Predictive Analytics Market Worth $23.9 Billion By 2025

The global predictive analytics market size is expected to be valued at USD 23.9 billion by 2025, registering a CAGR of 23.2% over the forecast period, according to a study conducted by Grand View Research, Inc. Massive data dependence and adoption of advanced technologies such as AI, machine learning, and big data is expected to drive the demand for predictive analytics solutions over the forecast period. These solutions transform collected data into insights; for instance, they detect patterns to determine a suitable course of action. They have also been instrumental in the development of search advertising and recommendation engines. Growing awareness about the importance of available data and its analysis for predicting the future scenario is offering a competitive edge to end users, thereby driving the demand for these solutions.

Key factors driving the demand for predictive analytics solutions are enhanced product usability, adoption of new technologies, massive data deluge, and newer levers of differentiators. In addition, growing need for database management, data warehouses, forecasting, data mining, smart logistics, CRM, and data visualization in dashboards is supporting the growth of the market. These solutions help map the various stages of the buyer journey, which would help organizations adopt suitable marketing campaigns, subsequently leading to higher sales and customer retention. Increasing demand for these solutions from organizations to equip their business functions with analytical capabilities are also expected to drive the growth of the market over the forecast period.

Techniques for implementing predictive analytics include machine learning, deep learning, regression, regression modeling, mathematical, text mining, neural nets, genetic algorithms, clustering, decision trees, and data exploration techniques to gain insights from historical and present data. These techniques are increasingly being adopted by organizations for various applications such as CRM, direct marketing, risk management, portfolio management, fraud detection, underwriting, and credit scoring. These solutions therefore help organizations decide future strategies based on predicted outcomes for enhancing the overall performance in the coming years.

These solutions find applications in various end-use industries such as BFSI, healthcare, retail, manufacturing, government, sports, transportation and travel, IT, energy and utilities, and entertainment. These solutions help manage diversified applications across the aforementioned verticals. For instance, in the manufacturing industry, these solutions can be used for equipment maintenance management, workforce management, and cross-selling and up-selling. Moreover, the IT and telecom industry can adopt these solutions in sales, marketing, and CRM by implementing churn and pricing optimization.

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Further key findings from the study suggest:

The customer analytics segment is anticipated to gain significant traction over the forecast period, supported by digitalization and positive outlook of the e-commerce sector
Training and consulting services are expected form the fastest-growing segment over the forecast period owing to rising need for experienced employees for decision making based on predictive outcomes
Demand for cloud deployment is likely to increase owing to cost-effectiveness, faster data-processing, and ease in data handling offered by cloud platforms
The small and medium enterprises segment is expected to register a significant CAGR over the forecast period owing to growing need for enhancing operational performance by reducing overall operational costs with the help of these solutions
The retail and e-commerce segment is predicted to witness a remarkable growth over the forecast period owing to increasing internet and smartphone penetration, along with digitalization across the globe
North America dominates the global market owing to technological advancements and presence of players in U.S. Financial funding to new players from venture capitalists is projected to intensify the competition in the market
Prominent players operating in the market include Microsoft Corporation; SAS Institute, Inc.; IBM Corporation; SAP ERP; Siemens AG; NTT Data Corporation; and Tableau Software, Inc.

Smart Fitness Devices Market Size Worth $29.4 Billion By 2025

The global smart fitness devices market is expected to reach USD 29.4 billion by 2025, according to a new report by Grand View Research, Inc. The smart fitness devices market has witnessed a rising demand among the growing urban population in a bid to enhance their fitness goals. Advantages such as accessing fitness activities data in remote and real-time operations have resulted in an increased penetration of the market. Additionally, there are tremendous opportunities for advancements in the smart fitness devices owing to the increasing usage of smartphones and enhanced internet accessibility, which, in turn, would fuel the growth of smart fitness market. The growing adoption of the smart fitness devices to keep track of sleep, steps, calories, heart rate, and other bodily stats is anticipated to revolutionize the market by 2025.

