The advent of digital technologies like IoT, machine learning and big data generate a humongous amount of critical data that needs to be protected against cyber threats. Stringent data protection compliances and regulations across the globe, increase in demand for long-term storage of confidential data, need to control data loss, and ability to securely store sensitive data at any location are fulfilled by the digital vaults. Firewalls, multilevel encryption techniques and robust access control solutions ensure the security of digital vault solutions and hence market players need to continuously focus on providing up to date versions. Also, innovative custom solutions focused on monitoring access history using detailed audit logs key rolling are exclusively facilitated by digital vaults.
Thus the global digital vault market is expected to grow at a noteworthy CAGR over the forecast period of 2019-2026.
Global Digital Vault Market Restraints
• Low awareness about digital solutions and other measures developed for data security
• Selecting right information technology for tailored solutions due to inability to understand vendor terminologies
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Global Digital Vault Market, by Component
+ Solutions
> Digital Asset Management
> Identity and Access Management
> Data Loss Prevention
+ Services
Global Digital Vault Market, by Services
+ Consulting
+ Managed Services
+ Design and Implementation
+ Support and Maintenance
Global Digital Vault Market, by Organization Size:
+ Small and Medium-Sized Enterprises
+ Large Enterprises
Cost-effectiveness, flexibility and scalability provided by the digital vaults are factors attracting momentous adoption from small and medium enterprises in various sectors especially in telecom, BFSI and IT. Thus, the small and medium enterprises sub-segment is supposed to demonstrate a predictably impressive growth during the forecasted period.
Global Digital Vault Market, by End-User
+ IT and Telecommunications
+ Government
+ BFSI
+ Defence
+ Real Estate
+ Others
The BFSI segment is anticipated to dominate the global digital vault market in the upcoming period. Security challenges, vulnerability towards financial frauds and stringent norms related to sensitive financial data involved in BFSI are factors that would continue to encourage an upward growth of the segment irrespective of the geographic locations. Government and defence sector under other sub-segments are estimated to grow a rapid pace in the wake of global data security issues.
Global Digital Vault Market, by Region:
+ Europe
+ North America
+ APAC
+ Latin America
+ Rest of World
High risk of identity theft and greater adoption of innovative information and communication technology solutions in the North America region are fuelling the significant growth of the digital vault market projecting this region in the forefront. North America is estimated to dominate the global digital vault market in coming years. Rapid digitalization of various verticals is nurturing swift growth in the APAC region. Besides, the increased demand to protect customer and employee data are expected to boost the growth at a lucrative CAGR in APAC during the forecasted period.
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Competitive Landscape:
+ Tier 1 players- established companies in the market with a major market share
+ Tier 2 players
+ Emerging players which are growing rapidly
+ New Entrants
Future Wise Takeaways
+ Growth prospects
+ SWOT analysis
+ Key trends
+ Key data points affecting market growth
Objectives of the Study:
+ To provide with an exhaustive analysis on the global digital vault market by component, by service, by organisation, by end-user, and by Region
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East.
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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