Westford USA, Oct. 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Virtual Data Room market will attain a value of USD 7.57 billion by 2031, with a CAGR of 18.2% over the forecast period (2024-2031). Rapidly increasing digitization and growing use of advanced virtual technologies are forecasted to create new business scope for virtual data room companies in the future. Growing incidence of cyberattacks and rising popularity of remote work are also expected to promote the demand for virtual data rooms over the coming years.
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Browse in-depth TOC on "Virtual Data Room Market"
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Virtual Data Room Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 2.1 billion |
| Estimated Value by 2031 | $ 7.57 billion |
| Growth Rate | Poised to grow at a CAGR of 18.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Document Type, Technology, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Updated financial information/product portfolio of players |
| Key Market Opportunities | Use of advanced encryption technologies to improve security |
| Key Market Drivers | Rising number of remote workers around the world |
High Spending Potential Allows Large Enterprises to Lead Global Market Growth
Increasing emphasis of large enterprises on maximizing their business scope whilst improving efficiency in operations is projected to help promote the use of virtual data room in large enterprises. High budgets and spending capacity of large enterprises to invest in advanced virtual data room and virtual technologies is also expected to aid the dominance of this segment across the forecast period and beyond.
On-premises Virtual Data Rooms are Slated to Gain Popularity in the Long Run
Increasing risk of cyberattacks and growing vulnerability of virtual assets to the same are helping promote the popularity of on-premise virtual data rooms. Growing investments in the development of on-premises virtual data room that provide better flexibility and control for organizations are expected to help this segment generate new business opportunities in the future.
North America Takes the Center Stage for Virtual Data Room Demand on a Global Level
Quick adoption of advanced technologies and presence of a strong technological infrastructure allows North America to spearhead the global virtual data room market growth. Rising spending on virtual technologies, growing popularity of remote work, and increasing sophistication of cyber threat landscape are other factors that will benefit virtual data room companies operating in this region. The United States is slated to be the most opportune market in the North American region going forward.
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Virtual Data Room Market Insights:
Drivers
- Rising number of remote workers and popularity of remote working
- Growing incidence and sophistication of cyberattacks
- Quick adoption of virtual technologies
Restraints
- Data security and privacy concerns
- Reluctance or resistance to change
Prominent Players in Virtual Data Room Market
The following are the Top Virtual Data Room Companies:
- SS&C Technologies
- Box
- Datasite
- Thomson Reuters
- Donnelley Financial Solutions
- Microsoft
- Ansarada
- PandaDoc
- Egnyte
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Key Questions Answered in Virtual Data Room Market Report
- What drives the global Virtual Data Room market growth?
- Who are the leading Virtual Data Room providers in the world?
- Which region leads the demand for Virtual Data Room in the world?
This report provides the following insights:
- Analysis of key drivers (growing number of remote workers, rising incidence of cyberattacks, high use of virtual technologies), restraints (resistance to change, data privacy concerns), and opportunities (use of advanced encryption technologies) influencing the growth of Virtual Data Room market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Virtual Data Room market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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