The smart fitness devices market has been segmented based on product into the smartwatch, wristband, smart clothing, smart shoes, bike computers, and others. Based on types, the market has been segmented into head-wear, torso-wear, hand-wear, leg-wear, and bike mount. The hand-wear segment is the biggest segment in terms of size and is expected to dominate the market over the forecast period. This growth may be attributed to the high demand of wristbands and smartwatches. The torso-wear segment is anticipated to experience a notable shift in its growth owing to the rising demand for smart clothing.

The growing awareness and popularity of smart fitness products are encouraging producers to invest in research & development for creating better products. Manufacturers are making massive investments to develop several new products in order to enhance user experience. Researchers are focusing on developing cost-effective and reliable products.

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Further key findings from the report suggest:

The growing demand for smart fitness devices market can be accredited to the increasing demand among individuals for keeping track of various body parameters such as heart rate, sleep, steps taken, calories burned, and others.
The growing penetration of Internet of Things (IoT) and enhanced internet accessibility, which helps to direct digital controls for improved Machine-to-Machine (M2M) communication, have encouraged users to adopt smart fitness devices.
The increase in adoption of wireless technology, sensor technology, miniaturized hardware, cloud services, and smartphone have enabled smart fitness market to emerge as a new promising consumer segment.
The North American region accounted for the largest market share in 2016, which may be attributed to its large consumer base.
Key industry participants include Apple Inc. (U.S.), Fitbit Inc. (U.S.), Garmin Ltd. (Switzerland), Samsung Electronics Co., Ltd. (South Korea), and Xiaomi Inc. (China).

Printed And Chipless RFID Market Worth $15.3 Billion By 2022

The global printed and chipless RFID market is expected to reach USD 15.3 billion by 2022, according to a new study by Grand View Research, Inc. Development of affordable tags owing to simplified manufacturing technology and decreased manufacturing time have contributed significantly to chipless RFID market growth over the forecast period. Compatibility with existing infrastructure with equal efficiency as chip-based tags saves the additional cost of new system installation.

Suppliers have realized the need for efficient solutions in various applications such as smart cards, supply chain, pharmaceutical, and retail. The pharmaceutical industry is replacing chip-based tag with chipless tags due to high unit prices, which is expected to favorably impact the industry.

Chipless RFID provides various solutions including anti-counterfeiting and asset tracking to avoid theft in retail. Government initiatives for e-passports, increasing electronic transactions, dynamic conditions in the aviation industry, and increased revenue by customer delights are some of the drivers expected to favorably impact chipless RFID market growth.

High initial cost of system implementation is expected to pose a challenge to technology adoption. Implementation cost is anticipated to decrease over the next few years owing to technological advancement and increase in players offering solutions at competitive prices.

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Further key findings from the report suggest:

Growth in public transit industry is expected to drive printed and chipless RFID market demand in transportation applications. In these applications, use of contact and contactless smart cards increases the operational efficiency of the overall transportation system and saves travel time. Contact-based cards need to have a physical contact with the reader; however, they can be placed in close proximity of the reader to initiate the communication process.
In retail, the technology is used for stock tracking, supply chain management, check product availability, reverse logistics and reducing loss due to shrinkage. The segment contributed to over 25% of the global revenue in 2014.
Government departments in collaboration with other agencies have initiated research and development projects. Asia Pacific printed and chipless RFID market is expected to exhibit CAGR of over 30% from 2015 to 2022, primarily due to high growth prospects in regions such as China and India.
Zebra Technologies acquired Motorola Solutions Enterprise Business in October 2014. Through this acquisition, Zebra has gained Motorola’s mobile computing, bar coding, card printing, cloud-based devices, and RFID hardware businesses. The global industry comprises other notable players include Impinj Corporation, Alien Technology, Intermec, and TAGSYS.
Players in the industry practice high degree of innovation to offer unique solutions. Key competitive factors include the design, breadth, and quality of products and services, warranty coverage, product and service availability, product performance, brand recognition, company relationships with customers, and go-to-market channel partners and company reputation.

