Digital Vault Market Synopsis The global digital vault market is projected to acquire a generous value of USD 873.81 million, thriving at a CAGR of
Digital Vault Market Synopsis
The global digital vault market is projected to acquire a generous value of USD 873.81 million, thriving at a CAGR of 14.1% during the assessment period from 2018 to 2023. As per Market Research Future Reports (MRFR), the global digital vault market 2020 is essentially driven by the growing demand for the protection of data enterprise from various cyber-attacks. The sturdy digitalization across the world has fueled the demand for a stronger cybersecurity solution which is an extensive factor driving the global market for the digital vault. Further, accelerated development in the ICT sector is another important factor in strengthening the global market. The report highlights the importance of crucial participation by the government of various countries by digitally empowering the citizens. Besides, the increasing concern for protecting data from the connected devices is another cause leading to market expansion. Also, the demand for cloud-based security solutions is projected to provide a new scope of expansion for the digital vault market.
However, bounded funds available to spend on security and the presence of several cybersecurity solutions to protect the organization is hampering the market growth. Besides, lack of expertise and data security measures is another factor impeding market growth.
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The worldwide market for digital vault market can be distinguished into organization size, component, industry vertical, and region.
On the basis of organization size, the worldwide market for digital vault market can be segregated into large enterprises and Small and Medium-sized Enterprises (SMEs).
On the basis of component, the worldwide market for digital vault market can be segregated into identity and access management, data loss prevention, privileged account management, digital asset management, and services.
On the basis of industry vertical, the worldwide market for digital vault market can be segregated into government and defense, Banking, Financial Services, and Insurance (BFSI), media and entertainment, telecom and IT, retail and consumer goods, education, healthcare, and others.
On the basis of region, the worldwide market for digital vault market can be distinguished into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
The worldwide market for the digital vault is estimated to grow generously during the review period from 2018 to 2023. Regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW) have been analyzed thoroughly. According to the study, the global market is projected to be dominated by North America. The region witnessed various incidents of data theft which is estimated to be one of the most crucial factors leading to regional growth. Besides, North America is technically developed and is the first region to adopt the latest technologies.
Moreover, the region consists of various established players, which is another factor developing the region. Among all, the US is anticipated to dominate the market during the assessment period. On the other hand, the APAC region is estimated to be the fastest developing market with the highest CAGR. The increasing digitalization in the region is estimated to be the most substantial factor leading to the expansion. Besides, the presence of emerging countries like India, China, and Japan are projected to boost the regional market exponentially. Further, the application of digital vault in various sectors like BFSI, retail, and consumer goods is anticipated to grow the market faster.
The renowned organizations of the worldwide market for digital vault are Hitachi (Japan), IBM (US), Micro Focus (UK), Microsoft (US), Cyberark (US), Fiserv (US), Keeper Security (US), Logic Choice (US), Accruit (US), TokenEx (US), and a few others.
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