Information Technology
Digital Vaults Market to be Worth $3.24 Billion by 2031 - Exclusive Report by Meticulous Research®
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.
, 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 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.
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 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.
, 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 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.
, 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 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.
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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https://www.meticulousresearch.com/pressrelease/853/digital-vaults-market-2031
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