In a recent published report, Kenneth Research has updated the market report for Digital Vault Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Vault Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Market Synopsis
Globally, the digital vault market is expected to grow from USD 451.63 million in 2018 to USD 873.81 million by 2023, at a CAGR of 14.1% during the forecast period, 2018–2023.Strong need to keep enterprise data secured from advanced cyber-attacks and meet stringent compliance requirements act as the major driving factors for the growth of digital vault globally. However, limited security spending and availability of various cyber security solutions to protect enterprise data are restraining growth of the market.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Digital vault is a much secured data storage system protected by firewall, encryption, and access control solutions. It stores extremely sensitive data of enterprise- credentials of privileged users, access control policies, and audit information. An unauthorized access to these credentials may allow the attacker to gain full control of the enterprises’ IT infrastructure, resulting into critical data loss, financial loss, or permanent downtime of various IT systems. The solution also provides complete security to not only the data stored in the vault but also the data, which is in transit from the vault to an application running on another network device. To secure the data vault itself and the data stored in it, the solution majorly uses multilayer encryption technique based on FIPS 140-2 encryption methods, symmetric encryption using AES-256, and asymmetric encryption using RSA-2048.
Although, digital vault are used in multiple industries but some of its prominent industry verticals include Banking, Financial Services, and Insurance (BFSI), government and defense, retail and consumer goods, healthcare, IT and telecom, and media and entertainment. The BFSI sector is the largest contributor in the digital vault market whereas retail and consumer goods is expected to grow with the highest CAGR during the forecast period as the industry vertical is experiencing large number of cyber attack incidents related to identity theft of employees or customers for financial gain or damaging reputation of the enterprise.
Global Digital Vault Market
Source: MRFR Analysis
Segmentation.
The global digital vault market is segmented into component, organization size, industry vertical, and regions/country.
By component, the market is segmented into privileged account management, identity and access management, digital asset management, data loss prevention, and services
By organization size, the market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs).
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By industry vertical, the market is segmented into Banking, Financial Services, and Insurance (BFSI), government and defense, media and entertainment, retail and consumer goods, telecom and IT, educatioin, healthcare, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
Regional Analysis
The global market for digital vault is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of global digital vault market is studied for North America, Europe, Asia-Pacific, and rest of the world.
North America is expected to dominate the digital vault market during the forecast period. North America region is considered as most advanced region in terms of development and adoption of innovative technologies in the field of Information and Communication Technology (ICT). It also experiences the largest number of identity data theft every year. This makes the region largest adopter of digital vault solutions and services, particularly in the industry verticals of BFSI, retail and consumer goods, and healthcare industry verticals. The US is expected to be the dominating country in the digital vault market in North America region during the forecast period.
Asia-Pacific is expected to grow at the fastest rate during the forecast period. Increasing digitalization in the region in the industry verticals of BFSI and retail and consumer goods is expected to boost the growth of digital vault in the APAC region to protect sensitive customer and employees data. China, Japan, and India have been the leading countries in the APAC region in terms of market share and this trend is expected to continue in the upcoming years.
Competitive Analysis
The digital vault market has the presence of many vendors that are adopting various organic and inorganic strategies to grow in the market. According to the latest trends in the digital vault market, most of the major vendors are adopting the strategy of new product launch/product enhancement to offer unique and innovative solutions in the market. Partnership and collaboration is the second most adopted strategy by the major vendors
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Key players
The prominent players in digital vault market are IBM (US), Hitachi (Japan), Micro Focus (UK), Cyberark (US), Microsoft (US), Fiserv (US), Logic Choice (US), Keeper Security (US), Accruit (US), and TokenEx (US).
Intended Audience
Cybersecurity solution providers
Cybersecurity service providers
Managed Service Providers
System Integrators
Managed Security Service Providers
Enterprises
Distributors and Value-added Resellers (VARs)
Security Standards Making Bodies and Associations
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