Report : North America Virtual Data Room Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Software and Services), Deployment (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Business Function (Merger & Acquisition, Finance,
The Software Segment to Dominate North America Virtual Data Room Market during 2021-2028
According to a new market research study on “North America virtual data room market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Component, Deployment, Organization Size, Business Function, End-User and Country,” is expected to reach US$ 1,511.51 million by 2028 from US$ 675.12 million in 2021. The market is estimated to grow at a CAGR of 10.6% from 2021 to 2028. The report provides trends prevailing in the North America virtual data room market along with the drivers and restraints pertaining to the market growth. Extensive adoption of mergers and acquisition across multiple industries and development of advanced VDR technologies for due diligence are major factors driving the growth of the North America virtual data room market. However, potential cyber-attacks and data breaches may hinder the growth of North America virtual data room market.
North America witnessed severe impact of the COVID-19 outbreak in 2020. The enactment of lockdowns and travel restrictions, shutdown of production facilities, and shortage of employees adversely affected the performances of major players across multiple industries in North America. However, in the first half of 2021, the disclosed value of M&A deals summed up to US$ 1.2 trillion, compared to just US$ 287.50 billion in the first half of the pandemic-affected 2020. Furthermore, the ongoing adoption of work-from-home and remote work practices across multiple industries has led to a huge demand for virtual data rooms for collaborating important data and documents among the key stakeholders and employees of companies. An August Willis Towers Watson survey of North American organizations found that employers expected 19% of their workforce to be fully remote after the pandemic, from a baseline of 7% before COVID-19. Thus, after a plummeting market due to COVID-19 related uncertainties in 2020, key North American players in the virtual data room market have begun momentum from the second half of 2021.
The market for North America virtual data room is segmented into component, deployment, organization size, business function, end-user and country. Based on component, the market is segmented into software, and services. In 2020, the software segment held the largest share in North America virtual data room market. Based on deployment, the North America virtual data room market is divided into on-premises, and cloud. The cloud segment is expected to be the fastest growing segment over the forecast period. As per organization size, the market is classified into SMEs, and large enterprises. In 2020, the large enterprises segment held the largest share in North America virtual data room market. On the basis of business function, the North America virtual data room market is categorized into merger & acquisition, finance, marketing and sales, compliance and legal, workforce management, and others. The marketing and sales segment is expected to be the fastest growing segment over the forecast period. Based on end-user, the market is segmented into BFSI, IT & telecommunication, healthcare, energy & power, retail, and others. In 2020, the energy & power segment held the largest share in North America virtual data room market. Based on country, the North America virtual data room market is divided into US, Canada and Mexico. In 2020, US held the largest share in North America virtual data room market. Furthermore, in this present scenario of COVID 19 pandemic, the North America virtual data room market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for virtual data room.
Ansarada Group Limited; BMC Group, Inc.; Brainloop AG; CapLinked; EthosData; iDeals Solutions Group; Intralinks, Inc.; Datasite; Thomson Reuters Corporation and Donnelley Financial Solutions, Inc. are some of the leading companies in the North America virtual data room market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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