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Digital Vault Market by Component (Digital Vault Solutions and Digital Vault Services)
According to the market study, the Global Digital Vault Market size was valued in 2021 at US$ 691 Million, and it is expected to grow at a compound annual growth rate of 12.3% by 2032, reaching US$ 2.5 Billion from US$ 785 Million in 2022.
“Increased concerns over the security of data generated from connected devices and the emerging compliance and regulation requirements to protect personal information will drive the market for the global digital vault.”
| Attributes | Details |
|---|---|
|
Digital Vault Market CAGR (2022 to 2032) |
12.3% |
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Digital Vault Market Value (2022) |
US$ 785 Million |
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Digital Vault Market Value (2032) |
US$ 2.5 Billion |
As organizations become more concerned with securing data and preventing data theft, cloud platforms are becoming more popular. The increasing adoption of business applications and the availability of devices with internet access such as smartphones, tablets, and other devices have all contributed to the increase in the demand for Digital Vaults in the market. As digitization continues to grow and data privacy becomes increasingly important, it is becoming imperative that important documents and passwords be stored in a safe, secure digital format, such as in a locker or digital vault.
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A recent outbreak of the COVID-19 crisis has necessitated many businesses to adjust quickly in order to cope with the new reality that involves interfacing with clients, suppliers, and colleagues in a faster and more active way. Increase in online shopping was a direct result of the COVID-19 pandemic. Digital platforms have ramped up efforts to increase business and consumer engagement because of the pandemic and expanded their development efforts.
Due to the spread of digital platforms across the globe, the risk of missing data, hacking, or other data-related issues have been rising steadily. With an increasing global digital economy, digital attacks are at the top of the list of threats businesses face. As economies become more digital, companies must bolster their security.
The need to protect privacy and data is vital. However, these requirements can be difficult to comply with and are often the cause of a complicated set of objectives and expenditures that weaken the defense system. Despite strict budgetary limitations, businesses must simultaneously defend against attacks, keep up with complex regulations, and comply with complex rules.
The high accessibility of wireless communication systems, as well as the high number of devices connected to the Internet and cloud-based storage options, were all exposed to high risks during the pandemic. Therefore, all of these factors contributed to the market growth for digital vaults for businesses.
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Get a Customized VersionThe increasing adoption of wireless technologies by the telecom industry, combined with the increasing digitization of businesses, will further encourage growth of digital vaults in the industry over the next few years. In addition to the regulations and compliances to protect sensitive data, the growing concern regarding the safety of data from connected devices is expected to propel the market for digital vaults over the forecast period.
In addition to features such as organizing, managing, and sharing documents efficiently, it also includes features such as controlling and protecting sensitive data, scalability, and cost-effectiveness. Due to their high reliability, these features are what drive the growth of digital vaults in the market. In order to maintain growth in the global digital vault market, advanced technologies such as artificial intelligence, the Internet of Things, cloud computing, and network analytics play a crucial role in increasing demand for this service in the market.
The new government initiatives of empowering citizens to be digitally empowered, minimizing physical document handling, authenticating documentation for maximum fraud protection, alleviating the burden of government administrations, and offering real-time data access are the factors contributing to the growth of the digital vault market. A significant factor preventing the growth of the digital vault segment in the near future is the high costs associated with the solution and the availability of multiple alternative cybersecurity solutions.
Moreover, the lack of awareness in underdeveloped countries about the interoperability and functionality of the digital vaults may inhibit the development of the market for the digital vaults.
