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Digital Vault Market to Reach $2.9 Billion, Globally, by 2031 at 14.2% CAGR: Allied Market ResearchRise in the number of online transactions and documentation stored online, increasing rules and compliances to safeguard sensitive data, and growing concerns about data protection from connected devices drive the growth of the global digital vault market. PORTLAND, Ore., Feb. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Vault Market by Component (Solution, Service), by Deployment (On Premise, Cloud), by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by End Use (BFSI, IT and Telecom, Manufacturing, Government, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global digital vault industry generated $743.8 million in 2021, and is anticipated to generate $2.9 billion by 2031, witnessing a CAGR of 14.2% from 2022 to 2031.  Prime determinants of growth Rise in the number of online transactions and documentation stored online, increasing rules and compliances to safeguard sensitive data, and growing concerns about data protection from connected devices drive the growth of the global digital vault market. However, high cost associated with the use of digital vault and availability of various alternative cybersecurity solutions restrict the market growth. Moreover, ongoing development of new technologies such as artificial intelligence, IoT, cloud computing, and network analytics presents new opportunities in the coming years. Download Sample Report at: https://www.alliedmarketresearch.com/request-sample/9906 Covid-19 Scenario
The solution segment to maintain its leadership status throughout the forecast period Based on component, the solution segment held the highest market share in 2021, accounting for more than half of the global digital vault market, and is estimated to maintain its leadership status throughout the forecast period. The digital vault solutions are widely used across the world owing to their security features and its ability to protect sensitive data. However, the service segment is proected to manifest the highest CAGR of 14.7% from 2022 to 2031. The digital vault services provide greater operational effectiveness, lower operating cost that helps in getting a competitive advantage. The cloud segment to maintain its leadership status throughout the forecast period Based on deployment, the cloud segment held the highest market share in 2021, accounting for nearly two-thirds of the global digital vault market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 15.0% from 2022 to 2031. Growth of retail chains and hypermarkets & supermarkets is proving to be a major factor boosting the demand of private label products. Branded products may not always be affordable for all the consumers. Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/9906 The BFSI segment to maintain its lead position during the forecast period Based on end use, the BFSI segment accounted for the largest share in 2021, contributing to nearly one-third of the global digital vault market, and is projected to maintain its lead position during the forecast period. Digital vault is widely used in BFSI sector as it helps in faster integration and automation of workflow processes. However, the healthcare segment is expected to portray the largest CAGR of 15.4% from 2022 to 2031. The use of digital vaults in the healthcare sector helps in securely storing the electronic health records of the patients. Asia-Pacific to maintain its dominance by 2031 Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for around one-third of the global digital vault market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 15.0% from 2022 to 2031. This is majorly owing to rapid advancements in the BFSI, manufacturing, IT & telecom sector in this region. Leading Market Players:
Buy this Report at: https://www.alliedmarketresearch.com/checkout-final/3e50025691f0f79f9ad1d78056564488 Trending Reports in ICT & Media Industry (Book Now with 10% Discount): Payment as a Service Market Expected to Reach $53.6 Billion by 2031 Enterprise Asset Management Market Expected to Reach $9.9 Billion by 2031 Digital Asset Management Market Expected to Reach $5,287 Million by 2023 Asset Performance Management Market Expected to Reach $7.52 Billion by 2027 Asset Management System Market - Opportunities and Forecast, 2021-2031 About Us Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
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