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(IT-NEWSWIRE.COM, July 16, 2018 ) The global virtual data room market size is expected to grow from USD 949.2 Million in 2017 to USD 1,895.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period. Increasing business expansions, mergers and acquisitions, joint ventures, and other similar activities are some of the key factors fueling the growth of market.
The report provides detailed insights into the global virtual data room market, which is segmented by business functions, components, deployment types, organization size, industry verticals, and regions. In the business functions, finance is expected to hold the largest market share during the forecast period. With the rapid generation of large volumes of data, companies are concerned about the protection and security of their data during a business deal. Also, the virtual data room plays an important role in managing the compliance under the legal business function. The legal data is most sensitive data and needs to ensure high security. Hence, organizations are focusing in enhancing their software and services that assist companies with secured data sharing, while undergoing a business deal. Virtual data room enables companies to gain a competitive advantage in the market.
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The rapid adoption can be observed among Small and Medium-sized Enterprises (SMEs), however large enterprises are expected to continue their dominating position during the forecast period. With an increasing focus on geographic expansion and business improvements, SMEs often intend to collaborate with global players. It is the major factor driving the high adoption by the SMEs.
The telecom and IT is expected to hold the largest market share and lead the market during the forecast period. This rise can be attributed to the growing number of devices and dependency on data to sustain in the competitive market. With the expanding highly competitive market, the telecom operators are under pressure to retain their existing customers and are concentrating over collaborative activities to strengthen and serve their customers in a better manner.
The report covers all the major aspects of the virtual data room market and provides an in-depth analysis for major countries across North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. North America, owing to the early adoption of new and emerging technologies, coupled with expanding data, is expected to continue to dominate the virtual data room market during the forecast period. APAC is expected to grow at the highest CAGR during the forecast period, owing to the growing data and increasing number of mergers and acquisitions in the region.
Cyber security issues along with the security of data and data integration are some of the major challenges faced by the virtual data room users. Security needs to be enhanced to facilitate the adoption of virtual data room solutions worldwide.
The virtual data room ecosystem comprises vendors, such as Citrix (US), Intralinks (US), iDeals Solutions (US), Firmex (Canada), Merrill (US), Drooms (Germany), EthosData (UK), SecureDocs (US), Brainloop (Germany), Ansarada (Australia), SmartRoom (US), and CapLinked (US). Other stakeholders of the virtual data room market include managed service providers, third-party providers, and technology providers.
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