Dublin, Aug. 31, 2021 (GLOBE NEWSWIRE) -- The "Digital Vault Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The digital vault market is expected to register an estimated CAGR of 12%, over the forecast period, (2021-2026). Digital vaulting enables organizations and firms to send copies of the important data off-site, in order to protect it from theft, hardware failure, and other threats.
The adoption of the digital vault by Montana Historical Society (MHS) is one such instance that provides MHS a platform that organizes and provides context for photographs, maps, letters, newspapers, articles, and other types of resources.
The growing number of IoT connections has resulted in the generation of an enormous amount of multiple formats of data, which needs to be stored safely and securely to keep it away from threats and thefts.
HIPAA Journal stated that one of the largest data breaches occurred at AccuDoc Solutions, which affected 2.65 million individuals. The incident was later regarded as a hacking/ IT incident. Such incidents stress the need for digital vaults to safeguard the businesses and drive the demand.
Various government initiatives with the objective of digitally empowering the citizens, minimizing the handling of physical documents, authentic documentation to minimize fraud and forgery, reducing government administrative overheads, and access of data at any time and anywhere are the other factors, which are fundamental in driving the digital vault market.
Key Market Trends
Cloud-Based Digital Vaults to Register a Significant Growth
Cloud-based digital vaults enable the end users to store the required information on the vendor's servers, which can be accessed remotely anywhere and at any time, thus, reducing their cost factor for on-premise maintenance.
The cloud-based digital vaults save a lot of upfront costs and IT expenses as compared to on-premise digital vaults, which require hardware and software integration, leading to an increase in IT spending.
Digital locker is an initiative of the Department of Electronics and Information Technology, (DEITY) under Ministry of Communications and IT, Government of India, which provides its citizens 10MB of free online storage space to store important documents and certificates as soft copy in different formats, which can be shared through e-mails, if needed.
The growing number of data breaches is expected to influence the businesses to opt for a digital vault, thereby, boosting the market demand over the forecast period.
Owing to GDPR Adoption Europe is Expected to Share Significant Growth
The increase in digitization and the need for data privacy have given rise to a need to store all the important documents and passwords in a secure digital format, as in digital vaults or lockers.
The European Union on May 25, 2018, implemented the General Data Protection Regulation (GDPR) that stated guidelines and the responsibilities of the institutions doing business with the European citizens to keep the consumer data safe. Such initiatives by the government are expected to drive the market in a positive way.
European commission's online platform, Digital Single Market, is a kind of digital vault that has given access to citizens and the Cultural and Creative Industries (CCIs) to over 53 million items, including images, texts, sounds, videos, and 3D materials from the collections of over 3700 libraries, archives, museums, galleries, and audio-visual collections, across Europe.
The digital vault market is highly competitive, owing to the presence of several major players, such as Hitachi Ltd, Johnson Controls, Oracle, and many more. The continuous innovations brought out by these players in their products have allowed them to gain a competitive advantage over other players in the market. Significant investments in R&D activities, strategic partnerships, and mergers and acquisitions in the digital vault market have enabled the companies to increase profitability and market share.
January 2019 - Switzerland Vontobel Bank created digital asset vault for the cryptocurrency community in a move, which allowed the financial institutions to connect with the bank and offer clients an end-to-end, integrated solution by issuing instructions for the purchase, custody, and transfer of digital assets securely, similar to traditional asset classes.
January 2017 - IBM acquired Agile 3 solution, a software provider, which visualize and manage risks that are related to the protection of sensitive data.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Data Privacy and Secured File Sharing Concerns
4.4.2 Handling of Data Generated through Connected Devices
4.5 Market Restraints
4.5.1 Use of Physical Vault
4.6 Industry Value Chain Analysis
5 MARKET SEGMENTATION
5.1 By Deployment
5.2 By Type
5.3 By End User
5.3.2 IT and Telecommunication
5.3.4 Other End Users
5.4.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.4.4 Latin America
18.104.22.168 Rest of Latin America
5.4.5 Middle-East & Africa
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Johnson Controls International PLC
6.1.2 CyberArk Software Ltd
6.1.3 Accruit LLC
6.1.5 Oracle Corporation
6.1.6 Keeper Security
6.1.8 Hitachi Limited
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/zgziwm
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900