What Has Been the Progress and Growth of the Digital Vault Market in Recent Years?
The digital vault market has seen considerable growth due to a variety of factors.
• In recent times, there's been a significant increase in the size of the digital vault market. The market which was worth $1.11 billion in 2024, is projected to hit $1.3 billion in 2025, indicating a compound annual growth rate (CAGR) of 16.9%.
The surge during the historical period can be traced back to increased occurrences of data breaches, the explosion of digital assets, the advent of remote working, escalating cybersecurity threats, and the widespread use of mobile devices.
What Is The Expected Growth In The Digital Vault Market Size Evolve over the Forecast Period?
The digital vault market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the digital vault market is projected to witness a swift expansion in the coming years. With a compound annual growth rate (CAGR) of 16.6%, it is predicted to reach $2.4 billion by 2029.
Factors such as heightened demand for data security and compliance, attention to user experience, emergence of quantum-safe encryption, an upswing in online transactions, and the escalating concerns regarding data protection from interconnected devices, contribute to the growth during the anticipated period. Key trends for the forecast period encompass digital overhaul, progress in encryption, cloud-centric solutions, amalgamation with upcoming technologies, secure storage solutions, digital transactions, biometric authentication, and all-inclusive encryption.
What Main Forces Are Fueling Expansion In The Digital Vault Market?
The anticipated surge in cyberattacks is predicted to fuel the expansion of the digital vault market. Cyberattacks are defined as malicious endeavors by individuals or institutions to interfere with, harm, or illicitly access computer systems, networks, or digital gadgets. The rise in such attacks is attributed to the widespread use of technology, insider dangers, teleworking, heightened internet usage, and a deficiency in awareness. Digital vaults are employed in these attacks to hinder security protocols such as encryption, access management, routine security assessments, employee education, and multi-factor authentication. For example, the Australian Cyber Security Centre, a cyber security firm based in Australia, reported 76,000 instances of cybercrime in November 2022, a 13% increase from the previous year. Therefore, the escalating number of cyberattacks is a significant factor propelling the growth of the digital vault market.
What Are The Primary Segments In The Global Digital Vault Market?
The digital vault market covered in this report is segmented –
1) By Type: Services, Solutions
2) By Deployment: On-Premise, On-Cloud
3) By Organization Sizes: Small And Medium Organizations, Large Organizations
4) By End-Users: Information Technology (IT) And Telecommunications, Banking, Financial Services And Insurance (BFSI), Retail, Power And Utilities, Government, Aerospace And Defense, Healthcare, Other End-Users
Subsegments:
1) By Services: Cloud Storage Services, Data Encryption Services, Backup And Recovery Services, Security And Compliance Services
2) By Solutions: Digital Identity Management Solutions, Digital Asset Protection Solutions, Secure Data Sharing Solutions, Digital Vault Software Solutions
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What New Trends Are Influencing The Digital Vault Market?
Major corporations in the digital vault sector are prioritizing the creation of high-tech solutions, like digital vault solutions, to bolster the safety of data and protect confidential details. A digital vault solution consists of an encrypted and secure software or platform that helps in the conservation, management, and safeguarding of delicate digital assets such as files, documents, cryptographic keys, and passwords. To illustrate, Wolters Kluwer N.V., an international information services company headquartered in the Netherlands, introduced the OmniVault for Real Estate Finance in May 2022. This platform utilizes its advanced eVault technology to facilitate digital lending for home equity, which includes home equity loans and HELOCs, in addition to traditional mortgages. This digital solution, designed specifically for the needs of professionals in the real estate finance sector provides functionalities such as compliance tracking, document management, and in some cases even analytics or reporting. Moreover, it enables standards-compliant SSO (Single Sign-On) through active directory federation services, openID Connect, and SAML (Security Assertion Markup Language). The Omnivault platform's diverse traits, encompassing secure password management, single-sign-on authentication, information security, and keychain functionality, are clearly demonstrated through these characteristics.
Who Are the Key Players In The Digital Vault Market?
Major companies operating in the digital vault market report are:
• Microsoft Corporation
• Hitachi Ltd.
• International Business Machines Corporation
• Oracle Corporation
• Broadcom Inc
• Johnson Controls International plc
• Fiserv Inc
• Wolters Kluwer N.V.
• Iron Mountain Incorporated
• OpenText Corporation
• Micro Focus International plc
• NortonLifeLock Inc.
• Veritas Technologies LLC
• CyberArk Software Ltd
• Insoft Infotel Solutions
• HarshiCorp
• Keeper Security Inc.
• DigiCert Inc.
• OPSWAT Inc
• Multicert S.A.
• TokenEx
• Eclypses Inc.
• Daxtech IT Solutions
• Lextrado Legal Exchange
• FutureVault Inc.
• Accruit Holdings LLC.
• Logic Choice Technologies
• DSwiss AG
• Safe4 Information Management Limited
• ENC Security
What Is The Most Dominant Region In The Digital Vault Market?
North America was the largest region in the digital vault market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital vault market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
