The new report by Expert Market Research titled, ‘Global Virtual Data Room Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global virtual data room market, assessing the market based on its segments like type, organisation size, business function, end user industry, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 691.48 Million
- Forecast CAGR (2023-2028): 15.11%
- Forecast Market Size (2026): USD 1,608.73 Million
The global market for virtual data room is primarily being driven by the rising dependency on digital methods to streamline business operations. Virtual data rooms are highly secure store houses for critical and sensitive business information which is a key driving factor of these services. In addition to this, the virtual data rooms further allow users to access data with the speed of a click, ensuring fast operations. Furthermore, the online database allows admins to monitor access to the data room, thus ensuring confidentiality by using authentication services like passwords or biometric systems driven by incorporation of Artificial Intelligence (AI) into virtual data rooms.
Industry Definition and Segmentation
Virtual data rooms are innovative, online software intended for the secure sharing and storage of documents during various operations. A VDR allows multiple parties to share and encrypted web connection.
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On the basis of type, the market can be divided into
- Software
- Services
Based on organisation size, the market can be divided into:
- Small and Medium Scale Organisations
- Large Organisations
The market, based on business function, can be categorised into:
- Legal and Compliance
- Financial Management
- Intellectual Property Management
- Sales and Marketing
- Others
On the basis of end-user industry, the market can be bifurcated into:
- BFSI
- IT and Telecommunication
- Healthcare
- Government and Legal Services
- Others
The regional markets for the product include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The growth in the global market for virtual data room can be attributed to the deployment of advanced services by small and medium scale enterprises. Online data rooms are designed to store and manage information with enhanced security. In addition to this, a virtual data room significantly aids in cutting costs related to stapling, printing, copying, and storing, as a result of which, the staff can employ their time into business operations and boost productivity. Moreover, rapid digitisation and the emergence of new business models are promoting M&A activities leading to an invigorated demand for secure, on-demand, and cost-effective medium for data transmission and storage, thereby furthering the market growth of virtual data rooms.
Key Market Players
The major players in the market are Vault Rooms, Inc., Pandesa Corporation, Drooms GmbH, Citrix Systems, Inc., EthosData, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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