The digital vaults market is anticipated to grow significantly, reaching a value of $3.24 billion by 2031, with a compound annual growth rate (CAGR) of 15.1% from 2024 to 2031. This growth is primarily fueled by the escalating regulations and legislation surrounding data protection, the heightened necessity to safeguard data produced by connected devices, and the rising incidence of data breaches. Despite these drivers, the market faces challenges, particularly due to a lack of awareness among enterprises regarding data security, which may hinder its expansion.
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