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Virtual Data Room Market Analysis, Market Size, Leading Players, Share And Forecast To 2033
Virtual Data Room Market
The virtual data room market size is expected to see rapid growth in the next few years. It will grow to $5.01 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to demand for hybrid and on-premises solutions, customization and personalization trends, shift towards virtual deal rooms, increasing cybersecurity threats. Major trends in the forecast period include mobile accessibility and collaboration features, customization and user-friendly interfaces, real-time monitoring and reporting, cloud-based virtual data rooms, focus on user training and support services, green data rooms and sustainability practices..
Market Overview -
The virtual data rooms are web-based solutions that provide advanced features such as tracking features, multiple-factor authentication, Q&A tool, and watermarking. These provide secured and specialized management to the organizations. It is used for sharing, and storing confidential data.
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Rapid Digitization Fuels Growth Of Virtual Data Room Market
Rapid digitization is expected to propel the growth of the virtual data room market going forward. Digitization is referred to as creating a digital representation of physical attributes. Virtual data rooms are useful in the digitalization of businesses as they have the highest security score and provide data encryption along with creating centralized data for easy access. For instance, according to NASSCOM's (National Association of Software & Services Companies) strategic review, in 2021, India's technology sector reached $194 billion estimating a 2.3% YoY increase on the back of rapid digital transformation and adoption in the country. NASSCOM is also noticed that the country's digital talent pool exceeded 1.17 million employees in 2021, with a 32% YoY surge. Therefore, rapid digitization drives the virtual data room market growth.
Competitive Landscape -
Major companies operating in the virtual data room market report are Ansarada Group Limited, BMC Group Inc., Caplinked Inc., Citrix Systems Inc., DealRoom Inc., Donnelley Financial Solutions Inc., EthosData Virtual Data Room Services, Vault Rooms Inc., FORDATA sp. z o. o., HighQ Solutions Limited, ideals Solutions Group S. A., Intralinks Holdings Inc., SecureDocs Inc., ShareVault Corporation, D Rooms Inc., Box Inc., Cryptacomm LLC, Datasite Diligence Holdings, Digify Inc., DocRAID Inc., DocSend Inc., Firmex Inc., Google LLC, Intralinks Holdings Inc., Onehub Inc., ownCloud GmbH, Projectfusion Limited, Syncplicity LLC, Tresorit AG, Zoho Corporation Pvt. Ltd.
Blockchain Technology Enhances Security In Virtual Data Rooms And Central Bank Digital Currencies
Blockchain-based technologies are a key trend gaining popularity in virtual data room market. Blockchain plays their crucial role in cryptocurrency systems such as Bitcoin, for maintaining a secure and decentralized record of transactions. Blockchain technology guarantees to transfer of all the digital assets in a non-modified and permanent way and significantly improve the security of the virtual data room. For instance, according to the data by International Monetary Fund (IMF), a US-based financial institution, in November 2021, the Central Bank of Nigeria (CBN) launched the 'eNaira', a central bank digital currency (CB*DC) operating with a blockchain technology. eNaira can be stored in digital wallets and also can be used for the payment transactions and it can be transferred digitally with an eNaira wallet.
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Key Segments -
The virtual data room market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment Type: Cloud Based, On Premise
3) By Organization Size: Small- and Medium-scale Organizations, Large Organizations
4) By Vertical: BFSI, Healthcare and Life Sciences, Government and Legal and Compliance Agencies, Real Estate, Industrial, Energy and Utility, Other Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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