Digital Vault Market Research, 2031
The global digital vault market was valued at $743.8 million in 2021, and is projected to reach $2.9 billion by 2031, growing at a CAGR of 14.2% from 2022 to 2031. A digital vault is an online security vault that is used to keep your digital assets safe thereby securing your critical information. Various assets such as digital files including photos, videos, online login information, and banking information can be securely stored in a digital vault. The digital vault market plays a major role in real estate planning such as maintaining will and trust and giving easy access to other people when necessary.
The digital vault market is evolving rapidly, and digital vaults are becoming a compliance and operations tool that helps financial organizations in improving security. A digital vault is similar to a safety box that is digitally built to protect information from risks or threats. Digital vaults are highly secure digital deposit boxes that use firewalls and access control systems to protect one's personal and critical information. A digital vault is the consequence of rapid advancement and investment in the IT sector, and it consequently offers a wide range of services to the customer.
The global digital vault market is predicted to increase significantly over the forecast period, owing to an increase in the amount of information stored online. As the number of online transactions and documentation stored online is increasing gradually the market for digital vault software is estimated to grow at a rapid pace. The information stored in the digital vault is highly secure as they have its own procedures and processes for ensuring the security of private information. Also, different levels of secure digital vaults are present depending on how much the client is willing to pay. The digital vaults provide protection from natural calamities such as hurricanes, fires, tornadoes, and others. These factors are anticipated to boost the digital vault market share during the forecast period,
Increasing rules and compliances to safeguard sensitive data and growing concerns about data protection from connected devices is estimated to boost the digital vault market share during the analysis timeframe. The digital vault offers features such as efficient document organization, management, sharing, control and protection of sensitive data, cost-effectiveness, and scalability. The dependability of such characteristics propels the digital vault industry forward. The ongoing development of new technologies such as artificial intelligence, IoT, cloud computing, and network analytics is driving the digital vault demand.
However, one of the primary factors limiting the growth of the digital vault market in the near future is the high cost associated with the use of digital vault and availability of various alternative cybersecurity solutions. Interoperability and lack of awareness in developing nations are some problems that may act as stumbling blocks for the digital vault business.
Digital vault plays a major role in preventing data breaches which is estimated to generate excellent opportunities in the market. Data breaches have become more prevalent in recent years and hackers can steal sensitive data such as social security numbers, credit card numbers, and even health-related data. Hence, the digital vault is a broader solution than password managers as these vaults are safer than spreadsheets and other online tools. Digital vaults are extremely secure due to the presence of strong encryption and protocols that makes it difficult for outsiders to access your information. Additionally, digital vaults are organized as it is a cloud-based solution which makes it much easier to ensure that the complete information is up-to-date and secure. These factors are anticipated to boost the market share in the upcoming years.
The key players profiled in this report include Keeper Security, Multicert, Hitachi Limited, Fiserv, Microfocus, Johnson Controls International PLC, CyberArk Software Ltd, Microsoft, IBM, and Oracle Corporation.
The global digital vault market is segmented on the basis of component, deployment, enterprise size, end use, and region. By component, the market is sub-segmented into solution and service. By deployment, the market is classified into on premise and cloud. By enterprise size the market is classified into large enterprise and small & medium enterprise. By end use, the market is classified into BFSI, IT & Telecommunication, Government, Healthcare, Manufacturing, and Others) and by region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The digital vault market is segmented into Component, Deployment, Enterprise Size and End Use.
By component, the service sub-segment dominated the market in 2021. Digital vault services provide data protection, monitoring, and centralized visibility of the company data environment against illegal access, disclosure, or data theft. Data security is the process of preventing unwanted access, corruption, or theft of digital information across its entire lifecycle. It is a notion that incorporates all aspects of information security, from hardware and storage device physical security to access controls and administrative management, as well as software application logical security. Furthermore, it incorporates the organization's policies and procedures. These are predicted to be the major factors affecting the digital vault market size during the forecast period.
The cloud sub-segment is anticipated to be the fastest growing in the market during the forecast period. The growing number of data breaches will fuel significant growth in the cloud based digital vault market. Concerns about data theft and security have pushed enterprises to increase their use of cloud platforms. Cloud based digital vaults help end users store the necessary data on the vendor's servers. They are widely preferred over on-premise versions since they save significantly on upfront costs and IT overhead. Another encouraging aspect of business growth is the growing reliance on cloud services for data storage, processing, and data networking in organizations.
The small and medium enterprise sub-segment is expected to be the fastest growing small and medium-sized enterprises require data security as they are more vulnerable to cybercrimes as they have all kinds of datasets and fewer security systems. This is because the number of small and medium enterprise are increasing rapidly across the world.
