PUNE, India, February 9, 2018 /PRNewswire/ --
According to a new market research report "Virtual Data Room Market by Business Function (Marketing & Sales, Legal, Finance, Workforce Management), Component (Software and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, 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.
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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.
The retail and eCommerce is expected to grow at the highest CAGR during the forecast period
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.
Workforce management business function is expected to grow at the highest CAGR during the forecast period
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 hold the largest market share; APAC to grow at the highest CAGR during the forecast period
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 room solutions 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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