Research Nester recently released a report titled “Digital Vault Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers the detailed overview of the global digital vault market in terms of market segmentation by solution, by service, by organization, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The growing need to provide security to curb incidents of data breach has resulted in emergence of systems that can store and secure data. For instance, various organizations use digital vault to store credentials of users and audit information among other important data and documents online. The market is segmented by end user into BFSI, government, telecom & IT and others, out of which, the BFSI segment is estimated to have the largest market share as it holds vast amount sensitive financial data of customers.
The global digital vault market is expected to observe a vibrant growth by expanding at a CAGR of 15.7% over the forecast period i.e. 2019-2027. This can be attributed to growing need for data security due to rising cases of cyber-attacks around the world. According to a survey, the total number of cases of data breaches crossed 2 Billion between 2017 and 2018. Additionally, recent improvements in the IT industry and rising digitalization across the globe coupled with increasing demand for stringent rules and regulations against cyber-attacks and data threats are estimated to boost the market growth.
Geographically, the market is segmented into five major regions; North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Among these regions, the market in North America is anticipated to hold highest share on the back of growing incidents of cyber threats and increasing investment by different organizations to hone data security infrastructure for securing their information.
Rising Concern for Data Security to Boost Market Growth
With growing concerns related to data security, the majority of the SMEs and large enterprises are driven towards adopting smart data security systems. Such initiatives along with stringent rules and regulations by government bodies to protect data and minimize the incidents of data thefts are anticipated to significantly boost the growth of the market in upcoming years.
Industry Players are Progressing towards Minimizing the Barriers faced by the Global Digital Vault Market
Lack of awareness regarding different software and solutions, allocation of limited budget for the same and lack of skilled professionals are some of the restraining factors that are estimated to negatively affect the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global digital vault market which includes company profiling of key companies such as IBM, Hitachi Vantara Corporation, Micro Focus, CyberArk Software Ltd., Microsoft, Fiserv Inc., Logic Choice Technologies, Keeper Security Inc., Accruit LLC, and TokenEx.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global digital vault market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.