The global virtual data room market was valued at USD 702.19 Million in 2020, and it is expected to reach a value of USD 1,851.09 Million by 2027, at a CAGR of 14.85% over the forecast period (2020 - 2027).
The virtual data room works as a repository for data storage that is hosted online and used for sharing information over a secured network, which is confidential and critical and cannot be shared with a third party. The rapidly growing data consumption and traffic in the data management establishments, such as data centers that are not designed to perform secure transactions, is a great factor driving the demand for virtual data room. Increasing use of a virtual data room is becoming popular because authorized users have been granted access to the information that is stored electronically on the server.
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Top Players Company Profiles
- Brainloop AG (Germany)
- CapLinked, Inc. (US)
- Citrix Systems, Inc. (US)
- Drooms GmbH(Germany)
- EthosData (UK)
- Firmex Inc. (Canada)
- Intralinks, Inc. (US)
- Merrill Corporation (US)
- ShareVault (US)
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Global Virtual Data Room Market Segmental Analysis
The global virtual data room market is segmented based on By Enterprise, Based on Deployment Mode, By Function, Based on Industry and region. Based on Enterprise it is categorized into: Large and SME. Based on Deployment Mode it is categorized into: On-Premises and Cloud. By Function market is categorized into Marketing Sales, Legal, Finance and Workforce Management. Based on Industry market is segmented BFSI, Retail And E-Commerce, Government, Healthcare And Life Sciences, IT Telecommunications, Real Estate, Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis By Enterprise
In the Enterprise segment, the large enterprise segment contributed a market share of more than 65% in 2020. The increasing adoption of virtual data rooms among large enterprises such as banks, healthcare organizations, large investment firms, and legal agencies fuelling the market. This is attributed to the usage of these solutions has been helping these firms to securely store and transfer legal and private data to their clients and partners. Additionally, the need of exchange secret files among board directors and higher authorities is accounted to accelerate the demand for virtual data room solutions over the coming forecasted period.
Analysis By Deployment Mode
Based on Deployment Type, the market is segmented into on-premises and cloud-based and the cloud-based segment contributed the largest market share with 67% of the global revenue share in 2020. The growth is attributed due to Small and Medium Enterprises (SMEs) preferring cloud-based solutions owing to the low cost benefits over on-premise solutions. Apart from this, the main benefit of cloud-based solutions is accessibility from anywhere around the globe. However, the requirement of storing and managing secret documents and reducing the cyber threat concerns increases the demand for on-premise solutions.
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