Market Trends of Digital Vault Industry
This section covers the major market trends shaping the Digital Vault Market according to our research experts:
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 vault help ends users store the necessary information on the vendor's servers. These are widely chosen above on-premise versions since they save significantly on upfront expenditures and IT overhead. Another encouraging aspect of business growth is enterprises' growing reliance on cloud solutions for data storage, processing, and data connectivity.
- 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. For instance, as per the data published by HIPAA Journal, in January 2022, healthcare organizations in the United States saw the highest number of large-scale data breaches to date in 2021. The number of such cases has increased in recent years, going from 329 cases in 2016 to 712 cases in 2021.
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Europe is Expected to Share Significant Growth Owing to GDPR Adoption
- The increase in digitization and the need for data privacy have given rise to storing all the important documents and passwords in a secure digital format, as in digital vaults or lockers.
- 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.
- Numerous developments by several banks and startups in the European region are expected to create opportunities for the digital vault market in the region over the forecast period. For instance, in February 2022, Magyar Bankholding signed an agreement with Thought Machine to build a new digital bank. Magyar Bankholding established a new subsidiary named Foundation, which is entrusted with developing a modern digital bank that would provide retail customers with loan, savings, and payment solutions. Vault will serve as the key financial infrastructure for the startup.
- Furthermore, In May 2022, a Belgian startup created a digital vault for businesses. The Hypervault system is intended for enterprises, service providers, and anyone that want a GDPR-compliant method of securely storing sensitive data. According to the company, the company is constructing the vault while considering the European legal structure.
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