The digital vault market is expected to register an estimated CAGR of 12% over the forecast period (2020-2025). Digital vaulting enables the 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 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 the one of the largest data breach occurred at AccuDoc Solutions which affected 2.65 million individuals. The incident was later regarded as a hacking/IT incident. Such incidents stresses the need of digital vaults to safegaurd the businesses and drives 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 anytime anywhere access of data are other factors being fundamental in driving the digital vault market.
Scope of the Report
Digital vaults provide the firms and businesses with a secure, encrypted online storage solution that allows them to securely manage, share or deliver files. Digital vaults are segmented based upon the type such a solutions and services. The digital valuts have found applications in the fields of banking and financial sectors, telecommunication, government sectors and are deployed based on two types viz. on-premise and cloud based.
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 theri 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's and software integration leadind to an increase in the IT spending.
- Digital locker is an initiative of Department of Electronics & Information Technology (DEITY) under Ministry of Communications & IT, Government of India which provides its citizens 10MB of free online storage space to store important documents and certificates in 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 in turn 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 has given rise 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 Regulations (GDPR) that states 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 image, text, sound, video and 3D material 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 has allowed them to gain a competitive advantage over other players in the market. Significant investments in research and development activities, strategic partnerships and mergers & 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 would allow 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 that is used to visualize, manage risks that are related to the protection of sensitive data.
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