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.
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.
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.
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.
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.
Author Credits: Abhishek Verma, Hetal Singh