A virtual data room (VDR), also known as deal room is an online database or cloud storage used by organizations to store and transfer data virtually. The use of virtual data room services are increasing globally due to the rising demand and adoption of remote accessibility for data. The virtual data room or virtual deal rooms works on a concept where data is stored on a virtual database. Only authorized users are allowed to access the virtual data room information, which is stored electronically on the server. Most organizations store data on virtual data rooms across different domains such as marketing and sales, legal, finance, and workforce management. Mainly finance departments generate and transfer large volume of data due to which companies prefer virtual data rooms for storing the data. The telecom and IT sector is also expected to creating huge volume of data, due to the rise in demand and adoption of mobile phones, laptops, and wearable devices.
The virtual data room has replaced traditional physical data room services; further they help in reducing the cost and increasing efficiency and security. The virtual data room enables authorized organizations to view information related to their business operations in a controlled environment, helping organizations to supervise physical data rooms in a secure premises with controlled access. In traditional physical data rooms, only one person can access the data room; however, virtual data rooms overcome the drawbacks of physical data rooms and provide other features such as controlling, viewing, copying, and printing. The major growth driver for the virtual data rooms (VDR) market is increase in the number of organizations, and volume of increase in data and cloud services. Furthermore, the growing demand for risk management, need for intellectual property, and adoption of cloud based technologies by large, medium, and small enterprises are also growth drivers. In a growing competitive market, organizations are under pressure to serve their existing customers better; therefore, the virtual data rooms market is projected to help organizations to store huge amount of data, maintaining variability of data. In addition, it allows access to data with higher velocity, and helps organizations to strengthen and serve their customers in a better manner. However, with the increasing use of virtual data rooms, data breach is the major restraining factor for the growth of the virtual deal rooms market. In addition, cyber security, and increasing volume of data due to mergers and acquisitions and data integration are also need to be enhanced for the adoption of virtual data room solutions world-wide which is expected to limit the adoption of virtual data rooms over the short-term period.
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The virtual deal rooms (virtual data rooms) (VDR) market can be segmented in terms of component enterprise size, industry, and region. On the basis of component, the virtual data rooms (VDR) market can be bifurcated into software and services. Among these segments, the software segment can be sub-segmented into on-premise and cloud, whereas services can be sub-segmented into consulting, and support and maintenance. Based on enterprise size, the virtual data rooms market can be segmented into small, medium, and large enterprises. In terms of industry, the market can be segregated into BFSI, retail, telecommunications and IT, aerospace and defense, healthcare, and others (media and entertainment, e-commerce, travel and hospitality). Based on region, the global virtual data rooms market can be divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa.
North America and South America markets are expected to see rise in adoption of virtual data rooms or virtual deal rooms due to their growth in fund raising, and increasing number of mergers and acquisitions and joint ventures. Asia Pacific region is expected to offer a strong potential for the VDR or deal rooms market due to increasing disposable income, changing economies, rapid urbanization, and increasing demand for electronics products.
Some of the key players operating in the virtual data rooms market are Ansarada Pty Limited, Drooms, Citrix Systems, Inc, SecureDocs, Inc., EthosData, Intralinks, Inc., iDeals Solutions Group, Brainloop AG, Firmex Inc., BMC Group, Inc. and Merrill Corporation.
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