| Attributes | Digital Vault Market |
|---|---|
|
CAGR (2022-2032) |
12.3% |
|
Market Value (2023) |
US$ 892 Million |
|
Growth Factor |
Growing concerns about the security of devices connected to the internet are propelling the growth of digital vaults. |
|
Opportunity |
Additionally, technological advancements and the increasing adoption of digital technology across the globe are expected to create massive opportunities for global market growth. |
|
Key Trends |
Digital vaults that are hosted in the cloud are expected to see rapid growth in the foreseeable future. |
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| Attributes | Smart Parcel Lockers Market |
|---|---|
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CAGR (2022-2032) |
11.8% |
|
Market Value (2023) |
US$ 657.6 Million |
|
Growth Factor |
The growing adoption of smart lockers within the e-commerce industry is contributing to the growth of the market. |
|
Opportunity |
A growing number of technological advancements in smart parcel lockers and an increase in demand from emerging markets create opportunities for the market. |
|
Key Trends |
Growing e-commerce and retail merchant use of smart lockers as a means of providing customers with fresh from the farm products has further trended the use of smart lockers in the market. |
| Attributes | Multi Device Charging Locker Market |
|---|---|
|
CAGR (2022-2032) |
11% |
|
Market Value (2023) |
US$ 1.2 Billion |
|
Growth Factor |
Portable charging kiosks are expected to gain significant market share as retailers, stadiums, airports, and other venues provide consumers with charging stations for their devices. |
|
Opportunity |
Growth of several technological advancements in the market and demand for wireless devices are driving the development of multi device charging lockers to allow these devices to gain a foothold in the market. |
|
Key Trends |
With the limitations of charge lockers, malls, airports, and corporate multiplexes are taking initiative to invest in wireless smart charging lockers so that they can accommodate an increasing number of customers in the future. |
It is a common practice to locate a digital vault in the cloud, which allows the user to store the necessary information to access at any time on the vendor's servers, which can be accessed from anywhere at any time by remote access, which reduces the cost to maintain the vault on-premises. Over the forecast period, businesses are likely to become more interested in and adopt digital vaults as a result of increasing data breaches.
In the study conducted by persistence market research, large enterprises received the largest benefits in the digital vault market. Technology-based digital vaults are characterized by a methodical problem-solving approach that eliminates the complexities that are frequently associated with cybersecurity threats, and offers solutions to small problems when they arise.
Fintech has revolutionized the banking industry. Future technological trends are transforming the banking industry into a business with many benefits for customers. In the digital era, banks are becoming more and more ambitious as they strive to secure customer data, passwords, and transaction details so that they can secure their position in the digital future. Essentially, these digital trends will accelerate the banking industry's transition to a digital economy.
As cloud technology continues to grow, digital vaults are providing effective solutions that facilitate the secure and flexible storage of sensitive documents and confidential papers in a highly reliable and secure manner.
The digital vault market is categorized into component, service, organization size, and industry. The component is segmented into solution and services Digital Vault.
By organization size, large enterprises account for the largest market share in the digital vault market. The high penetration of internet and cloud-based services has further added to the growth of this segment in the market.
The digital vault industry is divided into BFSI, government, IT and telecommunication real estate, defense, and others. All over the world, these segments are prominent in different markets.
By component, the digital vault segment is the most significant segment in the global market, with growth forecast to reach US$ 1530 million between 2022 and 2032. As a means of preventing an unauthorized user from accessing, modifying, or stealing digital data over time, data security is organized to prevent such things from occurring.
Generally, information security is considered one concept that covers a wide range of security measures, from physical protection applied to hardware components and storage devices to control over access, and the logical security of software applications. The concept also defines policies and guidelines to ensure the effectiveness of the implementation of security measures. With digital vault services, users can gain data protection, data visibility, and centralized management of sensitive data that can be protected from intrusion, theft, and exposure.
By services, the most lucrative segment is consulting services in the market. This segment is likely to maintain its prominence due to its strong growth rate during the forecast period.
As a result of the software update and technological advancements in the sector, this segment is experiencing a tremendous amount of growth in the market. Consultancy services are a combination of a set of services that a provider offers based on their own product offerings as well as offerings from third parties. Consulting services normally consist of giving advice, giving detailed product descriptions, coordinating the implementation of a solution, forming a design architecture, or providing technical support to the digital vaults in the market.
In order to understand and implement solutions, consulting services play an important role in helping organizations understand their needs. Furthermore, the company provides a comprehensive range of services that will help clients reach their strategic goals. Large-scale transformation programs can benefit from these services because they help them to maximize their benefits, mitigate their risks, and align their goals with the program's objectives. All these factors have propelled market growth for consulting services in the digital vault market.
By organization type, the large enterprise is expected to hold prominence in the forecast period. A growing number of cyberattacks is causing a surge in demand for digital vault software among large enterprises.
In recent years, it has become increasingly essential for large enterprises to use web-based apps and services. This software is used by a company to control their employees' access to online websites and services. As a result of the inability to cover all the work accounts an employee uses, the system has proven to be rather risky. Employees generally tend to use the same password for their personal social accounts and even overuse that password from time to time, which is an extremely dangerous practice. By overusing passwords, individuals may wind up using the same credentials on a business website as they do on random websites.
