BFSI to Generate Largest Demand in Global Digital Vault Market till 2024

Increasing concerns about securing data generated from connected devices and surging compliances & regulations for protection of information to drive global digital vault market through 2024

According to TechSci Research report, “Global Digital Vault Market By Component, By Organization Size, By End User, By Region, Competition, Forecast & Opportunities, 2024”, global digital vault market is expected to grow at a double-digit CAGR during the forecast period, on the back of surging demand for cloud-based security solutions. Digital vault is a secured data storage system, which is secured by access control solutions, encryption and policies. Digital vaults are used in various industry verticals such as BFSI, government, IT & telecom and others.

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Digital vault market, globally, can be segmented based on component, organization size, end-user and region. Professional services is one of the major segments in the market, as it helps to achieve business objectives by identifying network assets, analyzing security risks and developing security policies. Small & medium enterprises (SMEs) as well as large enterprises are deploying digital vaults. Growing need for protecting crucial information is boosting the adoption of digital vaults among SMEs. BFSI is the major demand generating end user of digital vaults, on account of increasing cyber threats and rising demand for superior services from customers.

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Microsoft Corp., IBM Corporation, Micro Focus, Fiserv, Symantec, CyberArk Software Ltd., Oracle Corp., Hitachi, Johnson Controls and Keeper Security, Inc. are some of the leading players operating in global digital vault market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations in order to register growth in the market. In 2018, Keeper Security launched breachwatch to monitor the internet for breached accounts by matching records stored in breachwatch.

“Early adoption of innovative technologies and presence of leading players in North America makes the region largest contributor towards global digital vault market. Every year, the region experiences largest number of identity data theft, thus generating demand for digital vaults over the coming years. US is the largest demand generating country for digital vaults in the region, while BFSI is the largest adopter of digital vault market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Digital Vault Market By Component, By Organization Size, By End User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global digital vault market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global digital vault market.

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