Smartwatches Market Size To Reach $19.62 Billion By 2020

The global smartwatches market is expected to reach USD 19.62 billion by 2020, according to a new study by Grand View Research, Inc. Growing companion device demand is expected to give impetus to demand for smartwatches. Increasing percentage of health/fitness conscious population has resulted in high demand for wearable fitness monitoring and tracking devices, including smartwatches.

The number of industry participants is expected to increase manifold over the next six years. In addition to startups, the expected entry of established companies is estimated to significantly fuel market growth. Ensuring usability and visual appeal is a critical factor for enabling product adoption on a global level. Furthermore, managing the tradeoff between battery life and performance is critical for profitability.

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Further key findings from the study suggest:

Global smartwatch shipments were close to 2 million units in 2013, and are expected to reach 135.3 million units by 2020, at a CAGR of 53.5% from 2014 to 2020.
High-end smartwatches accounted for approximately 90% of the global market in 2013. This segment is expected to lose market share to the mid-end and low-end segments over the forecast period. This can be attributed to the expected trend of decreasing selling prices with a growing number of manufacturers. Majority of consumers have been reluctant to invest in premium priced products on account of unclear benefits and lack of a value proposition.
North America accounted for the highest market share of 35% in 2013; this is mainly due to higher purchasing power as well as increasing demand for fitness tracking equipment. Asia Pacific is expected to be the fastest growing regional market over the next six years. The regional market is expected to be driven by high smartphone proliferation and usage of Internet services.
Industry participants include Samsung Electronics (Galaxy Gear), Pebble, Sony Corporation, Google Inc. and Qualcomm Inc. among others. R&D activities to drive innovation have been the key growth strategy for these companies. Established companies are expected to benefit from growing smartwatches demand, and drive revenue generation over the forecast period.

Light Sensor Market Size Worth $6.39 Billion By 2027

The global light sensor market size is anticipated to reach USD 6.39 billion by 2027, according to a new study conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 10.9% from 2020 to 2027. Market growth can be attributed to the growing implementation of light sensor functions in the automotive industry and consumer electronics, such as smartphones, televisions, and laptops. Advancements in smart lighting and its applications in smart homes and outdoor lighting are also expected to increase the utility of light detectors. In addition, the increased usage of connected devices and the Internet of Things (IoT) technology in the development of smart cities is expected to propel the growth of the market.

Currently, manufacturers of consumer electronics are under pressure to bring differentiated and unique products into the market. With the inclusion of optoelectronic detectors in smart devices, major mobile manufacturing companies, such as Samsung Electronics Ltd., are collaborating with light sensor manufacturers to integrate various technologies into their smartphones. The increasing use of connected devices in the automotive, industrial, and electronics industries has led to the trend of multi-sensor integration among manufacturers. Moreover, the growing demand for LiDAR sensors in applications, such as corridor mapping and topographical survey, aerospace and defense, mining, automotive, and oil & gas, has created growth opportunities for the market across industries.

Top vendors such as AMS AG; STMicroelectronics NV; Analog Devices, Inc.; Broadcom Inc.; and Vishay Intertechnology Inc. are focused on developing small, efficient, and low-cost sensors to meet the needs of their customers. Enhancements in the sensing technology and miniaturization have enabled consumer electronics device manufacturers to introduce various functions, such as brightness control, display dimming, extending battery run time, and power-saving features. However, the additional costs for incorporating sensors into smart devices and subsequent reduction in the life of devices are anticipated to hamper the market growth. The COVID-19 outbreak worldwide is also expected to slow down market growth over the next few years.

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https://www.grandviewresearch.com/industry-analysis/light-sensor-market

Further key findings from the report suggest:

Based on function, the gesture recognition segment is predicted to register the highest CAGR over the forecast period owing to the evolution of Graphical User Interface (GUI) technology, increasing demand for gesture-enabled electronic devices, and developments in Artificial Intelligence (AI)
By output, the digital segment is anticipated to register the highest growth rate over the forecast period. The proliferation of smart sensors across numerous applications, multi-sensor integration in IoT devices, and increasing automation in the automotive sector are expected to drive the segment over the forecast period
On the basis of end use, the healthcare segment is expected to expand at the highest growth rate over the forecast period owing to the rapid adoption of digital technologies in the manufacturing of medical instruments. Moreover, the increasing use of oxygen measuring and heart rate monitoring devices operated by light sensing technology is expected to create growth opportunities for the market in the healthcare segment
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the presence of major semiconductor manufacturing and assembly hubs in China, Thailand, and the Philippines. Moreover, the increasing usage of automobiles and consumer electronics in China and India is expected to boost the market growth in the region