A study revealed that almost 56% of companies don't use single sign on despite having the ability to do so. Furthermore, many small and medium-sized businesses as well as some large ones are lacking the resources to implement these systems, which makes them prone to cyberattacks. Therefore, a digital vault offers the best solution to such an issue in the organizations around the globe.
BFSI has the potential to surpass all other industries in the forecast period. A number of developments, such as the introduction of several new regulatory measures in the banking sector are driving the demand for digital vaults, which is experiencing a rapid growth rate in the market.
Considering the sensitive nature of the data in the BFSI industry, digital vaulting solutions have become increasingly popular. Additionally, the industry has an ongoing need to find new security products and services for its industry to continue to secure its employees, customers, and assets, as well as its workplaces, branch offices and operations. Due to its popularity, it holds a significant share of the total market for both online and offline digital vaults in the market. By introducing new and enhanced financial services, the vertical enhances its business operations, making it an appealing place for fraudsters to target sensitive customer data.
Another reason for the rise is the rapid influx of automation in the banking industry and the growing focus on managing really sensitive financial data has further propelled market demand for digital vault in the market. With the ever-increasing need for data management solutions that will enable companies to store and protect their valuable data over longer periods of time, there is increasing demand for such solutions in the market. As a result of the growing demand for cloud-based solutions for security, the demand for the same is bound to rise in the future market.
For instance, HSBC bank is integrating the R3 blockchain platform with the creation of its digital vault, a platform that activates custody blockchain for storing digital assets. With the use of technological methods, the cost of custodial services can be lowered enormously to a great extent.
A digital vault market can be classified according to three distinct regions, North America, Latin America, Asia Pacific, and the Middle East and Africa (MEA). With a growth rate of 11.9% CAGR from 2022 to 2032, the United States is expected to be the biggest market.
The region is expected to hold a market revenue of US$ 834.8 Million by the end of 2032. As a result of the increasing demand for secure repositories for long-term archiving of critical information, digital vault vendors are expected to enjoy considerable growth opportunities in this region. Security of information related to customers and enterprises should be more preventive than reactive for the financial sector.
Financial institutions, such as banks as well as other types of financial institutions are continuously involved in continuous operations concerning the storage of important documents. As a result of the sustainable and established economies in the US, these countries are at the forefront of R&D activities and are thereby playing a critical role in developing innovative technologies by putting forward significant investment in R&D activities.
The Asia Pacific region is expected to grow the fastest in terms of digital vaults, followed by North America. China’s digital vault market is expected to grow at a significant CAGR of 11.7%, over the forecast period. In developing countries, such as India and China, the digital readiness program makes government services available in digital form. Thousands of government services have been converted to digital format via the use of private digital vaults that store personal information so users do not have to manually enter their information when transacting online. The growing demand for digital vaults in developing regions has been spurred by the growing number of digital services offered by government departments.
Japan is the second highest growing market for the digital vault market. This region is likely to hold US$ 168 Million by the end of 2032 with a CAGR of 11.8% between 2022- 2032. China also grows along with Japan with a forecasted value of US$ 186 Million (2032) at a CAGR of 11.7% between 2022 and 2032.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
11.9% |
|
United Kingdom |
10.9% |
|
China |
11.7% |
|
Japan |
11.8% |
|
South Korea |
11.2% |
The competitive landscape of the Digital Vault market is dynamic but has only limited scope for competitors. The competitors are involved in mergers and collaborations. Through these mergers, companies expand their distribution channels and increase their market spaces in new regions. Competitors focus on adopting new generation technologies like AI and machine learning that are going to help the digital vault market solutions at large.
Recent Developments in the Digital Vault Market
| Attributes | Details |
|---|---|
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Forecast period |
2022 to 2032 |
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Historical data available for |
2015 to 2021 |
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Market analysis |
USD Billion for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
Digital Vault by Component
Digital Vault by Services
Digital Vault by Organization Size
Digital Vault by Vertical
Digital Vault by Region
The digital vault market is set to grow at a CAGR of 12.3% during the forecast period.
United States is the biggest region in the digital vault market with a CAGR of 11.9% during the forecast period.
Consulting digital vault is the leading segment in the service market type.
The digital vault market is set to reach US$ 2.5 Billion by 2032.
