Digital Vault Market Is Estimated To Expand At a Healthy CAGR in the Upcoming Forecast Period 2027
Research Nester recently released a report titled “Digital Vault Market: Global Demand Analysis & Opportunity Outlook 2027”
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 global digital vault market is segmented on the basis of solution, services, organization, end-user and region. On the basis of organization size, it is sub-segmented into small & medium sized enterprises and large enterprises, out of which, large enterprise segment is expected to witness highest growth on the back of rising concern of safety among numerous organizations for securing their data. Additionally, rising number of cyber-attacks and threats to the data in large organizations is estimated to drive the growth of the market in upcoming years. On the basis of end user, the market is bifurcated into BFSI, telecom & IT, government and others, out of which, the BFSI segment is estimated to have the largest market share as BFSI holds large amount of sensitive financial data of customers.
Furthermore, the market is further classified by solution into account management, identity & access management, data loss prevention, digital asset management and others; by service into professional and managed services.
“More than 2 Billion cases of data breaches were recorded between the years 2017 and 2018”
The digital vault market is anticipated to record a CAGR of 15.7% over the forecast period i.e. 2019-2027. Growing need for securing the data on the back of rising number of cyber-attacks and data threat is driving the growth of the market. Moreover, trending digitalization and growing technological advancements in IT industry across various countries is anticipated to support the market growth.
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Based on geography, the global digital vault market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in North America is expected to hold largest market share on the back of rising number of cyber-attacks and data theft combined with increasing initiatives and investment for honing data security infrastructure in various organizations in the 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 in this region.
Growing Cyber-Attacks to Boost the Growth of Digital Vault Market
Rising need for stringent rules and regulations for protecting the data and growing need for securing sensitive data is driving many organizations to adopt data protection solutions in order to protect their documents and data related to their customers, employees and operations from cyber-attacks and data threats. These factors are estimated to drive the growth of the market in upcoming years.
However, lack of awareness, limited budget allocation and poor availability of technical expertise might hinder the growth of the market during 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 outlining 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 is expected to 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.
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