USD 1.58 billion
Report ID: SQMG45J2005 | Region: Global | Published Date: November, 2022 | Pages: 165
The Global Virtual Data Room Market is valued at USD 1.58 billion in 2021, and it is anticipated to attain a value of USD 3.76 billion by 2028, at a CAGR of 13.20% over the forecast period (2022-2028).
A virtual data room is a great way to keep business organized and protected. It is majorly preferred by the companies that process large amounts of data. It helps to keep the data secure and organized, so that it can be accessed quickly and easily. It also helps to prevent data loss. From the last few years, virtual data rooms have been witnessing strong demand among companies that need to store confidential information. 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 third party.
Most of the legal data is secret and sensitive, and hence, required high security. Thus, businesses are focusing on more secured data-sharing technologies. Over the past few years, the virtual data room market has experienced a significant growth due to its adoption across various enterprises for risk management and need to secure intellectual property.
Global Market Size
USD 1.58 billion
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Global virtual data room market is segmented based on by enterprise, deployment mode, function, 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, the market is segmented into marketing & sales, legal, finance and workforce management. By Industry, the virtual data room market is segmented BFSI, retail, and e-commerce, government, healthcare and life sciences, IT & telecommunications, real estate, and others. Based on region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis By Enterprise
Large enterprises held around 65% share of the global virtual data room market in 2021. Wherein, banks, healthcare organizations, large investment firms, and legal agencies were the key contributors to the market revenue. Large enterprises are increasingly turning to virtual data rooms to help them manage their data.
There are a number of reasons for this, and the benefits of using a virtual data room are clear. First, it creates a single location where all the data from across the organization can be accessed. This allows teams to work together more productively, as they can access the data, they need without having to travel to separate locations. Second, it eliminates the need for physical copies of the data. This means that there is less storage space required, and it also reduces the risk of data loss. Finally, it lowers IT costs as virtual data rooms can be run on a cost-effective basis. All these factors are further encouraging the large enterprise to opt for solution. Thus, global virtual data room market is projected to enjoy higher market revenue coming from large enterprises in the years to come.
Analysis By Deployment Mode
By deployment type, the market is segmented into on-premises and cloud-based. The cloud-based segment is the leading contributor to the virtual data room market and it held around 67% market share 2021. 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. Small businesses are increasingly turning to cloud-based virtual data rooms to improve their efficiency and communication. Virtual data rooms allow businesses to share information and documents with other employees without having to leave the comfort of their own office. They also allow businesses to collaborate on projects without having to leave their desk.
Analysis By Function
By functions, the finance segment dominated the virtual data room market with a market share of more than 35% in 2021. Financial institutes have confidential data and people have trust in the transaction they made. Apart from these, exchanging confidential documents for mergers and acquisitions, equity sell/ purchase, managing non-performing loans, and bankruptcy and restructuring, among others. With the increasing changing data policy, many organizations are aggressively implementing secured solutions. After the financial function, legal agencies have a large volume of sensitive information related to multiple high-end clients. Therefore, they required a robust solution to keep this data in an organized and secure manner and accounting for a healthy market share.
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The global virtual data room market is expected to grow rapidly in the next few years. This is because the growth of the digital world has led to an increase in the use of virtual data rooms. North America has already taken the lead in this market, and this dominance is expected to continue in the future. North America dominates the global virtual data room market, owing to the presence of key players such as IBM, Oracle, Microsoft, and Symantec in this region. These companies have been able to adopt virtual data rooms as a key part of their business strategies. Other factors that are contributing to the growth of the global virtual data room market include the increasing adoption of cloud-based solutions and the growing need for collaboration among employees.
Asia Pacific is estimated to witness the highest market growth during the forecast period. The region has been witnessing a considerable rise in the number of start-ups and merger & acquisition activities across developing countries such as China, Japan, and India. Wherein, the requirement for safe solutions to transfer crucial documents and information across organizations fueling the virtual data room market growth in the region.
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Global virtual data room market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our virtual data room market analysis, current attempts to construct a virtual data room are centered on the peaceful co-existence of stakeholders of all sizes, promote decentralized division of power, and hasten the transition to web 3.0. The promise of the virtual data room is based on the disruption of existing technologies and the integration of multiple platforms for value creation in a virtual universe of possible applications spanning work, entertainment, financing, trade and exchange of services, virtual travel, gaming, and digital engagements in an immersive self-sustaining ecosystem powered by digital currencies and enabling edge computing.
|Market size value in 2021||USD 1.58 billion|
|Market size value in 2028||USD 3.76 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Virtual Data Room Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Virtual Data Room Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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