Digital Vault Market Overview
The digital vault market size was valued at USD 0.8 Billion in 2022. The digital vault industry is projected to grow from USD 0.88 Billion in 2023 to USD 2.04 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.00% during the forecast period (2023 - 2032). Rising demand for digital vaults for safety and security purposes, surging government initiatives for data protection, and growing usage of digital vaults in the BFSI sector are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Vault Market Trends
Growing legislation designed to safeguard sensitive data is driving market growth.
Market CAGR for digital vaults is driven by increasing compliance requirements and legislation designed to safeguard sensitive data. The regulation requires financial institutions to protect their customers' data and maintain the security of operations within the industry. The regulation applies to all companies regulated by the DFS, including their branches outside of the state and overseas, and it requires those companies to evaluate the cybersecurity risk profiles of their organizations and implement an all-encompassing plan that acknowledges and reduces the risk. During the projection, the demand for the digital vault market will be largely driven by the increasing compliance and regulatory regulations for data protection.
Additionally, growing demand for secured repositories for long-term storage of critical data, such as documents and passwords, is anticipated to drive the digital vault market during the forecast period. This is due to increased digitization and the need for data privacy. Executing and developing a robust cybersecurity system is a basic step for saving infrastructure from active and passive attacks. The data security systems are built according to government-set norms and standards. The data security framework needs blueprints and network mapping of the whole system, which can be achieved by examining security risks, determining network assets, developing security plans and policies, training the users, and implementing and maintaining security infrastructure.
Companies are exploring using blockchain technology to create more secure, decentralized digital vaults. Using blockchain, digital vaults can leverage distributed ledger technology to provide tamper-proof storage and improve data security. Digital vaults are now being developed with built-in AI and machine learning capabilities to assist users in better organizing and managing their digital assets. For instance, AI can automatically categorize and tag documents, while machine learning algorithms can learn from user behavior to provide personalized recommendations and insights.
Technological advancements, along with inorganic strategies, such as acquisitions, partnerships, and mergers, are constantly adopted by these firms to extend their presence. They are also developing R&D investments to sustain the escalating market competition. For instance, in October 2022, the Dubai International Financial Centre (DIFC) Courts announced the debut of a worldwide digital vault, 'tejouri,' at GITEX, with live demos exhibiting the new platform's capabilities and security protocol features driving the digital vault market revenue.
Digital Vault Market Segment Insights
Digital Vault Component Insights
The digital vault market segmentation, based on components, includes privileged account management, identity and access management (IAM), digital asset management, data loss prevention (DLP), and services. The services segment dominated the market, accounting for 35% of market revenue (0.308 Billion). Digital vault services provide data protection, monitoring, and centralized visibility of the company data environment against illegal access, disclosure, or data theft. However, digital asset management is the fastest-growing category as digital asset management secures data with several safety levels, such as the firewall, control of access to data, and end-to-end encryption.
Digital Vault Organization Size Insights
The digital vault market segmentation, based on organization size, includes large enterprises and small and medium-sized enterprises (SMEs). The large enterprises category generated the most income (70.4%) due to the high Internet penetration and cloud-based services. However, small and medium-sized enterprises (SMEs) are the fastest-growing category due to the growing concern of small and medium-sized businesses about data security.
Figure 1: Digital Vault Market, by Organization Size, 2022 & 2032 (USD Billion)
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
Digital Vault Industry Vertical Insights
The digital vault market segmentation, based on industry vertical, includes banking, financial services, & insurance (BFSI), government and defense, media and entertainment, retail and consumer goods, telecom & IT, education, healthcare, and others. The healthcare category generated the most income due to increased cyberattacks on healthcare organizations and improved advanced technological tools. However, small and medium-sized enterprises (SMEs) are the fastest-growing category due to the rising instances of cyber-attacks and data theft in the banking and financial sectors.
Digital Vault Regional Insights
By region, the study delivers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American digital vault market area will dominate owing to the high adoption of digital vaults by various countries such as Canada and the US in order to secure and store huge amounts of data, which will boost the market growth in this region. Further, the German digital vault market held the largest market share, and the UK digital vault market was the fastest-growing market in the North American region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: DIGITAL VAULT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
Europe's digital vault market accounts for the second-largest market share due to the growing demand for secure repositories for long-term storage of sensitive information in this region. Further, the German digital vault market held the largest market share, and the UK digital vault market was the fastest-growing market in the European region.
The Asia-Pacific digital vault market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the expansion in the digitalization of banking services, and the increasing number of problems posed by stringent security and regulatory needs will significantly boost the market growth in this region. Moreover, China’s digital vault market held the largest market share, and the Indian digital vault market was the fastest-growing market in the Asia-Pacific region.
Digital Vault Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the digital vault market grow even more. Market participants are also undertaking several strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the digital vault industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the digital vault industry to benefit clients and increase the market sector. Major players in the digital vault market, including Microsoft (U.S.), Oracle (U.S.), IBM (U.S.), CyberArk Software Ltd. (U.S.), and Hitachi Vantara LLC (U.S.), and others, are attempting to increase market demand by investing in research and development operations.
CyberArk Software Ltd provides information technology (IT) security solutions. The company primarily provides privileged access security (PAS) solutions, secret management solutions and access management solutions. These security solutions protect organizations from cyber-attacks from both external and internal sources and allow for real-time detection and neutralization of threats. CyberArk's customers include enterprises in several industries, including energy and utilities, financial services, manufacturing, healthcare, retail, technology and telecommunications and government agencies. In June 2021, CyberArk announced the advancement in its CyberArk identity security platform. Identity protection is accomplished using this CyberArk cloud-delivered service. These advancements expand security and secure access to high-risk resources in cloud and hybrid settings.
Johnson Controls International Plc is a technology and multi-industrial company. It engineers develops, manufactures, and installs building products and systems. The company offers HVAC equipment, fire suppression, distributed energy storage, fire detection, industrial refrigeration, building automation and controls, digital solutions, residential and smart home security, and retail solutions. Johnson Controls offers technical assistance, energy management advice, and data-driven solutions. It serves customers in residential and non-residential building markets. In May 2021, Johnson Controls announced a partnership with DigiCert to take advantage of IoT Device Manager for improving smart building cybersecurity, management of digital identities, and Public Key Infrastructure (PKI). This device manager is built on DigiCert ONE digital certificate platform, which provides advanced secure connectivity in smart building solutions.
Key Companies in the Digital Vault market include
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Microsoft (U.S.)
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Oracle (U.S.)
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IBM (U.S.)
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CyberArk Software Ltd. (U.S.)
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Hitachi Vantara LLC (U.S.)
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Micro Focus (U.K.)
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Fiserv, Inc. (U.S.)
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Johnson Controls (Ireland)
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Multicert (Portugal)
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HashiCorp (U.S.)
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DSwiss AG (Switzerland)
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Safe4 Security Group AS (Norway)
Digital Vault Industry Developments
June 2022: Presidio organizes and shares its most critical information and has released online and smartphone applications. Presidio tackles the "digital conundrum," wherein people's vital papers, digital assets, and private details are scattered throughout physical and online sites.
April 2022: FutureVault announced a partnership with Envestnet Yodlee to enhance FutureVault's productivity, connectivity, and experience between financial services organizations, advisors, and end clients within the FutureVault platform.
Digital Vault Market Segmentation
Digital Vault Component Outlook
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Privileged Account Management
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Identity and Access Management (IAM)
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Digital Asset Management
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Data Loss Prevention (DLP)
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Services
Digital Vault Organization Size Outlook
Digital Vault Industry Vertical Outlook
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Banking, Financial Services, and Insurance (BFSI)
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Government and Defense
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Media and Entertainment
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Retail and Consumer Goods
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Telecom and IT
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Education
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Healthcare
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Others
Digital Vault Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
Digital Vault Market Highlights:
