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The Virtual Data Room Market
The global virtual dataroom market is booming due to the surge in the demand for highly secure solutions for document exchanges between businesses and authorities governing legal matters. Additionally, healthcare-related projects often require sharing confidential information with multiple stakeholders which encourages the use of VDR solutions. Furthermore, fundraising activities demand transparency and good document organization which is driving the use of virtual data rooms.
In terms on the mode of deployment, the virtual data room market is classified into on-premises and cloud-based. Cloud-based models are expected to dominate the market over the forecast period. In 2021, the cloud-based segment accounted for 67% of the global revenue. Cloud-based VDRs are less expensive than on-premises solutions. In addition, the use of cloud-based VDR solutions among SMEs is expected to grow this sector further.
VDR solutions are widely employed in the banking, financial services and insurance (BFSI) sector to facilitate streamlined deal processes. Similarly, they are also utilized by real-estate companies to transfer documents for property purchases and sales. The COVID-19 pandemic has also accelerated the necessity to work remotely which is causing the adoption secure document transfer tools like VDRs.
The demand for VDR solutions is expected to increase from emerging economies like China, India, and Southeast Asia. These countries are experiencing rapid growth in their economies, and digitalization creates an environment that is conducive to transactions in business, such as mergers and purchases. This will also increase the need for secure, efficient digital solutions.
https://www.dataroomphoto.com/role-of-virtual-data-room-in-the-audit-process
