Virtual Data Room Market

Citrix (US) and Merrill (US) are the Key Players in the Virtual Data Room Market

Virtual data room solutions enable companies to share data under controlled environment, while safeguarding the documents that are being shared among participants of the business deals. It also enables organizations to ensure that critical data is accessed by only the authorized teams, whereas the other teams are exposed to data with same validations. This is possible because of virtual data room’s versatile features and functionality, including watermarking, document security, and tracking capabilities. It helps companies cut down on inevitable losses due to security breaches and to secure critical information. The global virtual data room market is expected to grow from USD 949.2 Million in 2017 to USD 1,895.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period.

The virtual data room market includes a number of vendors providing software and services, such Citrix (US), Intralinks (US), iDeals Solutions (US), Firmex (Canada), Merrill (US), Drooms (Germany), EthosData (UK), SecureDocs (US), Brainloop (Germany), Ansarada (Australia), SmartRoom (US), and CapLinked (US). The players in this market have embraced various growth strategies to further expand their worldwide presence to enhance market shares. Partnerships, new product launches, product upgradations, mergers and acquisitions, joint ventures, and expansions are significant growth strategies deployed by key players in the virtual data room market.

Citrix is a leader in the virtual data room market. The company primarily serves the Americas, Europe, Middle East, and Africa (EMEA), and Asia Pacific (APAC). Citrix’s long-term growth strategy is majorly the organic growth strategy, where it looks forward to maintaining a competitive edge over other players in the market. Organic growth strategies, such as product developments and business expansions, are enabling Citrix to improve its virtual data room product offerings as well as cater to a wide audience. For instance, in May 2017, Citrix upgraded its ShareFile service by releasing the desktop app for Mac. The updated service would help Citrix collaborate with its customers and enhance its business productivity. Moreover, Citrix added ShareFile to Microsoft Outlook as a new functionality, to help customers share their files more securely.

Merrill is another leading vendor in the virtual data room market. The fundamental objective of Merrill is to meet every industry’s client requirement and in addition, provide new advancements to data security with virtual data room solutions. The organization serves clients across industries, such as Banking, Financial Services, and Insurance (BFSI); utilities; healthcare; retail; travel and transportation. Merrill is headquartered in the US and has its presence in 133 countries. The company is considered as one of the strongest providers of virtual data room solutions. It mainly follows organic growth strategy to enhance its market share. For instance, in November 2017, Merrill upgraded its VDR solution, Merrill DataSite by improving the mergers and acquisitions and due diligence processes. The upgrade offers various features, including faster upload of the documents, ease of access, and an extensive range of file types such as HTML and image files.

Related Reports:

Virtual Data Room Market by Business Function (Marketing & Sales, Legal, Finance, Workforce Management), Component (Software and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2022

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Report Code
TC 5980
Published ON
Feb, 2018
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