Digital Vault Market Overview
Digital vault is an advanced secured data storage system, which is protected by encryption, firewall, and access control solutions. Digital vaults solution are highly secure, off the cloud, and safe from physical threats.
They are also protected from the daily attacks on user’s privacy and personal information. With the ever growing threat landscape, there is need for secure storage service, protecting data against a breach, and providing data security solutions which has boosted the demand for digital vault, over the past few years.
Digital vault offers several advantages such as highly secured network, regardless of the physical topology of the network, long-term repositories, and other benefits. It has capacity to stored particularly sensitive data of enterprise- credentials of privileged users, audit information, and access control policies. Hence, due to the need for such security features, the market for digital vault is expected to grow in the coming years.
Impact of COVID-19 Pandemic Outbreak on Digital Vault Market
The COVID-19 pandemic has led to an inevitable surge in the use of digital technologies due to the social distancing norms and nationwide lockdowns. The COVID-19 pandemic is seeing day by day rise in frequency of endpoint attacks on enterprises, which has led to growing requirement of implementing the security for enterprises.
Moreover, the COVID-19 pandemic has forced consumers to choose for digital payments. There has been a rapid rise in cybercrimes such as web-skimming, malware campaigns and phishing scams across the globe. For instance, according to a market analysis by YouGov and ACI Worldwide, 47% of respondents from Tier-I cities of India are concerned about digital payment frauds.
Amid the COVID-19 pandemic, the implementation of digital vault solution would be highly valuable for the fraud prevention strategies and maintaining privacy storage, for all digital assets.
Digital Vault Market: Drivers and Restraints
The global digital vault market is expected to witness significant growth during the forecast period, which can be attributed to the increasing regulations and compliances to protect sensitive data, and growing concerns for protecting data from connected devices.
It includes different features such as efficiently organize, manage, and share important documents, control and protect sensitive data, cost effectiveness, and scalability. The reliability of such features drives the growth for digital vault market. The continuous development of advanced technologies such as artificial intelligence, IoT, cloud, and network analytics are playing an important role in driving the growth of digital vault market.
However, the high cost associated and availability of multiple alternative cybersecurity solutions is one of the major factor which may hinder the growth of digital vault market in near future. Also, the interoperability and lack of awareness in underdeveloped countries are some of the factors which may act as a restraining factor for the digital vault market.
Digital Vault Market: Competition Landscape
Some of the prominent players in digital vault market are
- Johnson Controls
- Hitachi, Ltd.
- Microsoft Corporation
- Fiserv, Inc.
These vendors are focusing on local regional markets to assist the SMEs for digital asset protection.
Digital Vault Market: Regional overview
Based on the region, digital vault market has been segmented into North America, Europe, East Asia, Latin America, South Asia & Pacific, and Middle East & Africa. On geographic basis, North America is anticipated to hold the largest market share in terms of revenue, owing to the increasing adoption of cloud based digital vault platform by various enterprises in this region.
East Asia & Europe are expected to grow at highest growth rate during the forecast period due to rising demand for secured repository for long-term storage of critical information. South Asia & Pacific and Latin America also offers potential growth opportunities in digital vault market due to increasing digitalization in this regions.
The digital vault market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with digital vault market attractiveness as per segment.
The Digital Vault market report also maps the qualitative impact of various market factors on digital vault market segments and geographies.
The report covers exhaustive analysis on
- Digital Vault Market Segments
- Digital Vault Market Dynamics
- Digital Vault Market Size
- Supply & Demand Analysis
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Impact of COVID-19 on market growth
- Value Chain Analysis
- Digital Vault Market Drivers and Restraints
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
- East Asia (China, Japan, & South Korea)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)
Digital Vault Market: Segmentation
The digital vault market has been segmented on the basis of component, enterprises size, industry and region.
- Rack mount
- Large enterprises
- Small and medium enterprises
Basis of Industry :
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods and Retail
- Aerospace and Defense
- Energy and Utilities