The Europe Digital Vault Market would witness market growth of 13.9% CAGR during the forecast period (2022-2028).
It is anticipated that the outstanding prospects that would result from the prevention of data breaches will be generated by digital vault's central role in the process. In recent years, there has been an increase in the frequency of data breaches, in which hackers steal sensitive information like social security numbers, credit card numbers, and even data pertaining to health.
Since digital vaults are more secure than spreadsheets and other online tools, they provide a more comprehensive solution than password managers do. As a result, digital vaults are a more comprehensive solution than password managers. Because they are protected by robust encryption and protocols, digital vaults provide an exceptionally high level of safety for the information they store, making it exceedingly impossible for unauthorized individuals to get that information.
In addition, since it is a cloud-based solution, digital vaults are structured in such a way that it is far simpler to guarantee that all of the information is both safe and up to date. It is projected that the market share will increase over the next few years as a result of these reasons.
Over the course of the time covered by this estimate, several advancements made by a number of banks and start-ups located in the European area are anticipated to generate chances for the digital vault market in that region. For example, Magyar Bank holding inked a contract with Thought Machine in February 2022 to construct a new digital bank. Foundation is the name of a new company that was recently founded by Magyar Bank holding. This new subsidiary has been given the responsibility of creating a cutting-edge digital bank that will provide retail clients with options for loans, savings, and payments. The firm will rely heavily on the vault as its primary piece of financial infrastructure. This supports the growth of the regional market.
The Germany market dominated the Europe Digital Vault Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $113.1 million by 2028. The UK market is experiencing a CAGR of 13% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 14.7% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on End Use, the market is segmented into BFSI, Healthcare, Manufacturing, Government, IT & Telecom, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Digital Vault Market will Hit $1.7 Billion by 2028, at a CAGR of 14.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, CyberArk Software Ltd., IBM Corporation, Oracle Corporation, Hitachi, Ltd., Micro Focus International PLC, Fiserv, Inc., Broadcom, Inc. (Symantec Corporation), Microsoft Corporation, and TokenEx, Inc.
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