Digital Vault Market projected to reach $892 million by 2023

(IT-NEWSWIRE.COM, January 25, 2021 ) The report "Digital Vault Market by Component (Solutions and Services), Services (Consulting, Design and Implementation, Support and Maintenance, and Managed Services), Organization Size, Industry, and Region - Global Forecast to 2023", The global digital vault market size is expected to grow approximately from USD 471 million in 2018 to USD 892 million by 2023, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. Increasing regulations and compliances to protect sensitive data and rising concerns for protecting data generated from connected devices are major growth factors for the digital vault market.

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The design and implementation services segment to grow at the highest CAGR during the forecast period

Designing and implementing a comprehensive and robust security framework is one of the basic and most important steps of protecting an infrastructure from physical as well as security attacks. These data security systems are designed according to the standards and compliances set by government bodies and organizations. Designing data or information security architecture requires network mapping and the blueprint of the entire system. This could be achieved by identifying network assets; analyzing security risks; developing security plans and policies; and training, implementing, and maintaining security.

The solutions segment to hold a larger market size during the forecast period

The digital vault solutions protect data using multiple security layers, including firewall, data access control, and end-to-end encryption. Moreover, digital vault solutions provide multiple security layers that are traditional and well known such as Virtual Private Network (VPN), file access control, encryption, authentication, and a firewall. The digital vault solutions enable enterprises by providing functionalities, such as identity and access management, data loss prevention, digital asset management, and privileged account management.

Asia Pacific (APAC) to record the highest CAGR during the forecast period

APAC constitutes of major economies, such as Singapore, South Korea, Japan, China, India, and Australia. Large enterprises and SMEs in the APAC countries are realizing the significance of data security and are adopting dedicated encryption solutions to protect their critical and sensitive business data from commercial infiltration, cyber threats, and misuse of data for monetary gains by computer hackers. The developed countries in APAC, namely, Australia, Japan, and Singapore have largely considered data security software that are compliant with regulations regarding encryption, and implementation of these solutions to cater to the unparalleled data security needs of the businesses.

Major vendors in the digital vault market include Johnson Controls (Ireland), CyberArk (US), IBM (US), Oracle (US), Hitachi (Japan), Micro Focus (UK), Fiserv (US), Symantec (US), Microsoft (US), Multicert (Portugal), Keeper Security (US), Accruit (US), DSwiss (Switzerland), Safe4 Information Management (UK), TokenEx (US), Logic Choice (US), Eclypses (US), HarshiCorp (US), Insoft Infotel Solutions (Germany), Daxtech IT Solutions (Canada), eOriginal (US), LexTrado (South Africa), OPSWAT (US), FutureVault (Canada), and ENC Security (Netherlands).

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Digital Vault Market projected to reach $892 million by 2023