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The global market for virtual data room is primarily being driven by the digital shift to streamline business and other operations. Virtual data rooms enable the users to store and manage sensitive legal, financial or other critical business-related data via an online server. The virtual data rooms are highly secure networks that are password protected, require multiple-factor authentication, and admin permission for accessibility of any data. The growth in the market can also be associated with technological integrations into virtual data rooms to enhance their services, including the integration of artificial intelligence (AI) and machine learning (ML) software services. These advanced software solutions are incorporated to detect the presence of malware and security breaches. In addition to this, these software enable automatic complex data translation into simpler and understandable language for leaders to arrive at informed decisions. These factors are thus furthering the market growth of virtual data room globally.
The market growth of virtual data room is expected to be driven by expansion strategies employed by leading market players such as Citrix Systems, Inc (NASDAQ: CTXS) and Drooms GmbH. Drooms, Europe’s leading provider of virtual data rooms, in April 2021 announced a huge leap in the consumer base of its asset management services, which resulted in a hike of nearly 87% since 2020. With this, the company aims at expanding its portfolio by incorporating artificial intelligence (AI) to streamline the automation process. The fully internally AI backed features include document translation, auto allocation, and auto naming features to ensure enhanced productivity and access information more quickly. Furthermore, as a result of increased demand for digital services from various industries, application programming interfaces (API) are becoming increasingly important for the development and incorporation of innovative technologies. Thus, these factors are contributing to the overall market growth of virtual data room.
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The major players in the global virtual data room market are Vault Rooms, Inc., Pandesa Corporation, Drooms GmbH, Citrix Systems, Inc., and EthosData, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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