The emergence of advanced and connected systems is expected to provide opportunities for the digital vault market growth
The global digital vault market size is projected to reach nearly USD 1586 million by 2028. In addition, it is projected to gather a CAGR of above 12.5% over the forecast years 2020-2028. Digital vault (FSM) refers to the management of dynamic services such as vehicle tracking, workforce management, inventory management, and others. These services further comprise numerous small services such as scheduling, routing, accounting, ticketing, and many more. Therefore, managing and monitoring all these services require a huge amount of time as well as resources. Hence, industries are adopting digital vault solutions that help industries in delivering valuable onsite services through one unified solution.
The future and existing digital vault market progress are outlined to know the market attractiveness. Key influencing factors focus on the digital vault of market opportunities over the forecast years. Factors such as the increase in the adoption of mobility solutions are driving the market growth. Also, the increasing need to keep track of field activities is boosting the global digital vault market growth. However, the growing security concerns about data confidentiality are likely to hamper the market growth. Furthermore, the emergence of advanced and connected systems is anticipated to be an opportunity for the digital vault market.
The report also outlines the various characteristics of the global digital vault industry by assessing the market from value chain analysis. Moreover, the digital vault market report comprises various qualitative parts of the digital vault industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The digital vault market has solid competition amongst the already well-known and new market players. Also, the digital vault industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the service segment, the market is bifurcated into consulting, design & implementation, support & maintenance and managed services. In the year 2020, the consulting services segment gathered the major growth and it is likely to maintain its position during the forecast years. The market growth of this segment is primarily ascribed to the increasing demand of consulting services as it helps clients understand the need and implementation of solutions and it also provides services based on the understanding of client’s product portfolio and services.
Based on the industry vertical, the market is bifurcated into BFSI, government, IT & Telecomm, Real estate, defense and others. In the year 2020, the BFSI segment has the major market share as compared to other industry vertical in terms of digital vault adoption. As the BFSI sector has to deal with highly confidential data of their clients such bank account details thus the adoption is high as compared to other industry verticals.
The North America region is projected to hold the highest growth during the forecast years. The market growth in this region is mainly ascribed to the presence of developed economies (the US and Canada), which give it an upper hand over other regions in terms of adoption and usage of extremely secure platform for storing data gathered from crucial sources. The region is expected to provide immense growth opportunities for digital vault companies, due to the increasing demand for secured repository for long-term storage of critical information.
The major players of the global digital vault market are Johnson Controls, CyberArk, IBM, Oracle, Hitachi, Microfocus, Fiserv, Symantec, Microsoft, Multicert, Keeper Security, Accruit, DSwiss, Safe4 (UK), and TokenEx. The digital vault market comprises well established local as well as global players.
Segment Overview of Global digital vault Market
Service Overview, 2018-2028 (USD Million)
- Design & Implementation
- Support & Maintenance
- Managed Services
Enterprise Size Overview, 2018-2028 (USD Million)
- Large Enterprises
- Small & Medium Enterprises
Industry Vertical Overview, 2018-2028 (USD Million)
- IT & Telecommunication
- Real Estate
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America