Introduction to Digital Vault
Digital vault is a safe where organizations keep their essential data and documents online. For instance, credentials of privileged users, audit information and other important data. In digital vault, data is protected and secured by firewall, encryption and access control systems. The data vault solutions provide security to both, data in vault and data in transit. It can only be used by the users who have access rights to the vault.
Digital vault solutions help the users to modify and update data irrespective of time or place. An illegal access to the vault creates a threat to the data security and permits the attacker to have full access of the organization’s data, which further leads to financial loss, critical data loss along with permanent interruption of various IT systems.
Market Size and Forecast
The global digital vault market is expected to observe a vibrant growth on account of growing need for data security due to rising number of cyber-attacks around the world. Recent improvement in the IT industry and rising digitalization across the globe coupled with increasing demand for stringent rules and regulations against cyber-attacks and threats are expected to boost the growth of the market.
The digital vault market is anticipated to record a CAGR of 15.7% over the forecast period i.e. 2019-2027. The market is segmented by end user into BFSI, government, telecom & IT and others, out of which BFSI segment is estimated to have the largest market share as BFSI holds large amount of sensitive financial data of customers. Rising need to provide secure and safe services to customers, employees, branches, assets and operations is estimated to boost the market growth. Additionally, the market is segmented by organization into small, medium sized and large enterprises, out of which, large enterprise segment is expected to hold leading shares in the market on the back of rising safety concerns pertaining to large amount of data stored by these organizations. CLICK TO DOWNLOAD FREE SAMPLE
Rising Concern For Data Security
Growing concern among the organizations for securing their documents and data related to their customers, employees, assets and operations from the data threat is estimated to drive the growth of digital vault market during the forecast period. Additionally, rising number of cyber-attacks is also increasing the concern for data security among the organizations.
Stringent Rules To Protect Data
Rising cases of data breaches around the world is driving governmental bodies to generate stringent rules and regulations pertaining to the protection of sensitive data provided by people from all walks of life. These factors are anticipated to support the growth of the market in upcoming years.
Lack of Awareness and Technical Expertise
Lack of awareness among organizations about availability of different software and solutions combined with lack of skilled workforce might hamper the growth of the market.
Availability of Limited Budget
Allocation of limited budget for installing and using the data security software and solutions in organizations for securing large amount of data containing information of/by customers, clients and employees is anticipated to negatively affect the market growth over the forecast period.
Our-in depth analysis of the global digital vault market includes the following segments:
By End User
On the basis of regional analysis, the global digital vault market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America market is expected to hold leading shares in the overall market of digital vault on the back of rising number of cyber-attacks and data theft in the organizations. Additionally, growing investment to hone data security infrastructure for securing organizations’ information is anticipated to boost the growth of the digital vault market in this region.
Further, the market in Asia-Pacific is expected to grow robustly on the back of rising adoption of data security solutions and growing concern for data security among large enterprises and small & medium enterprises, further increasing the use of data protection solutions, which helps in securing organizations’ data from cyber-attacks and data threats.
The global digital vault market is further classified on the basis of region as follows:
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