The report on the Global Digital Vault Market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player's market share analysis, competitive landscape and supply chain analysis.
— 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, 2018–2013.
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.
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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.
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).
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).
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.
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.
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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• Cybersecurity solution providers
• Cybersecurity service providers
• Managed Service Providers
• System Integrators
• Managed Security Service Providers
• Distributors and Value-added Resellers (VARs)
• Security Standards Making Bodies and Associations
TABLE OF CONTENTS
1 Executive Summary
2 Market Introduction
2.2 Scope Of The Study
2.3 List Of Assumptions
2.4 Market Structure
3 Market Insights
4 Research Methodology
4.1 Research Process
4.2 Primary Research
4.3 Secondary Research
4.4 Market Size Estimation
4.5 Forecast Model
5 Market Outlook
LIST OF TABLES
Table1 Global Digital Vault Market, By Region, 2018-2023
Table2 North America Digital Vault Market, By Country, 2018-2023
Table3 Europe Digital Vault Market, By Country, 2018-2023
Table4 Asia-Pacific Digital Vault Market, By Country, 2018-2023
Table5 Rest Of The World Digital Vault Market, By Country, 2018-2023
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LIST OF FIGURES
FIGURE 1 Global Digital Vault Market: Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Digital Vault Market
FIGURE 4 Value Chain Of Global Digital Vault Market
FIGURE 5 Share Of Global Digital Vault Market By Country, 2017
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Release ID: 515365