The digital vault market, which was valued at $743.80 million in 2021, is anticipated to rise at a CAGR of 14.2% from 2022 to 2031, reaching $2.9 billion. In order to store, share, and send files safely, organizations and enterprises can use digital vaults, which are secure online platforms that provide encrypted online storage choices.
Digital vaults are extremely secure digital platforms that may gather and store your important data, including pictures, movies, bank account information, audio files, and others, online. Additionally, with the aid of online vaults, estate planning documents, usernames and passwords, cryptocurrencies, and membership information can be kept. The safe deposit boxes of the future are the online digital vaults for precious and sensitive electronic data.
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Digital vaults are highly secured digital platforms that can collect and store your valuable documents such as photos, videos, bank information, audio files, and others online with the highest security standards. Also, estate planning documents, username & passwords, cryptocurrencies, membership details can be stored online with the help of digital vaults. Online digital vaults for sensitive and valuable electronic files are the future’s safe deposit boxes. With the escalating frequency and sophistication of cyberattacks, organizations are increasingly adopting digital vault solutions to safeguard sensitive data from unauthorized access. The need for secure storage and management of critical information has become paramount as data breaches continue to make headlines.
Stricter data protection regulations, such as GDPR and CCPA, have propelled the adoption of digital vaults. These solutions help organizations comply with regulatory requirements by providing mechanisms to store and handle personal and sensitive data securely, thereby avoiding hefty penalties. As businesses embrace hybrid and multi-cloud strategies, the demand for digital vault solutions that can seamlessly integrate with various cloud platforms and on-premises infrastructure is on the rise. This enables secure data access and sharing across diverse environments.
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The adoption of the Zero Trust security model is influencing the digital vault landscape. Organizations are implementing stricter access controls, strong authentication, and encryption to ensure that data remains protected even within their networks, assuming that no entity, whether internal or external, can be inherently trusted. Digital vault solutions are leveraging advanced encryption methods, including homomorphic encryption and tokenization, to protect data both at rest and in transit. These techniques allow data to remain encrypted while being processed, minimizing exposure and enhancing overall security.
While security remains a top priority, there’s a growing emphasis on providing a seamless user experience. Modern digital vault solutions are designed to offer easy and convenient access to authorized users, often through intuitive interfaces and mobile applications. Integrating digital vaults with IAM solutions enhances security by ensuring that only authorized individuals can access the vaulted data. This integration streamlines user provisioning, authentication, and access controls.
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The key players profiled in the digital vault market report include Keeper Security, Multicert, Hitachi Limited, Fiserv, Microfocus, Johnson Controls International PLC, CyberArk Software Ltd., Microsoft, IBM, and Oracle Corporation.
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