A digital vault is a highly secure online software platform that enables an individual to gather, supervise, and maintain crucial & confidential digital information such as credentials, assets, documents, and many more. Various things like logins of bank accounts, cryptocurrency accounts, crucial personal documentation, confidential company information, etc. can be stored in a digital vault. The demand for the digital vault is growing rapidly due to the outburst of COVID-19, which has forced many organizations to adapt rapidly to new realities for smooth working with customers, suppliers, and colleagues.
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COVID-19 Impact on Digital Vault Market
The outbreak of COVID-19 across the globe has positively impacted the global digital vault market. This is mainly because the digital infrastructure has witnessed a dramatic increase in the demand due to pandemic. Despite the shutting down of offices and other facility closures, the global businesses are continuing to operate online, which has increased the risk of cyber-attacks, data breaches, and other problems. With cyber-security the top priority, the leading companies are highly focusing on security and risk management by ensuring that their companies’ digital platforms and online services are resistant to cyber-attacks. All these factors are boosting the demand for digital vaults, thereby accelerating the growth of the global market during the pandemic period.
Digital Vault Market Trends and Developments
The companies operating in the global industry are adopting various growth strategies and business tactics such as partnerships, acquisitions, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global digital vault market growth in the upcoming years.
In July 2019, Box, a US-based cloud content management and file sharing service company, entered into a partnership with Morgan Stanley, US-based multinational investment bank & financial services company, to launch a digital vault. The aim behind the partnership is to cater the customers with an encrypted Box storage repository on the Morgan Stanley wealth management platform.
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In April 2021, StorMagic, a British multinational computer software company, acquired SoleraTec, a California-based video and digital asset management software company, in order to provide an exemplary secure storage of biometric information.
In November 2020, VersaBank, a leader in digital banking and cyber security solutions through its whole owned subsidiary, DRT Cyber Inc. acquired Digital Boundary Group, a London-based information technology (IT) security assurance firm, so as to add a significant potential to strengthen core banking operations of VersaBank.
Forecast Analysis of Global Market
The global digital vault market is projected to witness an exponential growth during the forecast period, owing to the growing digitization across the globe, which has created an increased need for high-level cyber security solutions. Conversely, the lack of expertise and privacy compliance challenges associated with digital vaults are the factors expected to hamper the market growth in the projected timeframe.
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The increasing demand & dependency on the internet and the growing adoption of the internet-connected devices along with the growing concerns about protecting data generated from connected devices are the significant factors and digital vault market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global digital vault market is expected to garner $3,222.0 million during the forecast period (2021-2028). Regionally, the North America region is estimated to dominate in the global industry owing to the rising adoption of secure solution for data security in various countries of the region due to sector-specific and medium-specific data security laws. The key players functioning in the global market include
Johnson Controls International PLCCyberArk Software LtdMicrosoftIBMOracle CorporationKeeper SecurityMulticertHitachi LimitedFiservMicro FocusAbout Research Dive
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