Last updated on June 26th, 2023 at 10:53 am
INTRODUCTION
The virtual data rooms service providing is the next big business opportunity in the digital world. Virtual Data Rooms are secure, cloud-based repositories for all your sensitive business data. They have become one of the most popular and fastest growing tools in computing software as they have blown away all the roadblocks between place, time and location by connecting people from all over the world together.
Its market size is projected to grow from USD 1.4 billion in 2020 to USD 2.7 billion by 2025 at a compounded annual growth rate (CAGR) of 14.4%. The major factors driving the growth are the proliferation of digital technological innovations and increased use of internet in business, work from home culture during the Covid19 pandemic, the increased volume of business data due to the complexities arising from mergers & acquisitions activities as well as the rising need for intellectual property and risk management. The need to accelerate the due diligence process and faster closure of deals through its simplified and secure process of sharing sensitive business data, tracking and distribution is giving a fillip to large scale adoption of virtual data room software and services.
The VDRs offer many benefits
- They offer mobile access through the internet for authorized persons from anywhere, whenever required.
- Iron clad security that includes segmentation, firewalls, intrusion detection, electronic key cards, pin codes, biometric hand scans, and on-site security officers 24 hours a day, 365 days a year.
- Besides a high grade of security VDRs offer various advantages like scalability, adaptability, easy implementation, cost-effectiveness, and 24×7 customer support.
- Streamlined user invitation process.
- Unique user logins-every user has a unique login or user name and password but they cannot change their login information on their own, they need permission for that. Moreover, their login can be turned off anytime.
- Granular permissions control with role-based security. The owner of data decides who has access to data, what they can access and how they can interact with it.
- Safe data storage and processing with multi-layered data encryption and multi-factor authentication.
- Mass file uploads possible of files in almost any format.
- Automates documents indexing, numbering, sorting and reviews.
- Most VDRs have built-in communication tools like chatting modules or other means of communication with other users of the data room.
- Maintains confidentiality with integrated redaction.
- Controls information down to word level and ensures compliance with evolving regulations.
- Helps measure and track deal room activity with advanced analytics.
- Full featured reporting and complete audit trails.
- Customer managed encryption keys gives extra level of security as VDR is not able to see or control your keys, audit logs that cannot be amended
- Post deal archiving for compliance audits.
- They help reduce time waste and are eco-friendly.
- Real-time data back-up.
- Disaster recovery.
- Time and IP address restrictions.
Thus, Virtual Data Rooms have emerged as the next big business opportunity in computing software.
The Confiex team specializes in providing premium virtual data room solutions tailored for businesses. With their vast experience in working with document sharing platforms, they have been actively supporting the Virtual Data Room community since 2015 by offering valuable information to users free of charge.