|Study Period:||2019- 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The digital vault market is expected to register an estimated CAGR of 12% over the forecast period (2021-2026). Digital vaulting enables organizations and firms to send copies of the important data off-site in order to protect it from theft, hardware failure, and other threats.
- The adoption of the digital vault by the Montana Historical Society (MHS) is one such instance that provides MHS a platform that organizes and provides context for photographs, maps, letters, newspapers, articles, and other types of resources.
- The growing number of IoT connections has resulted in the generation of an enormous amount of multiple formats of data, which needs to be stored safely and securely to keep it away from threats and thefts.
- HIPAA Journal stated that one of the largest data breaches occurred at AccuDoc Solutions, which affected 2.65 million individuals. The incident was later regarded as a hacking/ IT incident. Such incidents stress the need for digital vaults to safeguard businesses and drive the demand.
- Various government initiatives to digitally empower the citizens, minimizing the handling of physical documents, authentic documentation to minimize fraud and forgery, reducing government administrative overheads, and access of data at any time and anywhere are the other factors, which are fundamental in driving the digital vault market.
Scope of the Report
Digital vaults provide firms and businesses with a secure and encrypted online storage solution that allows them to manage, share, or deliver files securely. Digital vaults are segmented by types, such as solutions and services. The digital vaults have found applications in the fields of banking, financial, telecommunication, and government sectors and are deployed based on two types, viz. on-premise, and cloud-based.
|IT and Telecommunication|
|Middle East and Africa|
Key Market Trends
Cloud-Based Digital Vaults to Register a Significant Growth
- Cloud-based digital vaults enable the end-users to store the required information on the vendor's servers, which can be accessed remotely anywhere and at any time, thus, reducing their cost factor for on-premise maintenance.
- Cloud-based digital vaults save a lot of upfront costs and IT expenses compared to on-premise digital vaults, which require hardware and software integration, increasing IT spending.
- Digital locker is an initiative of the Department of Electronics and Information Technology (DEITY) under the Ministry of Communications and IT, Government of India, which provides its citizens 10MB of free online storage space to store important documents and certificates as soft copies in different formats, which can be shared through e-mails, if needed.
- The growing number of data breaches is expected to influence businesses to opt for a digital vault, thereby boosting the market demand over the forecast period.
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Owing to GDPR Adoption Europe is Expected to Share Significant Growth
- The increase in digitization and the need for data privacy have given rise to a need to store all the important documents and passwords in a secure digital format, as in digital vaults or lockers.
- On May 25, 2018, the European Union implemented the General Data Protection Regulation (GDPR) that stated guidelines and the responsibilities of the institutions doing business with the European citizens to keep the consumer data safe. Such initiatives by the government are expected to drive the market in a positive way.
- European commission's online platform, Digital Single Market, is a kind of digital vault that has given access to citizens and the Cultural and Creative Industries (CCIs) to over 53 million items, including images, texts, sounds, videos, and 3D materials from the collections of over 3700 libraries, archives, museums, galleries, and audio-visual collections, across Europe.
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The digital vault market is highly competitive, owing to the presence of several major players, such as Hitachi Ltd, Johnson Controls, Oracle, and many more. The continuous innovations brought out by these players in their products have allowed them to gain a competitive advantage over other players in the market. Significant investments in R&D activities, strategic partnerships, and mergers and acquisitions in the digital vault market have enabled the companies to increase profitability and market share.
- June 2021 – CyberArk announced the advancements to its CyberArk Identity Security Platform. These advancements help to broaden protection, secure high-risk access across cloud and hybrid environments. This cloud-delivered service from CyberArk is used to protect the machine and human identities.
- May 2021 - Johnson Controls announced a partnership with DigiCert to take advantage of IoT Device Manager for improving smart building cybersecurity, management of digital identities, and Public Key Infrastructure (PKI). This device manager is built on DigiCert ONE digital certificate platform, which provides advanced secure connectivity in smart building solutions.
- September 2021 – TokenEx announced its new Network Tokenization functionality to minimize payment fraud; this functionality is integrated into the cloud data protection platform, increasing payment capabilities and establishing a frictionless experience.
- March 2021 - Keeper Security announced the launch of its Keeper SSO Connect Cloud, which is a fully-managed SAML 2.0 SaaS solution. This solution can be integrated with any identity provider to extend and enhance organizations Single Sign-on (SSO) deployments giving a zero-knowledge password encryption system.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGTHS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitute Products
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Data Privacy and Secured File Sharing Concerns
5.1.2 Handling of Data Generated through Connected Devices
5.2 Market Restraints
5.2.1 Use of Physical Vault
6. MARKET SEGMENTATION
6.1 By Deployment
6.2 By Type
6.3 By End-User
6.3.2 IT and Telecommunication
6.3.4 Other End-Users
6.4 By Geography
6.4.1 North America
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Johnson Controls International PLC
7.1.2 CyberArk Software Ltd
7.1.3 Accruit LLC
7.1.5 Oracle Corporation
7.1.6 Keeper Security
7.1.8 Hitachi Limited
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Digital Vault Market market is studied from 2019 - 2026.
What is the growth rate of Digital Vault Market?
The Digital Vault Market is growing at a CAGR of 12% over the next 5 years.
Which region has highest growth rate in Digital Vault Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Digital Vault Market?
North America holds highest share in 2020.
Who are the key players in Digital Vault Market?
Tokenex, Oracle Corporation, Accruit LLC, Hitachi Limited, Multicert are the major companies operating in Digital Vault Market.