Factoring Services Market Worth $5,384.0 Billion By 2027

The global factoring services market size is expected to reach USD 5,384.0 billion by 2027, according to a new study conducted by Grand View Research, Inc. It is projected to register a CAGR of 7.5% over the forecast period. The rapid economic growth in developing economies and the rising demand for factoring as an alternative form of financing are fostering growth. Factor financing has proved to be beneficial in various regions across the globe for Small and Medium Enterprises (SMEs), promoting the entrepreneurial economy and strengthening economic growth. Moreover, the technological enhancement in the form of blockchain adoption and the provision of safe and secured financing services are also expected to propel the market growth over the forecast period.

Fintech businesses are offering factoring services to SMEs and freelancers to ease their financial pressure caused due to delayed payments. Factoring services are likely to become an essential part of supply chain networks owing to the simplification of the services and their financial flexibility. Moreover, there is a rising interest among enterprise owners to seek new and non-conventional means of finance for their companies. The companies and organizations such as Factors Chain International (FCI) are creating awareness among businesses. This alternative form of financing is likely to be adopted and accepted for factoring receivables.

Account receivable financing is becoming more secure owing to several laws. The governments of various countries have developed legal frameworks for the use of electronic invoices. This has helped governments in collecting tax efficiently, providing efficient factoring tools, and reducing frauds. Moreover, governments are also supporting the adoption of the state-of-the-art receivables platform based on new blockchain or Distributed Ledger Technology (DLT). However, factors such as a perception of the high-interest rates, lack of awareness, and cumbersome documentation processes are hindering the demand for factoring services. Banks and financial companies are constantly trying to upgrade their expertise on the technological and operational levels for providing cost-effective services to their customers and boosting the demand for their services.

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https://www.grandviewresearch.com/industry-analysis/factoring-services-market

Further key findings from the report suggest:

The international segment is expected to register the highest CAGR over the forecast period owing to the increasing demand for factoring services from developing nations that focus on increasing their international trade through export and import
The non-recourse segment is anticipated to register the highest CAGR over the forecast period. Advantages such as full credit cover offered by the financing company are driving the demand for non-recourse factoring amongst SMEs across the world
The non-banking financial institution segment is expected to register the fastest CAGR over the forecast period. The growth of fintech companies and non-banking financial startups, owing to ease of government regulations in some developing countries, is the prime factor propelling the segment growth
The healthcare segment is anticipated to register the highest CAGR over the forecast period. The complications of insurance and complex layers of bureaucracies that delay the payment of medical bills of medical companies or professionals are likely to accelerate the demand for factoring in the segment growth
Asia Pacific is anticipated to emerge as the fastest-growing regional market owing to the rapid growth of economies vis-à-vis infrastructural and industrial growth in the region. The region comprises two most-populated countries, namely China and India, where the demand for factoring services is higher among SMEs. Moreover, China is the key exporter of electronic components, chemical materials, and many other industrial products

High Performance Computing Market Size Worth $53.6 Billion By 2027

The global high performance computing market size is expected to reach USD 53.6 billion by 2027, expanding at a CAGR of 6.5% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. High-performance computing can be categorized into High Performance Technical Computing (HPTC) and High Performance Business Computing (HPBC). HPTC is highly used in the fields of science and engineering. It is particularly used by government agencies, defense agencies, educational and research institutions, and incumbents of the manufacturing industry, among others. On the other hand, HPBC is suitable for applications such as gaming and fraud detection. Logistics companies and providers of financial services, among others, also opt for HPBC. The rising popularity of High Performance Computing (HPC) systems among manufacturing companies, government departments, and defense agencies are particularly fueling the growth of the market.