By end use, healthcare is anticipated to be the fastest growing sub-segment during the forecast period. This is majorly owing to increase in the number of cyberattacks on the healthcare sector owing to the presence of crucial patient’s data. Digital vault is a crucial tool that can be used for storing the electronic hospital records. Digital vault is an intelligent reporting tool that makes easy for searching the patients records with fast & easy management of appointments and helps in tracking demographics. Digital vault encrypts each record separately to avoid data breaches.
By region, Asia-Pacific dominated the digital vault market in 2021. This growth is majorly owing to the presence of emerging economies with rapidly growing IT & telecom and manufacturing sectors. Due to the increasing demand for secure repositories for long-term storage of sensitive information, this region is likely to create enormous development opportunities for the market players. Also, in this region the BFSI sector is evolving rapidly. Banks and financial institutions are engaged in ongoing business operations that necessitate the storage of vital records. These factors are anticipated to boost the Asia-Pacific digital vault market size in the upcoming years.
Impact of COVID-19 on the Global Digital Vault Industry
- The recent breakout of COVID-19 has forced many organizations to adapt quickly in order to cope with the new reality, which requires faster and more active interaction with clients, suppliers, and coworkers. The COVID-19 epidemic caused an increase in online commerce. Due to the pandemic, digital platforms have increased their efforts to boost corporate and customer involvement and expand their development activities
- Due to the global development of digital platforms, the risk of missing data, hacking, or other data-related security breaches has gradually increased. With the global digital economy expanding. Also, digital attacks are at the top of the list of hazards that organizations face. Companies must strengthen their security as economies are becoming increasingly digital
- A digital vault is critical to secure one's privacy and data. Digital vault greatly benefits organizations as it offers bank-level security, and enhanced privacy control with ease of access, it is inexpensive and helps organizations in staying organized and updated with latest security standards
- During the pandemic, rapid increase in wireless and digital transactions have necessitated the need for securing data. The digital vaults offer utmost privacy to the users as these vaults also have customizable options and one can choose the power of attorney who can access the data. These factors have positively contributed to the digital vault market opportunities during the pandemic
Key Benefits For Stakeholders
- The report provides exclusive and comprehensive analysis of the global digital vault market trends along with the digital vault market forecast
- The report elucidates the digital vault market opportunity along with key drivers, and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the market for strategy building
- The report entailing the digital vault market analysis maps the qualitative sway of various industry factors on market segments as well as geographies
- The data in this report aims on market dynamics, trends, and developments affecting the digital vault market growth
Digital Vault Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 2.9 billion |
 Growth Rate | CAGR of 14.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 310 |
 By Component |
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 By Deployment |
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 By Enterprise Size |
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 By End Use |
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 By Region |
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 Key Market Players | Micro Focus, Symantec, Fiserv, Johnson Controls, CyberArk, Oracle, Multicert, Microsoft, keeper security, inc., Hitachi, IBM |
Analyst Review
The use of internet-connected devices is growing due to rapid digitization leading to an increase in the number of online transactions. These factors are leading to growing concerns over data security thereby increasing the need to protect the data from hackers and other data breaches. These factors are expected to drive growth in the global digital vault market over the forecast period. The digital vaults offer features such as efficient document organization, management, and sharing, as well as control, protection of sensitive data, scalability, and cost-effectiveness. Digital vaults are central access medium that offers easy search & access to your digital belongings in a time of need. These factors are anticipated to boost the digital vault market size in the upcoming years. However, limited spending on security solutions and a lack of awareness regarding the use of digital vaults is estimated to restrain the market growth during the analysis timeframe. On the contrary, as the global digital vault market expands, modern technologies such as artificial intelligence, the Internet of Things, cloud computing, and network analytics are expected to play a significant role in increasing the demand for digital vault services, providing lucrative opportunities for the market players.
Among the analyzed regions, the Asia-Pacific region has accounted for the highest market size in 2021 and is estimated to show the fastest growth during the forecast period, followed by Europe, North America, and LAMEA. Rapid digitization, technological advancements, and expansion of IT & telecom sector are the key factors responsible for leading positions of North America and Asia-Pacific in the global digital vault market.
During the forecast period, the digital vault market is likely to be driven by rising demand for secure repositories for long-term protection of critical data, such as documents and passwords. This is due to increased digitization and the requirement for data privacy. Implementing and constructing a strong cyber security framework is a fundamental step in safeguarding an infrastructure against both active and passive threats.
Some of the leading applications of digital vault include its use across BFSI and IT & telecom sector.
Asia-Pacific is the largest regional market for the digital vault industry.
The digital vault is estimated to reach $2.8 billion by 2031.
The leading companies that hold the major share in the digital vault market include CyberArk, IBM, Oracle, Hitachi, and Micro Focus.
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