The digital vault is used to protect data from cyber threats. With increasing usage of internet and growing digitalization in mining globally a lot of data is being shared and generated via numerous digital transaction management happening daily. Thus to safeguard the data generated by these transactions from hackers and other cyber attacks. Digital vault protects data via firewall, encryption and access control Consulting.
The global Digital Vault market worth USD 1630 Million by 2030, growing at a CAGR of 12.9%
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"The Global Digital Vault Market 2020-2030 (USD Million)")
The global digital vault market revenue is projected to reach close to USD 1586 Million by 2028. This can be attributed to the increasing need to maintain data secrecy and improve security standards. In addition, the increase in the adoption of digital payment Consulting is also boosting global digital vault market growth.
The biggest adopter of digital at present is BFSI sector due to the involvement of highly secretive information of clients which the banks and financial institutions have to deal with. These instructions have the sole responsibility of the data of the client thus the ado option of security Design & Implementation such as digital vault is high in BFSI sector
However, the growing security concerns about data confidentiality are likely to lead the growth but lack of awareness about the technology is one of the factors hampering the growth of digital vault.
Digital Vault Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 1630 Million |
| Growth Rate | CAGR of 12.9 % during 2020-2030 |
| Segment Covered | By Component, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Hitachi Ltd, Johnson Controls, Oracle, CyberArk, IBM, Micro Focus, Fiserv, Logic Choice, Daxtech IT Solutions, and Insoft Infotel Solutions. |
Key Segment Of The Digital Vault Market
By Component,(USD Million)
• Solutions
• Services
By Services,(USD Million)
• Consulting
• Design and implementation
• Support and maintenance
• Managed services
By Industry,(USD Million)
• BFSI
• Government
• IT and Telecommunication
• Real Estate
• Defense
• Others
Regional Overview, (USD Million)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
the digital vault market is growing at a CAGR of 12.9% during the forecast period.
North America dominated the market for digital vault market and accounted for the largest revenue share.
The Global digital vault Market is Segmented on the basis of By Component, Regions.
Growing demand for safe repositories for long-term storage of vital data is anticipated to drive the market during forecast period. Implementing and designing a stout protection system is a basic step of protecting data from cyber attacks. Government-prescribed norms and standards are followed to build the information security systems. A information security structure requires detailed outline and network mapping of the system. This can be done by identifying network assets, analyzing security risks, developing security policies and plans, implementing, and maintaining security measures.
The major challenge faced by almost all companies is choosing of the right security solution to address the cyber security challenges.
Services Segment
In terms of Services, the market is bifurcated into consulting, design & implementation, support and maintenance and managed services. The Design & Implementation segment is estimated to accrue significant market growth over the forecast period. However, in the year 2019, the Consulting segment gathered the major growth and it is likely to keep its position throughout the forecast years. The market growth of this segment is primarily ascribed to the increasing demand from numerous organizations for tailor made cyber security solutions which is mostly available through consulting services.
Enterprise SizeSegment
Based on the enterprise size, the market is segmented into small & medium and large enterprises. The large enterprise segment leads the market growth in 2019 and it is anticipated to hold its position during the forecast years.
Industry Vertical Segment
In terms of the industry vertical segment, the market is segmented into BFSI, government, it & telecommunication, defense, real estate, and others. In 2019 the BFSI segment accumulated the major market share and it is expected to do so over the forecast years. On the contrary, the defense segment accumulated the major growth and it is estimated to hold its place over the forecast years. The market growth of the defense segment is mainly ascribed to the increasing need to maintain and protect the secret data and information about the country and its people from the enemies.
The North American region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. The rising number of data theft and cyber-attack cases in the region. Over the past few years, the incidences of the cyber-attacks have gone up significantly. The region has witnessed approximately 130 large scale data breach and the number is increasingly swiftly with the annual growth rate of around 27%. APAC is projected to grow at the fastest growth during forecast period.
.png "North America Digital Vault Market, 2018-2028 (USD Million)")
The major players of the global digital vault market are CyberArk, Johnson Controls, IBM, Microfocus, Fiserv, Symantec, Oracle, Hitachi, Microsoft, Multicert, DSwiss, Safe4 (UK), Keeper Security, Accruit, and TokenEx. The Digital Vault market consists of well established global as well as local players. In addition, the previously recognized market players are coming up with new and advanced strategic Consulting and Design & Implementation to stay competitive in the global market.