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.
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Major vendors in the 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).
These players have adopted various growth strategies, including partnerships, agreements, collaborations, and new product launches, to further expand their presence in the global digital vault market. New product launches, partnerships, and agreements have been the most favored strategies adopted by major players from 2014 to 2018, which have helped them innovate their offerings and broaden their customer base.
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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. For example, in September 2017, CyberArk joined hands with ForeScout (FS) Technologies for developing a solution that provides enterprise security for improving visibility and generating insights for privileged accounts. The solution helps to protect privileged credentials from being exploited by cyber-attackers. CyberArk has also collaborated with Atos to introduce Privileged Access Management service to protect against cyber-attacks that target and exploit privileged account credentials. Another instance of this strategy is CyberArk’s partnership with FS to enhance the security of FS’ privileged accounts with the CyberArk Privileged Access Security product. FS provides value-added services to telecommunication operators and retailers in Brazil and other Latin American countries. CyberArk also focuses on organic growth by introducing new products. For instance, in June 2018, the company introduced a new product CyberArk Privilege Cloud, which is available as a service offering with flexible subscription-based pricing.
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. For instance, in March 2018, Oracle acquired Zenedge, a provider of cloud-based application and network solutions to protect enterprises from complex digital threats.
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