The global digital vault market is a rapidly growing space, witnessing rapid digital usage turned into an established digital dependency. Digital vaults had been witnessing continually rising revenues before COVID 19 pandemic. However, the pandemic gave a true wake-up call for digital assets, making the security of these assets a major concern.
Especially with intermittent lockdowns across the globe, not only personal uses and social media but also currency, banking, education, businesses, and insurance created a permanent digital space for themselves. With the growing digital usage and internet users, the market is forecasted to grow exponentially during the years ahead.
According to Market Research Future (MRFR), the global digital vault market is poised to reach an exponential valuation by 2027, registering an impressive CAGR throughout the forecast period (2020-2027). Additionally, the immensely growing need for asset management/ data management and rapidly growing numbers of enterprises influence market growth.
Besides, the market rise attributes to the growing penetration of the internet, and smart and connected devices and cloud-based solutions create substantial market demand, generating an enormous amount of data. The adoption of cloud-based solutions for service virtualization & containerization escalates the market growth.
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Global Digital vault Market – Segments
The report is segmented into components, organization size, industry verticals, and regions. The component segment is sub-segmented into privileged account management, identity & access management, digital asset management, data loss prevention, and services.
The organization size segment is sub-segmented into large enterprises and Small and Medium-sized Enterprises (SMEs). The industry verticals segment is sub-segmented into government and defense, media & entertainment, BFSI, retail & consumer goods, telecom & IT, education, healthcare, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global Digital vault Market – Regional Analysis
North America leads the global digital vault market. The region is considered as most advanced in terms of the development and adoption of innovative ICT technologies. North America also experiences the largest number of identity data theft every year. Resultantly, the region has become the largest adopter of digital vault solutions and services, particularly in the industry verticals of BFSI, retail & consumer goods, and healthcare.
Besides, the largest market share attributes to the presence of well-established industry players and technology development centers in the region. The US, Canada, and Mexico are major digital vault markets in North America. Additionally, the continually rising healthcare and manufacturing industry and the rapid adoption of smart devices push the regional market growth.
Digital vault Market – Competitive Analysis
Highly competitive, the digital vault market appears fragmented due to the presence of several well-established players. To gain a substantially larger competitive share, mergers & acquisitions, collaboration, innovation, and expansion remain key trends for these players.
Major Players:
Players active in the global digital vault market include Hitachi (Japan), IBM (US), Micro Focus (UK), Microsoft (US), Cyberark (US), Fiserv (US), Keeper Security (US), Logic Choice (US), TokenEx (US), and Accruit (US), among others.
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Industry/Innovation/Related News:
July 05, 2021 ----- Ovex (South-Africa), a cryptocurrency prime broker offering investment products and expertise in OTC (over-the-counter) trading & arbitrage, announced a partnership with Ledger Enterprise Solutions to adopt its ledger vault solutions for digital asset security management.
Ovex is involved in improving the efficiency of digital asset and financial solutions inclusivity. Ovex would utilize the Ledger Vault platform, an institutional-grade custody technology for enterprises, to secure clients’ digital asset portfolios.
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