Meticulous Research®—a leading global market research company, published a research report titled, ‘Digital Vaults Market by Offering (Solutions, Services, Subscriptions), Deployment (Cloud, On-premise), End User (BFSI, Government, IT & Telecom, Aerospace & Defense, Energy & Utility, Legal, Individuals, Others), and Geography - Global Forecast to 2030’.
According to this latest publication from Meticulous Research®, the digital vaults market is projected to reach $2.77 billion by 2030, at a CAGR of 14.4% from 2023 to 2030. 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.
Based on offering, the global digital vaults market is segmented into solutions, services, and subscriptions. In 2023, the solutions segment is expected to account for the largest share of the global 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.
Moreover, the solutions segment is also expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rising focus of key players on product development and the growing security concern of organizations to store data. For instance, in January 2021, Digital Vault Services GmbH (Germany), a SaaS company, launched its solution for digital guarantees, Guarantee Vault. Guarantee Vault is a central register for issuing and safeguarding digital guarantees.
Based on deployment mode, the global digital vaults market is segmented into cloud-based deployments and on-premise deployments. In 2023, the cloud-based deployments segment is expected to account for the larger share of the global 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.
Moreover, the cloud-based deployments segment is also expected to record the highest CAGR during the forecast period. The rapid evolution of new security avenues for cloud-based deployments is expected to drive the growth of the cloud-based deployments segment in the coming years. For instance, in October 2022, the Dubai International Financial Centre (DIFC) Courts (UAE) launched a global digital vault, ‘tejouri’. Tejouri provides a unique platform that functions simultaneously as a cloud vault and an online safe for data.
Based on end user, the global 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 2023, the IT & telecom segment is expected to account for the largest share of the global 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.
However, the BFSI segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the rising focus of key players on product development, growing security concerns in financial organizations, and rising digitization in the financial sector. For instance, in April 2021, Skyflow Inc. (U.S.), a vault provider, launched Payments Data Privacy Vault, the zero-trust data vault in the industry for handling sensitive payments and personal information securely.
Based on geography, the digital vaults market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global digital vaults market. The large market share of this segment is attributed to organizations' strong focus on cybersecurity, the presence of big tech companies and 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.
However, the Asia-Pacific is expected to record the highest CAGR during the forecast period. Ongoing digital transformation in the banking and financial sector, increasing fintech businesses, and increased cyberattacks in the Asia-Pacific region are factors expected to drive the growth of the digital vaults market in the coming years. Countries in the Asia-Pacific region are working to strengthen their cybersecurity capabilities through increased investment, education, and international cooperation, contributing to market growth.
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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