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
- U.S.
- Canada
- 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 - Global Forecast to 2031
Endpoint Security Market by Component, Enforcement Point (Workstation, Mobile Devices, Server, Point of Sale Terminal), Deployment, Industry Size, End User (Aerospace and Defense, Government, BFSI, Healthcare, Manufacturing) - Global Forecast to 2027
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