- Digital Vault Software Market is expected to grow from $451.63 million in 2018 to USD 873.81 million by 2023, at a CAGR of 14.1% during the forecast period, 2020–2023.
- The BFSI sector is the largest contributor in the Digital Vault Software Market.
- North America is expected to dominate the Digital Vault Software Market.
A strong need to keep enterprise data secured from advanced cyber-attacks and meet stringent compliance requirements act as the major driving factors for global growth of the digital vault market. However, limited security spending and availability of various cyber security solutions to protect enterprise data are restraining growth of the market.
Globally, the Digital Vault Software Market is expected to grow from $451.63 million in 2018 to $873.81 million by 2023, at a CAGR of 14.1% during the forecast period, 2020–2023.
Digital vault is a secured data storage system protected by firewall, encryption, and access control solutions. It stores extremely sensitive data of enterprise- credentials of privileged users, access control policies, and audit information. An unauthorized access to these credentials may allow the attacker to gain full control of an enterprise’s IT infrastructure, resulting in critical data loss, financial loss, or permanent downtime of various IT systems.
The solution provides complete security to not only the data stored in the vault but also the data, which is in transit from the vault to an application running on another network device. To secure the data vault itself and the data stored in it, the solution typically uses a multilayer encryption technique based on FIPS 140-2 encryption methods, symmetric encryption using AES-256, and asymmetric encryption using RSA-2048.
Digital vault is used in multiple industries but some of its prominent industry verticals include Banking, Financial Services, and Insurance (BFSI), government and defense, retail and consumer goods, healthcare, IT and telecom, and media and entertainment. The BFSI sector is the largest contributor in the Digital Vault Software Market whereas retail and consumer goods is expected to grow with the highest CAGR during the forecast period as the industry vertical is experiencing a large number of cyber attack incidents related to identity theft of employees or customers for financial gain or damaging reputation of the enterprise.
The prominent players in Digital Vault Software Market are IBM (US), Hitachi (Japan), Micro Focus (UK), Cyberark (US), Microsoft (US), Fiserv (US), Logic Choice (US), Keeper Security (US), Accruit (US), and TokenEx (US).
The global Digital Vault Software Market is segmented into component, organization size, industry vertical, and regions/country.
By component, the market is segmented into privileged account management, identity and access management, digital asset management, data loss prevention, and services
By organization size, the market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs).
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By industry vertical, the market is segmented into Banking, Financial Services, and Insurance (BFSI), government and defense, media and entertainment, retail and consumer goods, telecom and IT, education, healthcare, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
The global market for digital vault is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the global Digital Vault Software Market is studied for North America, Europe, Asia-Pacific, and rest of the world.
North America is expected to dominate the Digital Vault Software Market during the forecast period. North America is considered to be the most advanced region in terms of development and adoption of innovative technologies in the field of Information and Communication Technology (ICT). It also experiences the largest number of identity data thefts every year. This makes North America the largest adopter of digital vault solutions and services, particularly in the industry verticals of BFSI, retail and consumer goods, and healthcare industry verticals. The US is expected to be the dominating country in the Digital Vault Software Market in North America region during the forecast period.
Asia-Pacific is expected to grow at the fastest rate during the forecast period. Increasing digitization 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. China, Japan, and India have been the leading countries in the APAC region in terms of market share and this trend is expected to continue in the upcoming years.
The Digital Vault Software Market has the presence of many vendors adopting various organic and inorganic strategies to grow in the market. According to the latest trends in the Digital Vault Software Market, most of the major vendors are adopting the strategy of new product launch/product enhancement to offer unique and innovative solutions in the market. Partnership and collaboration is the second most adopted strategy by the major vendors.