A digital vault is a secure online storage space where individuals or organizations can store their sensitive digital assets, such as important documents, passwords, financial information, and other types of confidential data. Digital vaults are designed to offer a higher level of security than traditional cloud storage solutions by using advanced encryption techniques and access controls to protect the stored information. Factors such as the rising digital transformation and the growing concerns over data privacy and security are expected to drive market growth. Moreover, the growing popularity of blockchain technology presents a significant growth opportunity for the market.
Companies are exploring the use of blockchain technology to create more secure and decentralized digital vaults. By using blockchain, digital vaults can leverage distributed ledger technology to provide tamper-proof storage and improve data security. Digital vaults are now being developed with built-in AI and machine learning capabilities to help users better organize and manage their digital assets. For example, AI can automatically categorize and tag documents, while machine learning algorithms can learn from user behavior to provide personalized recommendations and insights.
Digital vaults provide a secure and centralized platform for storing and managing important documents, such as contracts, legal agreements, financial records, and sensitive personal information. Users can access and manage their documents conveniently while ensuring they are protected from unauthorized access or tampering. Digital vaults can serve as password managers, allowing users to store and organize their login credentials for various online accounts securely. This eliminates the need to remember multiple passwords and reduces the risk of password-related security breaches.
By component, the market is segmented into solution and service. Digital vault solutions offer various benefits such as ease of access, privacy control, low cost, and enhanced security, among others. Online platforms that offer digital vaults ensure security measures comparable to those implemented by banks. These companies provide advanced encryption techniques to safeguard user data.
In February 2023, IBM Corporation and Cohesity, Inc. collaborated to address the growing need for enhanced data security and resilience in hybrid cloud environments. The partnership aims to combine data management, data protection, and cyber resilience abilities from both companies. As part of this collaboration, IBM is planning to launch the IBM Storage Defender solution, which will incorporate Cohesity's data protection technology. IBM Storage Defender is specifically designed to utilize artificial intelligence (AI) and event monitoring capabilities across various storage platforms, enabling organizations to gain a consolidated and unified perspective of their data layer.
By Deployment Type
By End Use
IT and Telecom
Hitachi Vantara LLC
CyberArk Software Ltd.
Keeper Security, Inc.
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