The
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. The need to streamline the document sharing
process during numerous business deals is the key factor driving the virtual
data room market. Business operations are getting complex with the rapidly
growing customer and enterprise data, coupled with the dynamic market
landscape. Furthermore, constant advancements in technology may result in
various data related threats, such as cyber-attacks and internal data breaches,
which are some of the major concerns encouraging enterprises to safeguard their
data while sharing with other parties.
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In
terms of industry verticals, the retail and eCommerce vertical is expected to
hold the largest market share throughout the forecast period. More of the
brick-and mortar retailers are increasingly using virtual data rooms to acquire
e-tailers to expand their businesses through omnichannel network. Moreover, the
retail industry, including office supply stores, dollar and variety stores,
women clothing stores, hobby and toy stores have been leading in merger and
acquisition activities. This is expected to have massive adoption of virtual data
rooms. Need for solutions which would help organizations to minimize frauds and
streamline the data sharing process during the mergers and acquisitions, joint
ventures, fund raising, and other business deals, are the major reasons for the
increasing adoption of virtual data room solutions. Moreover, the increasing
adoption of the cloud is also driving the adoption of virtual data room
solutions.
The
workforce management business function aims at managing the business deals
pertaining to workforce. The market for workforce management is expected to
grow at a higher CAGR during the forecast period. Growth can be attributed to
the rising business deals with third parties, outsourcing workforce management,
and decreasing the risk of data breaching.
North America is expected to
continue its dominance during the forecast period. This can be attributed to
the developed economies such as Canada and US which are emphasizing over
innovating the existing solutions. North America contributes a major share in
rising mergers and acquisitions, joint ventures, fundraising, and other
business deals. Hence, data security and secured sharing solutions are in great
demand in this region. On the other hand, Asia Pacific (APAC) is expected to
grow at the highest CAGR during the forecast period. The rapid expansion of
domestic enterprises as well as the higher development of infrastructure are
expected to drive the growth of the virtual data room market in APAC.
Major
vendors offering virtual data roomsolutions and services include 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). These players have
incorporated various strategies to expand their global presence, thus
increasing their market shares. The strategic partnership, mergers and
acquisitions, product upgrades, and expansions are some of the major strategies
embraced by these players.
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