High-performance computing systems envisage a cluster of computers that can run long algorithms and solve complex problems and equations at speeds and accuracies higher than those offered by the conventional computing systems. Previously, HPC systems were used only by the navigation and aerospace industries. However, diversification of the IT industry, growing adoption of cloud computing, continuous developments in artificial intelligence, and rising need for business analytics are prompting various end-use industries to adopt HPC systems.

Data centers particularly require an architecture capable of processing large volumes of data. HPC systems can ensure adequate computing power for such data centers. Various other organizations also adopt HPC systems to process their data at higher speeds and accuracies and simplify their complex business procedures. Research and academic institutions have also started adopting HPC systems to ensure the computational efficiency required during the initial stages of research.

High computational capabilities offered by HPC systems have paved the way to execute high-end research projects that were previously deemed impossible. As such, HPC systems can be helpful in several fields, including computational biology, genetics, medicine, structural analysis, geophysics statistics, electromagnetism, nuclear physics, astrophysics, and mathematical modeling. Similarly, high efficiency offered by HPC systems can help researchers in undertaking research activities in various fields, such as deep neural networks, human genome mapping and modeling, and artificial intelligence.

Vendors of HPC systems are increasingly focusing on delivering enhanced solutions that can cater to various requirements. These solutions may include basic configurations and management tools that are easy to deploy and are capable of adapting to the changing workloads. Although the application portfolio of HPC systems is growing continuously, the looming lack of awareness about HPC systems, budget constraints at small- and medium-sized enterprises, and concerns over the security of data are some of the factors hindering the growth of the market.

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https://www.grandviewresearch.com/industry-analysis/high-performance-computing-market

Further key findings from the report suggest:

The on-premise deployment segment held the largest revenue share in 2019. The cloud segment is expected to expand at the highest CAGR of 7.6% over the forecast period owing to the benefits such as cost-effectiveness, scalability, ease of deployment, and stronger security associated with cloud deployment
The government and defense end-use segment held the largest revenue share in 2019 and is expected to expand at the highest CAGR over the forecast period. The growth can be attributed to the growing adoption of HPC systems in surveillance, aircraft simulation, and encryption and decryption of confidential information
North America is anticipated to witness significant growth over the forecast period. New supercomputing facilities are coming up in the region in line with the advances in technology, which bodes well for the growth of the regional market. The U.S. is already home to the top 5 supercomputers. The U.S. held the largest share of over 70.0% in 2019 and is expected to maintain its lead over the forecast period
Market players are entering into partnerships and collaborations with each other as part of their efforts to strengthen their position in the market. For instance, in September 2019, Intel Corporation announced that it had entered into a strategic partnership with Oracle. According to the partnership, Oracle would integrate capabilities of Intel’s Optane DC persistent memory into its next-generation platforms.

Service robotics market to grow at 23.7% CAGR from 2014 to 2020

The global service robotics market is projected to reach USD 15.69 billion by 2020, at an expected CAGR of 23.7% from 2014 to 2020. The demand for the global service robotics is anticipated to surpass 18 million units by 2020. The major factor driving the industry is the rising occurrences of supported living and the demand to fight against increasing costs of labor in the developed countries.

Good friends. Girl in orange shirt and robot spending time together

The foremost advantage offered by service robotics includes assistance in carrying out those tasks which would otherwise have been tough and risky. Moreover, the ordinary routine tasks can be effortlessly dealt with having a high degree of accuracy with the help of these devices.

The global industry has witnessed a massive growth in the number of companies trying to enter the industry and gain share by evolving and refining their automation techniques. The components involved in the manufacturing these machines include microcontrollers, actuators, manipulators, sensors, and power supply.

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In 2013, personal robots had the highest share of the market regarding volume. However, the highest revenue generating segment included professional robots. These professional service robots accounted for over 70% of the global market in that year. Professional service robots are further segmented into field, medical, defense, and logistic robots. Out of these, in 2013, the defense professional service robots led the global industry concerning revenue generation and accounted for over 40% of the total revenue. This was due to their utilization of unmanned aerial vehicles.

