The Digital Vaults Market is projected to reach $2.77 billion by 2030, at a CAGR of 14.4% during the forecast period of 2023–2030. The growth of this 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.
Increasing Data Breaches Driving the Need for Data Security Solutions
Data breaches are becoming increasingly frequent and sophisticated. In 2022, over 392 million individuals worldwide were affected by 1,774 organizational data breaches. These data breaches compromised the information of individuals accessing financial, healthcare, and social services.
In 2020, the economic cost of information & technology asset security breaches accounted for 4-6% of the world’s GDP. In 2022, organizations had to incur an average of USD 4.35 million in data breach costs globally. Also, the average cost of a data breach in the U.S. was USD 9.44 million, more than twice the global average. Approximately 82% of breaches were targeted at data stored on clouds. Organizations are seeking solutions that can provide visibility across hybrid environments and protect their data as it moves across clouds, databases, apps, and services. Thus, increasing data breaches are boosting the demand for digital vault solutions, driving the growth of this market.
Key Findings in the Digital Vaults Market Study:
Based on Offering, the Solutions Segment is Projected to Record the Fastest Growth Rate 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 Cloud-based Deployments Segment is Projected to Record the Fastest Growth Rate 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 BFSI is Projected to Record the Fastest Growth Rate 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, Asia-Pacific is Projected to Record the Fastest Growth Rate During the Forecast Period
Based on geography, the digital vaults market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. 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.
Click here to: Get a Free Sample Copy of this report
Key Players:
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.).
Scope of the report:
Digital Vaults Market, by Offering
- Solutions
- Identity and Access Management
- Data Loss Prevention
- Digital Asset Management
- Privileged Account Management
- Subscriptions
- Services
- Support & Maintenance Services
- Deployment & Integration Services
- Consulting Services
Digital Vaults Market, by Deployment Mode
- Cloud-based Deployments
- On-premise Deployments
Digital Vaults Market, by End User
- BFSI
- Government
- Public Sector
- IT & Telecom
- Aerospace & Defense
- Energy & Utility
- Healthcare & Pharmaceuticals
- Legal
- Individuals
- Other End Users
Digital Vaults Market, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Key questions answered in the report: