The digital vault market is cementing its foothold by improving at a CAGR of 14.1% during the forecast period 2018–2023. The market is set to achieve a valuation of $873.81 million from $451.63 million in 2018, according to the study conducted by Market Research Future.
The global market for Digital Vault Market is segmented among component, organization size, and industry vertical. By the mode of component, the market consists of privileged account management, identity, and access management, digital asset management, data loss prevention, and services.
By mode of organization size, the market consists of large enterprises and Small and Medium-sized Enterprises (SMEs). By the mode of industry vertical, the market consists of Banking, Financial Services, and Insurance (BFSI), government and defense, media and entertainment, retail and consumer goods, telecom and IT, education, healthcare, and many others.
The well-known players in Digital Vault Market are listed as IBM (US), Hitachi (Japan), Micro Focus (UK), Cyberark (US), Microsoft (US), Fiserv (US), Logic Choice (US), Keeper Security (US), Accruit (US), and TokenEx (US).
Market Drivers & Trends
The strong step needed to keep business data secured from advanced cyber-attacks coupled with meeting stringent compliance requirements are acting as the foremost driving factors for the growth of digital vault globally.
Digital vault is known as an advanced secured data storage system that is protected by firewall, encryption, and access control solutions. It majorly stores high-end sensitive data of business-related credentials of privileged users, access control policies, and audit information and allows the attacker to obtain full control of the IT infrastructure, resulting in essential data loss, financial loss, or enduring downtime of various IT systems of business.
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Digital vault is used in multiple industries verticals such as banking, Financial Services, and Insurance (BFSI), government and defense, retail and consumer goods, healthcare, IT and telecom, as well as media and entertainment. It is the BFSI sector that is the most significant contributor in the Digital Vault Market, whereas retail and consumer goods are anticipated to inflate with the highest CAGR during the assessment period. The above-stated industry verticals are also experiencing a large number of cyber-attack incidents to identity theft of employees or customers for various reasons.
On the flip side, factors such as limited security expenditure and accessibility of various cybersecurity solutions to protect business data are restrictive to the growth of the market.
Detailed Regional Analysis
The global market for the digital vault is estimated to grow at a significant and is studied for main regions North America, Europe, Asia-Pacific, and rest of the world.
North America is anticipated to lead the Digital Vault Market as it is the most sophisticated region for development and adoption of innovative technologies in the field of Information and Communication Technology (ICT). The region also makes the largest adopter of digital vault solutions and services, predominantly in the industry such as BFSI, retail and consumer goods, and healthcare industry verticals. It is mostly, the US that is anticipated to be the leading country in the Digital Vault Market in North America for the next five years.
Asia-Pacific is to grow at the fastest rate during the assessment period due to increasing digitalization in the region, mainly in the industry verticals of BFSI and retail and consumer goods. These are to boost the growth of digital vault in the APAC region to prevent sensitive customer and employee’s data. Countries like China, Japan, and India have been the leading countries in the APAC region for having the maximum market share, and thus, this trend is likely to continue in the upcoming years.