PUBLISHER: Allied Market Research | PRODUCT CODE: 1239478
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239478
The global digital vault market is envisioned to garner $2,850.7 million by 2031, growing from $743.8 million in 2021 at a CAGR of 14.2% from 2022 to 2031.
Digital vault offers various advantages such as ease of access, privacy control, and bank-level security, and helps in staying organized and updated. Premium security standards are used by banks that help in protecting sensitive data with the highest level of encryption. Digital vaults are inexpensive, and most companies offer plans under $100 per year which comes to less than $8 per month. During the forecast period, the global digital vault market is predicted to grow at a rapid pace. This is due to growing concerns, rules, and compliances to secure sensitive data from any form of cyber-attack by adopting security solutions. Many businesses around the world are implementing these solutions to reduce security risks and protect their assets from theft or data loss.
The telecom industry's rising adoption of wireless technology, combined with business digitization, will drive the digital vault market size during the forecast period. Aside from rules and regulations to protect sensitive data, the growing concern about the security of data from connected devices is likely to drive the market for digital vaults over the forecast period.
Ease of access to the information stored in the digital vault is one of the striking benefits of these vaults. The digital vaults help you to share access with other users with utmost security in case of emergencies. The digital vaults can keep your assets up-to-date and organized as it offers single, secure, and central location for storing your crucial data such as estate planning documents, account passwords, and more. The expanding adoption of wireless technology and increase in the amount of online transactions, combined with business digitization and online data storage, will fuel the rise of digital vaults in the industry over the next several years. Also, the digital vaults are cost-effective as most of the companies offers digital vault subscription under $100 per year which is less than $8 per month.
The COVID-19 pandemic brought several uncertainties, leading to severe economic losses as various businesses across the world were at a standstill. During the pandemic, the COVID-19 outbreak had a positive impact on the worldwide digital vault market growth. The growing trend of conducting business online has had a positive impact on the digital vault market share and size. This has increased the possibility of cyber-attacks, putting enterprises' security at risk. Organizations are increasingly using digital vault solutions as cyber security has become a top priority, boosting market growth.
The key players profiled in this report includes: Keeper Security, Multicert, Hitachi Limited, Fiserv, Microfocus, Johnson Controls International PLC CyberArk Software Ltd., Microsoft, IBM, and Oracle Corporation.