REDDING,
Calif., July 9, 2024 /PRNewswire/ -- According to
a new market research report titled, 'Digital Vaults Market
by Offering (Solutions, Services, Subscriptions), Deployment
(Cloud, On-premise), End User (BFSI, Government, IT & Telecom,
Aerospace & Defense, Energy & Utility, Legal, Individuals,
Others), and Geography—Forecasts to 2031',
the digital vaults market is projected to reach $3.24
billion by 2031, at a CAGR of 15.1% from 2024 to 2031.
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The growth of the digital vaults market is driven by the
increasing regulations & legislation for data protection, the
rising need to protect data generated from connected devices, and
the increase in data breaches. However, enterprises' lack of
awareness about data security restrains the growth of this
market.
Moreover, the growing digitalization of businesses and the
increasing use of digital vaults in the BFSI sector are expected to
generate growth opportunities for the stakeholders in this market.
However, the lack of digitalization in developing countries, the
high costs of digital vaults, and the availability of alternative
cybersecurity solutions are major challenges for market growth.
Additionally, the growing adoption of cloud-based security
solutions is a prominent trend in the digital vaults market.
The digital vaults market is segmented by offering (solutions
[data loss prevention, identity and access management, digital
asset management, and privileged account management],
subscriptions, and services [deployment & integration services,
consulting services, support & maintenance services]),
deployment mode (on-premise deployments and cloud-based
deployments), end user (BFSI, government, public sector, IT &
telecom, aerospace & defense, energy & utility, healthcare
& pharmaceuticals, legal, individuals, and other end users).
The study also evaluates industry competitors and analyses the
market at the regional and country levels.
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Based on offering, the digital vaults market is segmented
into solutions, services, and subscriptions. In 2024, the solutions
segment is expected to account for the largest share of around
52.0% of the digital vaults market. The large market
share of this segment is attributed to the ability of solutions to
safely store and organize documents containing sensitive client and
company information; benefits to individuals and organizations such
as access management; ensuring compliances; and growing security
spending of organizations to store confidential data securely.
Based on deployment mode, the digital vaults market
is segmented into cloud-based deployments and on-premise
deployments. In 2024, the cloud-based deployments segment is
expected to account for the larger share of around 80.0% of
the digital vaults market. The large market share of this segment
is attributed to the increasing avenues for cloud-based
deployments, the superior flexibility and affordability offered by
cloud-based deployments, and the increasing adoption of cloud-based
solutions by small & medium-sized enterprises.
Based on end user, the digital vaults market is segmented
into BFSI, government, public sector, IT & telecom, aerospace
& defense, energy & utility, healthcare &
pharmaceuticals, legal, individuals, and other end users. In 2024,
the IT & telecom segment is expected to account for the largest
share of around 25.0% of the digital vaults market. The
large market share of this segment is attributed to the rapid
adoption of digital technologies, the rise in data breaches and
cyber-attacks, and the strong focus of stakeholders to deploy
digital vault services. Stakeholders are focusing on data security
in the IT & Telecom sector to provide seamless customer
services. For instance, in April
2023, the Telecommunications and Digital Government
Regulatory Authority (TDRA) introduced the Digital Vault Project
for the banking, insurance, and telecommunication sectors.
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Based on geography, the digital vaults market is
segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
North America is expected to
account for the largest share of around 30.0% of the
digital vaults market. The large market share of this segment is
attributed to organizations' strong focus on cybersecurity, the
presence of big tech companies, their strong emphasis on
safeguarding valuable data, and increased data breach attacks. The
top tech companies provide digital vault solutions to various
industries to store valuable information securely. The presence of
leading key players in the region contributes to a large market
share.
Key Players:
Some of the key players operating in the digital vaults
market are Microsoft Corporation (U.S.), IBM Corporation
(U.S.), Oracle Corporation (U.S.), Fiserv, Inc. (U.S.), Google LLC
(U.S.), Veritas Technologies LLC (U.S.), HashiCorp, Inc. (U.S.),
Hitachi Vantara LLC (U.S.), Morgan Stanley (U.S.), CyberArk
Software Ltd. (U.S.), FutureVault Inc. (U.S.), Johnson Controls
International plc (Ireland),
OPSWAT, Inc. (U.S.), Zoho Corporation Pvt. Ltd. (U.S.), Keeper
Security, Inc. (U.S.), Safe4 Information Management Limited (U.K.),
Virtual StrongBox, Inc. (U.S.), Hypervault (Belgium), ENC Security (U.S.), and Clocr Inc
(U.S.).
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Scope of the report:
Digital Vaults Market, by Offering
- Solutions
- Identity and Access Management
- Data Loss Prevention
- Digital Asset Management
- Privileged Account Management
- Subscriptions
- Services
- Support & Maintenance Services
- Deployment & Integration Services
- Consulting Services
Digital Vaults Market, by Deployment Mode
- Cloud-based Deployments
- On-premise Deployments
Digital Vaults Market, by End User
- BFSI
- Government
- Public Sector
- IT & Telecom
- Aerospace & Defense
- Energy & Utility
- Healthcare & Pharmaceuticals
- Legal
- Individuals
- Other End Users
Digital Vaults Market, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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Related Report:
Cybersecurity Market by Offering (Solutions,
Services), Security Type (Network Security, Cloud Security,
Endpoint Security), Organization Size, Deployment Mode, Sector
(BFSI, Retail & E-commerce, Healthcare) and Geography - Global
Forecast to 2031
Big Data Security Market by Component (Solutions
[Data Encryption, Security Intelligence, Data Backup &
Recovery], Services), Deployment Mode, Organization Size, End User
(IT & Telecom, BFSI, Retail & E-commerce), and Geography -
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Endpoint Security Market by Component,
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Sale Terminal), Deployment, Industry Size, End User (Aerospace and
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Cybersecurity-as-a-Service Market by Application
(Network Security, Cloud Security, Endpoint Security, Application
Security), Organization Size, Sector (BFSI, IT &
Telecommunications, Retail, Healthcare), and Geography - Global
Forecast to 2030
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