Japan, Japan, Wed, 16 Mar 2022 05:07:19 / Comserve Inc. / — Digital Vault Market offers an overview of major companies encompassing their successful marketing strategies, market contribution, recent developments in historical and current contexts .
The digital safe market is expected to register an estimated CAGR of 12% during the forecast period. Digital storage allows organizations and businesses to send copies of important data offsite to protect against theft, hardware failure, and other threats.
– An example of this is the adoption of the Digital Vault by the Montana Historical Society (MHS), which provides MHS with a platform that organizes and provides context for photographs, maps, letters, journals, articles and other types of resources.
– The growing number of IoT connections has resulted in the generation of a huge amount of multiple data formats that need to be stored securely to protect them from threats and theft.
– HIPAA Journal said one of the largest data breaches occurred at AccuDoc Solutions, affecting 2.65 million people. The incident was later deemed a hacking incident. Such incidents underscore the need for digital safes to protect businesses and drive demand.
– Various government initiatives to digitally empower citizens, minimize physical document processing, provide authentic documents to minimize fraud and tampering, reduce government administrative overhead and access to data at any time and in any location are other fundamental factors for driving the digital safe market.
Digital safes provide companies and businesses with a secure and encrypted online storage solution that allows them to securely manage, share or deliver files. Digital safes are segmented based on the type of solutions and services. Numerical values have found applications in the fields of banking and finance, telecommunications, government sectors and are deployed on the basis of two types viz. on-premises and cloud-based.
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Main market trends
Cloud-based digital safes to register significant growth
– Cloud-based digital safes allow end users to store required information on vendor’s servers, remotely accessible anywhere and anytime, reducing the cost factor of on-site maintenance.
– Cloud-based digital safes save a lot of upfront costs and IT expenses compared to on-premises digital safes which require hardware and software integration resulting in increased IT expenses.
– Digital Locker is an initiative of the Department of Electronics and Information Technology (DEITY) of the Ministry of Communications and Informatics, Government of India which offers its citizens 10MB of free online storage space to store important documents and certificates electronically in different formats that can be shared by email if necessary.
– Rising number of data breaches is expected to drive businesses to opt for digital safe which will in turn drive the market demand over the forecast period.
With the adoption of the GDPR, Europe is expected to experience significant growth
– The increase in digitization and the need for data privacy has resulted in the storage of all important documents and passwords in a secure digital format, such as in safes or digital lockers.
– On May 25, 2018, the European Union implemented the General Data Protection Regulation (GDPR) which sets out guidelines and responsibilities for institutions doing business with European citizens to ensure the security of consumer data. Such government initiatives are expected to stimulate the market positively.
– The European Commission’s online platform, Digital Single Market is a kind of digital vault that gave access to citizens and cultural and creative industries (CCI) to more than 53 million items including images, text, sound, video and 3D material from the collections of over 3700 libraries, archives, museums, galleries and audiovisual collections across Europe.
The digital safe market is highly competitive owing to the presence of several major players such as Hitachi Ltd., Johnson Controls, Oracle, and many others. The continuous innovations made by these players in their products have enabled them to gain a competitive advantage over other players in the market. Significant investments in research and development activities, strategic partnerships, and mergers and acquisitions in the digital safe market have enabled the companies to increase their profitability and market share.
– January 2019 – Switzerland Vontobel Bank created Digital Asset Vault for the cryptocurrency community, as part of a move that would allow financial institutions to connect with the bank and offer customers an end-to-end integrated solution bout by issuing instructions for the safe purchase, custody and transfer of digital assets, similar to traditional asset classes.
– January 2017 – IBM acquired the Agile 3 solution, a software provider used to visualize, manage risks related to the protection of sensitive data.
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1.1 Study deliverables
1.2 Assumptions of the study
1.3 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Threat of new entrants
4.2.2 Bargaining power of buyers/consumers
4.2.3 Bargaining power of suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of competitive rivalry
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Concerns about data privacy and secure file sharing
4.4.2 Processing of data generated via connected devices
4.5 Market Constraints
4.5.1 Using the physical safe
4.6 Industry Value Chain Analysis
5 MARKET SEGMENTATION
5.1 By deployment
5.2 By type
5.3 By end user
5.3.2 IT & Telecommunications
5.3.4 Other end users
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Johnson Controls International PLC
6.1.2 CyberArk Software Ltd.
6.1.3 Accruit, LLC
6.1.5 Oracle Corporation
6.1.6 Security of the holder
6.1.8 Hitachi Limited
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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