Meticulous Research®—a leading global market research company, published a 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 - Global Forecast to 2030’.
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According to the latest publication from Meticulous Research®, the global digital vaults market is projected to reach $2.77 billion by 2030, growing at a compound annual growth rate (CAGR) of 14.4% from 2023 to 2030. This robust growth is driven by stringent data protection regulations, the increasing need to safeguard data generated by connected devices, and the rising incidence of data breaches. However, the lack of awareness about data security among enterprises poses a restraint on market expansion.
Market Dynamics and Opportunities
The surge in digitalization across various industries and the growing utilization of digital vaults within the BFSI (Banking, Financial Services, and Insurance) sector present significant growth opportunities for market players. Conversely, the high costs associated with digital vault solutions, the presence of alternative cybersecurity measures, and limited digitalization in developing regions are notable challenges. Additionally, the trend of adopting cloud-based security solutions is gaining traction, offering further market expansion prospects.
Market Segmentation
By Offering
The global digital vaults market is segmented into solutions, services, and subscriptions. In 2023, the solutions segment is expected to dominate the market, driven by its capacity to securely store and manage sensitive data, ensuring compliance and providing robust access management. This segment is also anticipated to record the highest CAGR during the forecast period due to increased organizational spending on security and ongoing product development efforts by key players.
By Deployment Mode
The market is categorized into cloud-based and on-premises deployments. The cloud-based deployments segment is projected to hold the largest market share in 2023 and register the highest CAGR over the forecast period. This growth is attributed to the flexibility and cost-effectiveness of cloud solutions, alongside the rising adoption of cloud services by SMEs.
By End User
End users of digital vaults include BFSI, government, public sector, IT & telecom, aerospace & defense, energy & utility, healthcare & pharmaceuticals, legal, individuals, and others. The IT & telecom segment is expected to lead the market in 2023, driven by rapid digital adoption, increasing data breaches, and a strong emphasis on data security. The BFSI segment, however, is projected to experience the highest CAGR, bolstered by increased digitization and growing security concerns within financial institutions.
Geographic Analysis
Geographically, the digital vaults market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to account for the largest share of the market in 2023, due to a strong focus on cybersecurity and the presence of major tech companies dedicated to data protection. Meanwhile, the Asia-Pacific region is anticipated to witness the highest CAGR, driven by ongoing digital transformation, the rise of fintech enterprises, and heightened cyberattack incidents.
Key Market Players
Prominent players in the digital vaults market include Microsoft Corporation, IBM Corporation, Oracle Corporation, Fiserv, Inc., Google LLC, Veritas Technologies LLC, HashiCorp, Inc., Hitachi Vantara LLC, Morgan Stanley, CyberArk Software Ltd., FutureVault Inc., Johnson Controls International plc, OPSWAT, Inc., Zoho Corporation Pvt. Ltd., Keeper Security, Inc., Safe4 Information Management Limited, Virtual StrongBox, Inc., Hypervault, ENC Security, and Clocr Inc. These companies are at the forefront of innovation, continually enhancing their digital vault offerings to meet evolving security demands and leverage emerging technological advancements.
Conclusion
The digital vaults market is poised for substantial growth, fueled by heightened data security needs and increasing digitalization across various sectors. While challenges such as high costs and alternative solutions exist, the market's future appears promising, driven by technological advancements and growing awareness of cybersecurity.
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