The virtual data room industry is growing rapidly due to the increasing demand for secure methods to share and store sensitive data. The market is also expanding because of the growing integration of AI technology into VDRs which aids in streamlining the process and safeguarding data. Cloud computing and remote working have also increased the demand for secure document exchange online.
The BFSI segment holds a substantial share in the global VDR market, due to the rising adoption of this platform among banks and investment organizations. The tool makes it easier to manage the complicated mergers and purchases procedure by allowing them to perform these transactions. The adoption of these platforms for data storage and sharing in the medical equipment and clinical research businesses is a further driver of market growth.
The oil and gas industry is moving towards consolidation, which demands strict due diligence procedures. The market is expanding due to the need for secure transfer of seismic data as well as well logs. The market is also driven by the demand for secure solutions for transferring discovery papers that are patent-pending.
North America dominates the global VDR market, followed by Europe and Asia Pacific. The presence of big players in the region, such as Datasite, iDeals Solutions, DealRoom, Intralinks Holdings, and Firmex which have played a role in the regional market’s growth. The demand for this solution is lower in LAMEA than in other regions.