According to a research 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.
Browse 50 market data Tables and 34 Figures spread through 114 Pages and in-depth TOC on "Digital Vault Market - Global Forecast to 2023"
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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.
Market Players
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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CyberArk is one of the leading providers of cybersecurity solutions. It provides Privileged Access Security product in the digital vault market for protecting enterprise data against threats by centralizing and managing access to privileged accounts. The company’s growth strategy is mostly focused on partnerships.
Oracle is one of the leading providers of cloud and database solutions. It offers Oracle Database Vault and Oracle Advanced Security solutions in the digital vault market. As organizations are required to access data from multiple sources spread across multiple geographic locations, they are facing challenges in managing regulatory and privacy laws pertaining to different countries. Moreover, cyber threats have escalated to far greater heights. Oracle Database Vault along with Oracle Database 18c provides comprehensive access control capabilities related to database management. Oracle Database Vault enhances security by controlling Internet Protocol (IP) addresses, usernames, and client program names. Oracle Advanced Security is a multi-layered security solution, which protects sensitive data with 2 preventive controls including encryption and redaction. Oracle Advanced Security encompasses the Transparent Data Encryption (TDE) feature, which encrypts the data at rest in the database layer and thereby prevents cyber-attackers from bypassing the database and reading sensitive information directly from storage. Oracle has adopted the acquisition strategy to expand its business.
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