Positive. The Digital Vault Market is projected to grow to $2118.2 million by 2032.
From GlobeNewswire: 2025-01-24 09:00:00
The Digital Vault Market was valued at $813.5 million in 2023 and is projected to reach $2118.2 million by 2032, growing at a CAGR of 12.89%. Demand is rising due to data security needs and regulatory compliance, with organizations seeking secure storage solutions to protect sensitive data from cyber threats.
As businesses embrace cloud adoption, the need for secure and scalable storage solutions has increased, leading to a surge in demand for digital vaults. Regulatory frameworks like GDPR and the California Consumer Privacy Act have heightened the importance of data protection, prompting organizations to invest in secure storage solutions to meet stringent standards.
Major players in the Digital Vault Market include Vormetric, Commvault, Thales, Iron Mountain, Dell Technologies, Microsoft, AWS, IBM, McAfee, Forcepoint, Proofpoint, Gemalto, and Acronis. These companies offer various data security and protection solutions to meet the growing demand for secure storage options.
The solution segment dominated the market in 2023 with a 61% market share, driven by the need for platforms that provide threat detection and secure storage for sensitive data. The services segment is expected to see the highest growth rate, fueled by demand for implementation, integration, and maintenance support for digital vault systems.
In terms of deployment, the on-premise segment held a 75% market share in 2023, allowing organizations to maintain control over their data and comply with data protection regulations. However, the cloud segment is projected to have the fastest growth rate, offering scalable and flexible storage solutions that align with remote working trends and digital transformation initiatives.
The BFSI sector dominated the market in 2023, driven by the need to securely store financial data and prevent data breaches in compliance with regulations. The telecommunication segment is expected to see the fastest growth, as the industry undergoes rapid digital transformation and generates vast amounts of data that require advanced storage solutions for protection. The Digital Vault Market is segmented by type, deployment, and end-user, with BFSI, IT, and Telecommunication sectors leading the demand. Europe captured a 37% market share in 2023, driven by data protection regulations. Asia Pacific is poised for rapid growth due to increased digital transformation and security threats. Commvault and Thales introduce advanced digital vault solutions in 2024 to enhance data security.
Europe leads the digital vault market with a 37% share, driven by data protection regulations. Asia Pacific is expected to witness the fastest growth due to digital transformation and rising security threats. Commvault and Thales launch advanced digital vault solutions in 2024 to enhance data security.
In 2024, Commvault and Thales unveiled new digital vault solutions to enhance data security. Europe leads the market with a 37% share, driven by data protection regulations, while Asia Pacific is expected to see rapid growth due to digital transformation.
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