Digital Vault Market to Reach $2.9 Billion, Globally, by 2031 at 14.2% CAGR: Allied Market Research
Rise in the number of online transactions and documentation stored online, increasing rules and compliances to safeguard sensitive data, and growing concerns about data protection from connected devices drive the growth of the global digital vault market.
PORTLAND, Ore., Feb. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Vault Market by Component (Solution, Service), by Deployment (On Premise, Cloud), by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by End Use (BFSI, IT and Telecom, Manufacturing, Government, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global digital vault industry generated $743.8 million in 2021, and is anticipated to generate $2.9 billion by 2031, witnessing a CAGR of 14.2% from 2022 to 2031.
Prime determinants of growth
Rise in the number of online transactions and documentation stored online, increasing rules and compliances to safeguard sensitive data, and growing concerns about data protection from connected devices drive the growth of the global digital vault market. However, high cost associated with the use of digital vault and availability of various alternative cybersecurity solutions restrict the market growth. Moreover, ongoing development of new technologies such as artificial intelligence, IoT, cloud computing, and network analytics presents new opportunities in the coming years.
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The outbreak of the Covid-19 pandemic had a positive impact on the global digital vault market, owing to an increase in online commerce.
Due to the pandemic, digital platforms have increased their efforts to boost corporate and customer involvement and expand their development activities. Due to the global development of digital platforms, the risk of missing data, hacking, or other data-related security breaches has gradually increased.
Rapid increase in wireless and digital transactions have necessitated the need for securing data. The digital vaults offer utmost privacy to the users as these vaults also have customizable options and one can choose the power of attorney who can access the data. These factors positively contributed to the digital vault market opportunities during the pandemic.
The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2021, accounting for more than half of the global digital vault market, and is estimated to maintain its leadership status throughout the forecast period. The digital vault solutions are widely used across the world owing to their security features and its ability to protect sensitive data. However, the service segment is projected to manifest the highest CAGR of 14.7% from 2022 to 2031. The digital vault services provide greater operational effectiveness, lower operating cost that helps in getting a competitive advantage.
The cloud segment to maintain its leadership status throughout the forecast period
Based on deployment, the cloud segment held the highest market share in 2021, accounting for nearly two-thirds of the global digital vault market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 15.0% from 2022 to 2031. Growth of retail chains and hypermarkets & supermarkets is proving to be a major factor boosting the demand of private label products. Branded products may not always be affordable for all the consumers.
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The BFSI segment to maintain its lead position during the forecast period
Based on end use, the BFSI segment accounted for the largest share in 2021, contributing to nearly one-third of the global digital vault market, and is projected to maintain its lead position during the forecast period. Digital vault is widely used in BFSI sector as it helps in faster integration and automation of workflow processes. However, the healthcare segment is expected to portray the largest CAGR of 15.4% from 2022 to 2031. The use of digital vaults in the healthcare sector helps in securely storing the electronic health records of the patients.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for around one-third of the global digital vault market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 15.0% from 2022 to 2031. This is majorly owing to rapid advancements in the BFSI, manufacturing, IT & telecom sector in this region.
Leading Market Players:
keeper security, inc.
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SOURCE Allied Market Research