North America emerged as the largest market in 2013, accounting for more than 35% of the overall volume share. The U.S. was the primary revenue generator of North America. This high growth in the region can be attributed to the quick rise in the development of production capacities as well as industrialization. Furthermore, the rapidly growing automotive industry in North America is also projected to drive the demand for the overall industry.

The global service robotics industry is highly branded as there is intense competition between the specialized service robot manufacturers and the industrial robot manufacturers. The major corporations operating in the market include Samsung Electronics, Toyota Motor Corporation, Hanool Robotics Corp, Honda Motors Co. Ltd. Other participants include GeckoSystems, Yujin Robot, iRobot Corporation, AB Electrolux, Fujitsu Frontech Limited, LG Electronics Inc., and Sony Corp. Over the next six years, companies including Amazon, Google, and Apple are also expected to enter into the global service robotics market.

Cold Chain Packaging Market Worth $63.1 Billion By 2027

The global cold chain packaging market size is anticipated to reach USD 63.1 billion by 2027, expanding at a CAGR of 19.4% from 2020 to 2027, according to a new report by Grand View Research, Inc. The key drivers attributing to the market expansion include a significant boost in demand for cold chain packaging solutions from the pharmaceutical industry. Amidst the coronavirus pandemic, the trade and transit of temperature-sensitive drugs, medicines, and test samples are drastically increasing. Along with the pharmaceuticals market, the packaging market is anticipated to witness significant growth. The overall market growth is profoundly influenced by the high demand for perishable goods worldwide and the availability of fresh food and frozen food supplies.

The growing popularity of e-commerce as a channel for purchasing fresh goods drives the market growth. The increasing usage of e-commerce websites and mobile apps has enabled customers to order preserved food, fresh vegetables, dairy products, and daily meals. Digital retailing has given enabled consumers to purchase products from anywhere they want. The rising trend of online purchases for perishable products has led to new opportunities and challenges. These include the need for innovative solutions to provide the critical service of last-mile delivery, automated warehouse facilities to manage inventories and to reduce per-item costs, and advanced cold chain packaging solutions that would maintain the safety of fresh food products.

North America dominated the market for cold chain packaging in 2019 and is estimated to continue leading over the forecast period leveraging the high consumption rate of meat, processed food, and dairy products. Additionally, the regional market is highly fragmented with numerous market players, which has increased the regional market share. However, the current economic and political scenario has impacted industry growth. The trade conflict between the U.S. and China is expected to negatively impact the growth of the cold chain market in the U.S. In early 2018, China announced a 15% to 25% tariff on products imported from the U.S., including pork, fruits, wine, nuts, and vegetables. This high tariff imposed on food and agriculture products is expected to hinder the regional market growth.

The Middle East and Africa market for cold chain packaging is anticipated to register the highest CAGR over the forecast period on account of significant improvements in material handling, warehousing, intralogistics, and supply chain solutions. The Asia Pacific regional market is estimated to witness a significant CAGR of more than 21% from 2020 to 2027. The growth is attributed to the ever-increasing population, rapid industrialization, continued rollout of transportation and warehousing networks, and the rise in demand for processed and canned food items.

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https://www.grandviewresearch.com/industry-analysis/cold-chain-packaging-market

Further key findings from the study suggest:

Amid the COVID-19 pandemic, governments across the globe are emphasizing on providing ample medicinal supply to the healthcare facilities. With the increasing tests per day, the transit of blood samples is also increasing, thereby increasing the need for reliable temperature-controlled packaging solutions in the pharmaceutical and healthcare industry.
The evolution of the smart technologies, such as smart boxes or smart temperature-controlled packaging solutions that provide real-time data on variations in temperature, humidity, and air pressure, is expected to drive the future growth of the market.
The increasing emphasis on low ozone depletion potential (ODP) and low global warming potential (GWP) gases is expected to boost demand for natural and inorganic refrigerants such as ammonia and carbon dioxide.
The fruits & vegetable segment is expected to grow at a significant compound annual growth rate (CAGR) of more than 20% from 2020 to 2027 owing to the increasing demand for fresh vegetables and fruits from end consumers across the globe.
Market players are expanding their regional presence through mergers, acquisitions, and partnerships by establishing a network of distributors located in different regions. For instance, Pelican Products, Inc. has a network of dealers located in South America (NatBio), Asia Pacific (Giddi Pharma, Pharmaserv Express, and others), and Europe (DS Smith).
Some of the key industry participants are Cold Chain Technologies, Cryopak A TCP Company, Pelican Products, Inc., Sofrigam, and Sonoco ThermoSafe.

