Digital Vault Market Expected to Garner $3,222.0 Million and Grow at 13.8% CAGR During the 2021 to 2028 Analysis Timeframe [265-Pages] | Report by Research Dive – Press Release
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New York, USA, Oct. 10, 2022 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global digital vault market is expected to garner a revenue of $3,222.0 million and grow at a 13.8% CAGR in the 2021-2028 analysis timeframe. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Digital Vault Market
Drivers: Increasing product advancements, acquisitions, and collaborations between significant market players along with growing concerns for protecting data generated from connected devices are major driving factors for the global digital vault market during the forecast period. Moreover, the growing implementation of IoT by organizations and increased adoption of internet-connected devices pose as a great threat to sensitive information, thus boosting the demand for a secure digital vault.
Opportunities: Increasing digitalization like online shopping and extensive usage of social media platforms that can compromise customers’ private details are the main factors to create ample growth opportunities for the global digital vault market during the analysis years.
Restraints: Privacy compliance challenges is the major hampering factor for the market growth.
Covid-19 Impact on the Digital Vault Market
The outbreak of the covid-19 pandemic has positively impacted the global digital vault market mainly due to the growing usage of internet-connected devices, surge in online shopping, and extensive usage of social media platforms that can compromise customers’ private details. Moreover, due to social distancing norms and travel restrictions, businesses all over the world adopted a remote-working pattern that witnessed significant reliance on cloud systems, data centers, departmental servers, etc. These technologies need a secure digital vault platform that can protect vital organization data and also safeguard its employees’ details. All these factors contributed to the market growth amid the catastrophic stress.
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Segments of the Digital Vault Market
The report has divided the global digital vault market into different segments based on component, deployment, enterprise size, end-user, and regional analysis.
Component: Services Sub-segment to be Most Dominant
The services sub-segment is predicted to hold a dominant market share and garner a revenue of $1429.7 million during the forecast years; mainly due to increasing demand for data security services that prevent unauthorized access, theft of digital information, monitor access controls, etc. Moreover, digital vault services also provide centralized visibility, data monitoring and protection, and others, which is projected to further propel the sub-segment’s growth.
Deployment: Cloud Sub-segment to be Highly Beneficial
The cloud sub-segment of the digital vault market is estimated to have the highest growth rate of 14.6% CAGR during the 2021-2028 analysis period; due to growing demand for cloud-based data security and rising utilization of cloud platforms in businesses and other industries.
Enterprise Size: Small and Medium Enterprise Sub-segment to be Highly Progressive
The small and medium enterprise sub-segment is expected to have the fastest growth rate of 14.8% CAGR during the analysis years due to increasing demand for information security solutions to prevent data loss as well as restricting access to unauthorized users. In addition, high usage of firewalls and antivirus by small and medium enterprises is also predicted to bolster the sub-segment’s growth by 2028.
End-user: Healthcare Sub-segment to Have Noteworthy Growth Rate
The healthcare sub-segment of the global digital vault market is projected to have a noteworthy growth rate and register a revenue of $227.2 million by 2028 due to rising incidences of cyberattacks on healthcare organizations and the growing use of sophisticated tools and methods to perform criminal activities.
Region: Market in the North America Region to Witness Better Growth Opportunities
The digital vault market in the North America region is estimated to witness immense growth opportunities and surpass $1168.6 million during the forecast period due to several medium-specific and sector-specific data security laws along with strict regulatory laws that govern health information, telemarketing, personal credit report information, telecommunication companies, and others. In addition, the adoption of data security solutions by governments and corporates across the region is also anticipated to uplift the market growth by 2028.
Broader Insights Pertaining of Specific Regions or Segments of Digital Vault Market & Avail 10%OFF
Key Digital Vault Market Players
Some key digital vault market players include
- Miosoft
- CyberArk Software Ltd
- Hitachi Limited
- Oracle Corporation
- Johnson Controls International PLC
- Microfocus
- Keeper Security
- Multicert
- Fiserv
- IBM, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market enhancement. – Inquire Here to buy the Full Report
For instance, in April 2021, StorMagic, a British renowned computer software organization, announced its acquisition of SoleraTec, a California-based video and digital asset management software company, to offer an ideal secure storage of biometric information.
The report also summarizes many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Digital Vault Market:
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