A virtual data room (VDR) is an online repository of information that is used by companies to securely store and share critical and confidential corporate data.
PORTLAND, OR, UNITED STATE, December 9, 2023 /EINPresswire.com/: According to the report, the global virtual data room market garnered $1.3 billion in 2018 and is estimated to reach $3.63 billion by 2026, witnessing a CAGR of 13.7% from 2019 to 2026.
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The trends in the virtual data room market are characterized by a growing volume of business data resulting from numerous mergers and acquisitions by companies, as well as the implementation of various government-imposed data privacy regulations. Furthermore, the market’s growth is propelled by an increasing demand for intellectual property protection and enhanced risk management. On the flip side, the market’s progress is hindered by a range of cybersecurity issues in virtual data rooms. Conversely, a surge in adoption by small and medium-sized enterprises (SMEs) and increased investment by organizations in virtual data room technology solutions are anticipated to create substantial opportunities for market expansion in the future.
The increase in the need to store and transact a huge volume of data during mergers and acquisitions (M&A) in a secure manner and the surge in demand for venture capital drive the growth of the global virtual data room market. However, cyber security concerns and the scarcity of skilled workers hinder market growth. On the other hand, an increase in adoption among SMEs would create new opportunities in the next few years.
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Based on deployment type, the on-premise segment accounted for the highest market share of the global virtual data room market, contributing nearly three-fifths of the total share in 2018, and is expected to maintain its highest contribution by 2026. This is attributed to the improved security features offered by the on-premise model. However, the cloud segment would register the highest CAGR of 15.4% from 2019 to 2026, owing to the convenience and flexibility provided by the cloud.
With the ongoing increase in data volume and the proliferation of data sources, organizations have shifted their focus toward efficiently organizing and securely storing this data. Virtual data rooms have evolved with advanced capabilities, including robust access security, document protection, and user-friendly interfaces, making them powerful platforms for seamless management of merger and acquisition (M&A) activities. The utility of virtual data rooms extends beyond due diligence processes and now encompasses the entire deal cycle. Additionally, virtual data room providers employ robust encryption techniques, such as 256-bit and 512-bit encryption, to safeguard the confidential data of their clients.
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Based on region, North America contributed to the largest share in terms of revenue in 2018, holding nearly two-fifths of the global virtual data room market, and is expected to continue its dominant share during the forecast period. This is due to a rise in cyberattacks, financial theft, and data theft. However, Asia-Pacific is expected to maintain the highest CAGR of 16.1% from 2019 to 2026, owing to an increase in IT outlays among enterprises in developing economies such as China and India.
As a result, the BFSI (Banking, Financial Services, and Insurance) sector leverages these advantages for their day-to-day business operations, utilizing virtual data rooms as corporate repositories and collaboration platforms, thereby driving market growth. Furthermore, the pivotal functionalities offered by virtual data rooms, including granular access control for various stakeholders, document editing capabilities, efficient search functions, and intelligent file indexing, are fueling the demand for these solutions and significantly contributing to market expansion.
Based on component, the solution segment contributed to nearly three-fourths of the total share of the global virtual data room market in 2018 and is estimated to maintain its lead position during the forecast period. This is attributed to solutions being cheaper and faster to deploy. However, the service segment would witness the highest CAGR of 16.0% from 2019 to 2026, owing to the surge in demand for various services, including managed services and professional services.
Leading market players
➢ Tibco
➢ Adobe
➢ Cisco
➢ Oracle
➢ SAS Institute
➢ Teradata
➢ Tableau
➢ Sisense
➢ SAP SE
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