Virtual Data Room Market Worth $4.12 Billion By 2027

The global virtual data room market size is estimated to reach USD 4.12 billion by 2027, registering a CAGR of 14.7% from 2020 to 2027, according to a new study by Grand View Research, Inc. Rapidly growing demand for highly secured solutions to share extremely confidential documents between companies during mergers and acquisitions activities is the key factor driving the market growth. A Virtual Data Room (VDR) is a web-based document repository platform in which enterprises can store their highly confidential files and provide access to authorized persons.

In a bid to collaborate and exchange secret documents swiftly and privately, several legal and government agencies are aggressively adopting virtual data room solutions, thereby fueling the overall demand. The virtual data room solutions have witnessed widespread adoption across healthcare industries for not only delivering enhanced safety for the crucial documents used in clinical trial applications but also for the support in/out-licensing of medicines. As a result, it is estimated to boost the healthcare and life sciences segment growth from 2020 to 2027. Moreover, rising concerns over data security, coupled with stringent data protection regulations like General Data Protection Regulation (GDPR) across European countries and other nations, allow several enterprises to deploy secure solutions, which help them comply with these modern data protection regulations during the exchange of information. Therefore, it is anticipated to fuel the demand for virtual data room solutions across businesses.

With the growing trend to share confidential documents with their vendors and internal employees anytime without using firewalls, the demand for virtual data room is expected to gain momentum among corporate businesses over the forecast period. Additionally, to access secured and organized essential information from anywhere by the busy board members in any organization is expected to surge the VDR demand globally. Furthermore, the virtual data room helps real estate investors, managers, and brokers doing due diligence during many applications, including property exchange, advisory services, and property purchase and sales. Resultantly, it is estimated to propel the adoption of VDR solutions across the real estate industry. Furthermore, the significant focus on providing an AI-powered virtual data room solution helps key market players strengthen their market position globally.

Due to the COVID-19 pandemic, the mergers and acquisitions activities have seen a notable decline during the time. Therefore, it is anticipated to hinder the growth of the VDR market over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/virtual-data-room-market

Further key findings from the report suggest:

In 2019, North America accounted for a market size of USD 596.74 million in the global market, attributed to the significant investments made by leading market players such as Datasite and Intralinks Holdings, Inc.
With the high focus in developing innovative and new solutions by the key market players, the AI-powered virtual data room solution is estimated to witness massive growth over the forecast period.
Cloud-based virtual Data Room solutions are expected to witness remarkable growth over the forecast period on the back of benefits associated with accessibility and infrastructure costs.
Rapidly increasing demand for robust and secured solutions across several investment firms and other financial institutions is estimated to surge the adoption of virtual data room solutions over the next seven years.
The significantly increasing number of start-ups and mergers and acquisition activities across key emerging countries such as India and China are further estimated to boost the Asia Pacific growth in the market from 2020 to 2027.
Prominent players such as Datasite, Multipartner S.p.A., and Intralinks Holdings, Inc., and others are strategically focusing on broadening their solutions offerings to a wide range of customers and subsequently increases the total market share.
Prominent players in the market include Datasite, iDeals Solutions Group, DealRoom Inc., Intralinks Holdings, Inc., SecureDocs, Inc., FirmRoom, FORDATA sp. z o.o., Citrix Systems, Inc., CapLinked, EthosData, Ansarada Pty Ltd., Firmex Inc, Brainloop AG Onehub Inc., ShareVault (Pandesa Corporation), SmartRoom (BMC Group), Multipartner S.p.A., Uniscon GmbH, Aversure AB, Ruby Datum, Drooms, and Imprima