasing the market demand for digital vaults. The BFSI market is the largest end-user group of this technology for its sophisticated and secure features. The utility of security solutions in the workforce of several industries has a positive effect on the digital vault market growth. Storing information regarding the clients, employees, digital assets, is the prominent use of digital vault technology.
The digital vaults have gained public trust because they are safe. Since digital vaults use the internet and end-to-end technology, the medium far safer than other available storage. With the advancements in IT technology, there will be innovations in the field as well. For instance, there is a huge area of cloud computing technology in the case of digital transformation. Increasing demands of cloud computing will create a huge opportunity for the digital vault market as well. Advancements in cloud technology over the years have made digital vault systems more secure than ever before.
There is a rapid growth in the usage of the internet in the world. Millions of new users are getting connected to the internet regularly. This graph of internet penetration brings a world of opportunities in front of the market. Extension in the existing services will create more options for the end-users. The digital vault market trends suggest that the market will expand into various new applications once the 5G network and internet of things (IoT) devices start mainstream operations.
The road of the market for digital vaults is obstacle-free. The market is facing a slower growth rate due to a lack of trained professionals in the field. Digital vault service providers majorly focus on installation, maintenance, and management faculties. The unavailability of trained staff in the market poses a major obstacle for digital vault vendors to reach the end-users. Digital vault market analysis suggests, due to stringent government policies and regulations in the financial sector of various countries, digital vaults are tackling a slower growth.
Several instances of monetary fraud and theft have made the regulating authorities more stringent than before. The ongoing market issues in the end-user industries are creating barriers to the growth of digital vault services as well.
One of the major challenges in the digital vault market is the lack of standardization in the software vendors. There are different kinds of technical solutions present in the market. Not all of them are approved for providing secure and highest quality services. Different software vendors bring low-quality solutions that might harm the global market as well. Also, the presence of hackers and cybercriminals is a looming threat to the digital vault market share.
Based on the traditional format, hackers will eventually find new hacking tricks to break in the shields of security and steal pricey sensitive data from the vault. This risk factor is a present threat to the digital vault market profit. Unless the end-users get confirmation and industry-standardized solutions, it is hard for the digital vault market analysis to expand freely.
Despite the obstacles, the global market of digital platforms is showing promising trends for the future. The market is expected to grow at a CAGR of 14.1% for the forecast period of 2018 to 2023. According to Digital Vault Market Research Report, the market was valued at $451.6 million in 2018. Current predictions suggest that the market will reach a value of $873.81 million by the end of 2023. The BFSI industry is the largest shareholder in the global market for digital vaults. In the coming years, the IT and telecommunication industry will occupy a large chunk of the global market for digital vaults due to advancements in the 5G network.
The distribution channel for digital vaults relies on the end-user industries. The majority of these industries make corporate acquisitions and strategic partnerships with tech manufacturing companies. The distribution is dependent on the varied applications of the digital vault solutions as well. The servicing and maintenance faculties of the market are the prime earner for digital vaults. So, the chain of distribution relies on the availability of trained and professional staff a lot.
Recent Developments For Digital Vault
November 2021, Global Trade Corporation, a leading name in global digital vault providers, now implements an API interface with Digital Vault Services. This integration allows the users to seamlessly apply guarantee vault to request guarantees through digital mediums and handle amendments, releases and claims as well.
November 2022 was marked as one of the milestone months for CyberArk, a leading name in the global cyber security segment that has been named as one of the most prominent leaders in the password-less authentication used in digital vaults.
Trends in Digital Vault
The ever-evolving technology has recently increased the need for safety and security. Digital Vault serving the said purpose is one of the critical aspects of digital security. The latest trend of Password Vault Web access is taking digital vault systems to new heights. The password vault web access enables the end users and administrators to access and manage all the privileged accounts from remote locations through a web client.
Based on component, end-user industry, organization size, region, etc, there are different digital vault market segments.
Based On Component Outlook
Based On End-use Insights
Based On Organization Size
Based on regional landscapes, the global market is majorly divided into North America, Europe, and the Asia Pacific. The North American region is the global leader in the digital vault industry. Rapid industrialization and technological advancement in the high-income countries like the US, Canada, UK, Germany, France, etc occupy the major market share.
The prime digital vault market players in the global market are –
For increasing security in the digital vault industry, developers are using FIPS 140-2 encryption methods, AES-256 symmetric encryption methods, RSA-2048 asymmetric encryption system, and many more.
The digital vault market report contains detailed discussions and analysis of the market growth, trends, competitive analysis, forecasts, and many more.
|Market Size||USD 1.59 Billion (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Organization Size|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||IBM (US), Hitachi (Japan), Micro Focus (UK), Cyberark (US), Microsoft (US), Fiserv (US), Logic Choice (US), Keeper Security (US), Accruit (US), and TokenEx (US).|
|Key Market Opportunities||Asia-Pacific is expected to grow at the fastest rate during the forecast period. Increasing digitalization in the region in the industry verticals of BFSI and retail and consumer goods is expected to boost the growth of digital vault in the APAC region to protect sensitive customer and employees data.|
|Key Market Drivers||Strong need to keep enterprise data secured from advanced cyber-attacks and meet stringent compliance requirements act as the major driving factors for the growth of digital vault globally.|
An 11.00% CAGR is appraised to augment the market’s share on a global scale in the coming period.
Cyberark (US), Keeper Security (US),Microsoft (US), Micro Focus (UK), Fiserv (US), and Logic Choice (US) are the variables moving the market.
The North American region is foreseen to be at the forefront of expansion in the coming period.
The increase in transactions related to retail and consumer goods is expected to unlock the growth of the market in the coming years.
The enhancements in multilayer encryption techniques are expected to promote market development in the approaching period.