Digital Vault Global Market Report 2024

The digital vault market size has grown rapidly in recent years. It will grow from $0.96 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth observed in the historical period can be attributed to several factors, including the increase in data breaches, the proliferation of digital assets, the rise of remote work, escalating cybersecurity threats, and the widespread adoption of mobile devices.

The digital vault market size is expected to see rapid growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The anticipated growth in the forecast period can be linked to several factors, including the rising demand for data security and compliance, a heightened focus on user experience, the emergence of quantum-safe encryption, an upsurge in online transactions, and mounting concerns regarding data protection from connected devices. Major trends expected in the forecast period encompass digital transformation, advancements in encryption technology, the adoption of cloud-based solutions, integration with emerging technologies, the development of secure storage solutions, the proliferation of digital transactions, the utilization of biometric authentication, and the implementation of end-to-end encryption.

The digital vault market is poised for growth driven by the increasing number of cyberattacks. Cyberattacks encompass malicious attempts to disrupt, damage, or gain unauthorized access to computer systems, networks, or digital devices, fueled by factors such as technological proliferation, insider threats, remote work, heightened online activity, and insufficient awareness. Digital vaults play a crucial role in thwarting cyberattacks by bolstering security measures like encryption, access controls, regular security audits, employee training, and multi-factor authentication. For example, data from the Australian Cyber Security Centre in November 2022 indicated a 13% increase in cyber crime reports, totaling 76,000 in 2022 compared to the previous year. Consequently, the uptick in cyberattacks is propelling the digital vault market forward.

Leading companies in the digital vault market are dedicated to developing advanced technological solutions like OmniVault to fortify data security and safeguard sensitive information. OmniVault denotes a versatile or comprehensive digital vault solution engineered to securely store and manage various types of sensitive data. For instance, Wolters Kluwer N.V., a Netherlands-based global information services company, introduced OmniVault for Real Estate Finance in May 2022. This platform utilizes eVault technology to support digital home equity lending, including HELOCs and home equity loans, alongside conventional mortgages. Tailored to meet the needs of real estate finance professionals, the platform offers features such as document management, compliance tracking, and potentially analytics or reporting functionalities. Moreover, it supports standards-based SSO (Single Sign-On) using SAML (Security Assertion Markup Language), openID Connect, and active directory federation services, showcasing its diverse capabilities ranging from secure password management and information security to single-sign-on authentication and keychain functionality.

In January 2023, Jewelers Mutual Group, a US-based insurance company specializing in jewelry insurance, acquired Luxsurance Technology to enhance the customer experience, benefit jewelers, and strengthen its position in the jewelry insurance market. Luxsurance Technology LLC, a US-based company, develops digital vaults, particularly the LUX Digital Vault apps.

Major companies operating in the digital vault market are Microsoft Corporation, Hitachi Ltd., International Business Machines Corporation, Oracle Corporation, Broadcom Inc, Johnson Controls International plc, Fiserv Inc, Wolters Kluwer N.V., Iron Mountain Incorporated, OpenText Corporation, Micro Focus International plc, NortonLifeLock Inc., Veritas Technologies LLC, CyberArk Software Ltd, Insoft Infotel Solutions, HarshiCorp, Keeper Security Inc., DigiCert Inc., OPSWAT Inc, Multicert S.A., TokenEx, Eclypses Inc., Daxtech IT Solutions, Lextrado Legal Exchange, FutureVault Inc., Accruit Holdings LLC., Logic Choice Technologies, DSwiss AG, Safe4 Information Management Limited, ENC Security.

North America was the largest region in the digital vault market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital vault market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital vault market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A digital vault is an online storage system crafted to safeguard sensitive and valuable digital assets. It offers a secure environment for storing, managing, and sharing digital information like documents, files, passwords, cryptographic keys, and other critical data. Utilizing encryption, authentication, access controls, and additional security measures, it ensures the confidentiality, integrity, and availability of stored information.

The primary types of digital vaults are services and solutions. Services encompass non-physical, intangible components of the economy, differing from tangible goods that can be touched or handled. This category spans various deployments, including on-premise and on-cloud solutions. Digital vault services find utility across organizations of diverse sizes, ranging from small and medium enterprises to large corporations, as well as among end-users in sectors such as information technology (IT), telecommunications, banking, financial services and insurance (BFSI), retail, power and utilities, government, aerospace and defense, healthcare, and others.

The digital vault market research report is one of a series of new reports that provides digital vault market statistics, including digital vault industry global market size, regional shares, competitors with a digital vault market share, detailed digital vault market segments, market trends and opportunities, and any further data you may need to thrive in the digital vault industry. This digital vault market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital vault market includes revenues earned by entities by providing services such as backup and recovery, document management, compliance, and audit trails. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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