According to a new market research report “Virtual Data Room Market by Business Function (Marketing and Sales, Legal, Finance, and Workforce Management), Component (Software and Services), Deployment Mode, Organization Size, Industry Vertical, and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the global market size projected to grow from USD 1.4 billion in 2020 to USD 2.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period.
The major factors driving the growth of the virtual data room market includes increasing volumes of business data due to complexities arising from mergers and acquisitions activities and rising need for intellectual property and risk management.
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Based on organization size, the large enterprises segment to hold a larger market size during the forecast period
Large enterprises are defined as business entities with more than 1,000 employees. Large enterprises across industry verticals are at the forefront in adopting virtual data room solutions, due to the increasing business transactions. As enterprises grow in size, the business deals such as fundraising, IPOs, joint ventures, and merger and acquisition activities also grow, thus increasing the adoption rate of virtual data room solutions. Large organizations need to adhere to stringent compliance regulations, such as General Data Protection Regulation (GDPR) and other banking-related regulations that include Basel III, Dodd-Frank Wall Street Reform, and Consumer Protection Act. These regulations help organizations in maintaining high security while sharing business data with the clients and parties involved in business deal.
Based on business function, the marketing and sales segment to grow at the highest CAGR during the forecast period
The marketing and sales business function is growing rapidly, owing to the increasing digitalization. This business function is critical to any organization that requires support and information from different departments, which can be instrumental in converting leads successfully. Marketing and sales teams are always on the lookout for new technologies to outperform their competitors. These teams need to share private data with various associated external parties, such as client partners, resellers, and distributors. Therefore, to ensure the security and sensitivity of the shared data, they adopt virtual data room solutions that would also help them conduct private meetings and discuss business deals. The advancements in technologies and developing infrastructure would lead to advancements in virtual data room solutions in the coming years. This would result in faster business processes.
Among regions, North America to hold the largest market size during the forecast period
Owing to the rapid growth in technological innovations and the increased use of the internet, the US virtual data room market is expected to dominate the overall North American region. The US is one of the most developed countries, which is inclined toward innovation. The country has the infrastructure, innovation, and initiatives necessary for the evolution of the virtual data room market. It dominates most of the virtual data room market. The US government also provides support by promoting an ideal environment for research and innovation; this has led developers to invest aggressively in new solutions that effectively integrate the functionalities of various established tools.
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These solutions offers more flexible, scaleable and cheaper data storage solutions than traditional data warehousing solutions, along with offering improved analytics capacity. Many virtual data room solution providers in North America are experimenting in the market by integrating advanced big data and analytics technologies with their existing virtual data room solutions. They are also adopting various growth strategies to strengthen their position in the overall market. Major vendors in the virtual data room market profiled in this study are Citrix (US), Intralinks (US), Firmex (Canada), Datasite (US), iDeals Solutions (US), Drooms (Germany), EthosData (UK), SecureDocs (US), Brainloop (Germany), Ansarada (Australia), SmartRoom (US), CapLinked (US), Vault Rooms (US), Vitrium Systems (Canada), Onehub (US), ShareVault (US), HighQ (UK), DFIN (US), FORDATA (Poland), and Digify (Singapore).
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