According to the research report titled ‘Global Virtual Data Room Market Size study, by Component (Solutions and Services), Deployment type (Cloud-based, and On-premise), Enterprise Size (Large Enterprises and SMEs), Business Function (Marketing and Sales, Legal and Compliance, Finance, and Workforce Management), Vertical (BFSI, Corporates, Healthcare and Life Sciences, Government and Legal and Compliance Agencies, Real Estate, Industrial, Energy & Utility, and Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global virtual data room market was evaluated at USD 1.71 billion in 2020 and is speculated to accrue USD 4.52 billion by 2027, growing at 14.9% CAGR between 2021-2027.
 

Increasing amount of data generation, coupled with surging demand for risk & data management solutions are key factors fueling global virtual data room industry expansion. Moreover, growing digitization, and rising number of organizations will aid market outlook. 
 

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For the unaware, virtual data room is a centralized storage system which is primarily used to store and transfer data virtually. It is commonly used by companies to exchange confidential data safely. This data can then be accessed from anywhere through a secured network.
 

Higher efficiency & security provided by virtual data rooms, along with their easy accessibility are also contributing to the revenue inflow. The report cites that adoption of virtual data rooms helps in decreasing the cost of data storage for a company in the long run.
 

While technological advancements, growing adoption of cyber security solutions, and fast & effective flow of information through virtual data rooms will facilitate market augmentation, growing number of cyberattacks & data breaches, and shortage of skilled workforce will act as challenges in this business sphere.
 

Based on component, worldwide virtual data room market sphere is divided into services, and solutions. Speaking of enterprise size, the industry is bifurcated into SMEs, and large enterprises. On-premise, and cloud-based are the segments of the business domain as per deployment type. Moving on to vertical, the market is fragmented into BFSI, healthcare & life sciences, corporates, government, legal & compliance agencies, real estate, energy & utility, industrial, and others.  
 

From regional frame of reference, North America captured majority of global virtual data room market share in the recent past, owing to increasing adoption of cyber security solutions, and presence of many organizations & companies. Meanwhile, Asia Pacific market is projected to witness significant expansion between 2021-2027, backed by growing number of startups, technological developments, and flourishing real estate sector.
 

Key players profiled in the report are Intralinks Holdings Inc., iDeals Solutions Group Limited, FirmRoom, Firmex Inc., Onehub Inc., SecureDocs Inc., DealRoom Inc., SmartRoom (BMC Group), Datasite, and Brainloop AG.