As per the study by Persistence Market Research, the digital vault market is projected to reach US$ 2.5 Billion by 2032 from US$ 785 Million in 2022. The market is likely to grow at a high CAGR of 12.3%. The digital vault is a highly secure storage solution that is protected by encryption, firewalls, and access controls. Unlike cloud-based storage solutions, digital vaults are highly secure, on-premises and protected by physical security measures.
Additionally, the users’ privacy and personal information is protected from the daily attacks. As the threat landscape continues to grow, it is becoming increasingly important to protect data from a breach, protect data through security solutions, and provide data security solutions, which has boosted the use of virtual vaults over the past few years.
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Cyber-attacks and the dynamic nature of the security industry have both increased in recent years as companies look for ways to protect sensitive financial data from breaches with the utmost risk and the highest return. In recent years, banking institutions have been moving toward the cloud at an accelerated rate, demonstrating their capability to protect this data by using digital vaults on the market. By storing passwords and data sets in the cloud-based systems, digital vaults are anticipated to positively impact future growth of IT & Telecom. Cloud-based solutions are expected to be in high demand as new businesses are established in emerging economies.
Company Profiles:
- Johnson Controls
- CyberArk
- IBM
- Oracle
- Hitachi
- Micro Focus
- Fiserv
- Symantec
- Microsoft
- Multicert
- Keeper Security
- Accruit
- DSwiss
- ENC Security
- TokenEx
- Logic Choice
- Eclypses
- HarshiCorp
- Insoft Infotel Solutions
- Daxtech
- IT Solutions
- eOrigina
- LexTrado
- OPSWAT
- FutureVault
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Key Takeaways
- The digital vault market is expected to reach US$ 2.5 Billion by 2032.
- As a major powerhouse of advanced technology and early adopter of some of its latest products, North America is likely to hold the largest share of the market for digital vaults.
- The market for consulting services in digital vault will grow at a CAGR of 11.8% during the forecast period.
- Japan market size is projected to reach US$ 168 Million by 2032, at a growth rate of 11.8% over the forecast period.
- According to the forecast, the solutions digital vault market is expected to grow at a CAGR of 11.8%.
Competitive Landscape
As per the global digital vault market study, with significant suppliers such as Johnson Controls, CyberArk, IBM, Oracle, Hitachi, Micro Focus, Fiserv, Symantec, Microsoft, Multicert, Keeper Security, Accruit, DSwiss, ENC Security, TokenEx, Logic Choice, Eclypses, HarshiCorp, Insoft Infotel Solutions, Daxtech, IT Solutions, eOrigina, LexTrado, OPSWAT and FutureVault the digital vault industry is moderately fragmented. In order to gain a competitive advantage, the companies rely on strategic collaboration activities and acquisitions to broaden their client base and gain market share.
- IoT Device Manager from DigiCert will be used by Johnson Controls to help improve smart building cybersecurity, manage digital identities, and build Public Key Infrastructure (PKI) in May 2021. DigiCert ONE is the perfect platform for building smart buildings that provides advanced secure connectivity.
- In June 2021, CyberArk announced improvements to its CyberArk Identity Security Platform. Cloud and hybrid environments have been enhanced with these advancements, providing broader protection and secure access to high-risk systems. CyberArk delivers this cloud-based service for protecting both machine and human identities.Customers running CyberArk software on-premises, in their own cloud, or managed by CyberArk have access to the new shared services.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global digital vault market, presenting historical data (2015-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on component (solutions and services), services (consulting, design and implementation, support and maintenance and managed services), organization size (large enterprises and small & medium enterprises), industry (BFSI, government, IT & telecommunications, real estate, defense and others) across five major regions.
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