The global market for virtual data rooms was estimated at US$ 1,050.0 Million during 2017 and is likely to record a 12.3% CAGR over the forecast period 2026. The growing requirement for secure & easy ways for the critical data storage and the rising requirement for efficient & transparent data-sharing options are amid the prominent aspects fuelling the market for virtual data rooms.
Major companies are launching technologically sophisticated virtual data room solutions for secure and centralized data storage. Regions, for example, SEA & Others of APAC, are foreseeing a fast transformation in their economies in addition to a change from rural to urban areas. The SEA & others of APAC regional markets are anticipated to reflect comparatively higher growth in the worldwide market with a 16.8% CAGR during the assessment period. The market revenue share from the virtual data rooms in Europe and North America is likely to together account for more than 50% of the worldwide market revenue during 2018. Suppliers of virtual data room could concentrate on growing all over various nations in Latin America, MEA and China.
The rising requirement for secure & easy ways for critical data storage as well as the rising requirement for efficient & transparent data sharing choices is amid the major aspects fuelling the market for virtual data rooms. Although, lack of knowledge & skills and danger of security breach are a few of the prominent challenges which will impede the expansion of the overall market.
In terms of the components, the overall market is categorized into services and software. The software component category is likely to grow at a 12.9% CAGR throughout the assessment period. The services component category is likely to record an 11.2% CAGR throughout the period of forecast. In terms of the enterprise type, the overall market is categorized into small & medium enterprises and large enterprises. The large enterprises component category is likely to grow at an 11.9% CAGR for the duration of the forecast.
In terms of the deployment, the market is categorized into on-premise and cloud. The cloud deployment category is likely to grow at a 12.3% CAGR throughout the assessment period. In terms of the end-user, the market is categorized into ITES, law firms, BFSI, healthcare & life science, real-estate companies, management consultants, mining & energy and others. Of these sectors, the revenue contribution in the market for virtual data rooms from the BFSI sector is likely to grow at an 11.5% CAGR all through the calculated period.
The foremost companies active in the worldwide market are BMC Group, Inc., Intralinks Holdings, Inc., Donnelley Financial Solutions, iDeals Solutions Group S.A., Brainloop AG, Ansarada Pty Limited, Box, Inc., Firmex Inc., CapLinked, Inc., Merrill Corporation and others.