Virtual data room solutions enable organizations to store crucial and sensitive information which is majorly used during business deals for sharing and distributing documents. Additionally, virtual data rooms are used to maintain the financial transaction data, and have successfully replaced the physical data rooms.
MarketsandMarkets forecasts the global virtual data room market to grow to USD 1,895.0 million by 2022, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period (2017–2022). The major growth drivers of the virtual data room market include increasing volumes of business data due to complexities arising from merger and acquisition activities.
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Many organizations across various sectors have been utilizing virtual data room to ensure the secured data sharing and storage during the business deals. The increasing need for intellectual property and risk management is one of the major factors driving the virtual data room market over the cloud, also with developments made in the General Data Protection Regulation (GDPR) and other data protection laws are expected to attract new customers in the coming years. Owing to the increased outsourcing due to flexible government taxation policies in various countries, organizations need secured solutions to ensure the protection of sensitive data while sharing with participants of the business deals.
Major business functions of the virtual data room market include marketing and sales, legal, finance, and workforce management. Workforce management is expected to grow at the highest CAGR during 2017–2022. Virtual data room solutions are used widely by major industries globally, such as Banking, Financial Services, and Insurance (BFSI); retail and eCommerce; government; healthcare and life sciences; telecommunications and Information Technology (IT); real estate; and others (media and utilities) for various business needs. The retail and eCommerce vertical is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potentials, and market forecasts on the basis of business functions, components, deployment types, organization sizes, and verticals. The market is witnessing a rapid growth in various emerging countries across Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is expected to hold the largest market share over the next 5 years, followed by Europe. APAC is expected to be the fastest-growing region in the virtual data room market during the forecast period. Globally, the adoption of virtual data room is growing, due to the rapidly increasing amount of business-critical data and an increasing number of SMEs in the APAC region. Companies such as Citrix (US), Intralinks (US), iDeals Solutions (US), Firmex (Canada), Merrill (US), and Drooms (Germany) offer competitive product portfolios across these regions.Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=74439915