Digital Vault Market growth is impelled by increasing adoption of cloud-based services in the coming year. over the past decade, the adoption of the cloud services among the organizations has increased significantly for wide array of applications ranging from data storage to computing to data networking. The cost effectiveness, scalability and flexibility provided by the cloud services is the primary factor augmenting its demand among the industry verticals.
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Digital Vault is used in the BFSI, It & telecom, defense, real estate, government & public sector and others. BFSI is estimated to be one of the major end-users of the digital vault solutions. The increasing digitalization of the banking services and the rapid automation of the banking operation is the primary factor driving the digital vault market growth.
Furthermore, the high risk of data theft and cyber-attacks among the BFSI sector also augments the demand for the digital vault solutions. IT & telecom also holds significant share in the digital vault market. The growing digital data in the IT sector and the rising need to protect these data is propelling the market. Defense & government sector is projected to grow significantly during the forecast period. The increasing incidences of the cyber attacks and data theft is driving the adoption in the sector.
Digital vault protects the data from multiple security layer that helps in prevention, detection and response of the threats, it also protects the data by providing firewall, that monitors and controls the incoming and outgoing traffic. Similarly, it also provides data access control and encryption for the unauthorized data access. With all of this it provides functionality such as access management, digital asset management, data loss prevention and privileges account management in the digital vault market.
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North America holds the largest share in the digital vault market. The increasing number of cyber-attacks and data theft cases in the region foster the market. Over the past five years, the incidences of the cyber-attacks have increased significantly.
U.S. has witnessed approximately 130 large scale data breach cases in 2017 and the number is increasingly rapidly with the annual growth rate of 27%. According to Cisco, more than 31% of the organization has witnessed cyber-attacks in U.S., and the number is further estimated to increase during the forecast period. This is forcing organization to spend more on the cyber-security infrastructure to protect their data and mitigate the risk of cyber threats. in the digital vault market.
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