Digital Vault Market size worth $ 1630 Million, Globally, by 2030 at 12.9% CAGR: Verified Market Research®
The increasing demand for repositories that can preserve and secure critical data for a long period is a major driver driving the market's growth. In addition, the increased demand for cloud-based security solutions will drive up demand.
JERSEY CITY, N.J., Aug. 18, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Digital Vault Market" By Component (Solutions, Services), By Services (Consulting, Design And implementation), By Industry (BFSI, Government), and By Geography. According to Verified Market Research, the Digital Vault Market size was valued at USD 630 Million in 2021 and is projected to reach USD 1630 Million by 2030, growing at a CAGR of 12.9% from 2022 to 2030.
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Global Digital Vault Market Overview
The global Digital Vault Market is predicted to increase significantly throughout the forecast period, owing to rising regulations and compliances aimed at securing sensitive data, as well as growing concerns about data security from connected devices. It has several characteristics, including the capacity to efficiently organize, store, and exchange critical documents, as well as the ability to govern and protect sensitive data, as well as cost-effectiveness and scalability. The market for digital vaults is growing due to the dependability of such features. The need for digital vaults is increasing as people become more concerned about protecting data created by linked devices.
Digital Vault industry is being driven by increasing compliances and laws to protect sensitive data such as end-user digital credentials and passwords. The ongoing development of new technologies like artificial intelligence, IoT, cloud, and network analytics is propelling the Digital Vault Market forward. By increasing the use of the digital vault, an organization can safeguard sensitive data and protect and control essential information about the end-user. Other factors driving the Digital Vault Market include various government initiatives aimed at digitally empowering citizens, minimizing the handling of physical documents, authentic documentation to reduce fraud and forgery, lowering government administrative overheads, and access to data at any time and from any location.
The major players in the market are Hitachi Ltd, Johnson Controls, Oracle, CyberArk, IBM, Micro Focus, Fiserv, Logic Choice, Daxtech IT Solutions, and Insoft Infotel Solutions.
Verified Market Research has segmented the Global Digital Vault Market On the basis of Component, Services, Industry, and Geography.
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