The virtual data room market has already become a billion-dollar industry, and according to projections, the market is expected to surpass the $2 billion figure in 2023. Another research stated that the data room market will touch the $8 billion figure by 2033.
As the market grows, the competition grows because more virtual data room providers take on global and regional markets. The situation is ideal for businesses as they will have cheaper services due to market competition, but there is another side to the coin.
There will be an open data room market, but the greater the number of sellers, the more difficult it will be to choose the right data room software. There are already over 100 service providers in the market, but can you trust anyone with your confidential documents?
Here is a list of the best virtual data room providers and why they are bossing the VDR market. What’s more, you will be able to learn a few things about choosing the right data room vendor for your business.
Top virtual data room providers
Arguably the safest virtual data room and highly acknowledged in the business fraternity, iDeals VDRs can easily dominate any list of best data rooms. The platform is a safe haven that offers eight layers of data protection, making sure that you don’t have to worry about your highly classified data.
What’s more, the company has an irreplaceable customer support service, and the VDR services are available in 14 different languages. You can deploy iDeals data rooms on Windows, Linux, Android, iOS, and Mac.
Ansarada virtual data rooms are AI-powered and are mostly used in mergers, acquisitions, and transactions alike. The VDR is famous for one-flow deal purposes and has a robust security system for premium data protection backed by a user-friendly interface.
DealRoom is the pioneer of digital deal management. DealRoom’s data rooms boast all the necessary and advanced features (such as pipeline management, deal progress tracking, and importable playbooks) that dealmakers would love to have. What’s more, DealRoom is economical when weighed against its remarkable features and benefits.
Datasite by Merrill enjoys excellent ratings on all software review platforms. Datasite, just like DealRoom, is specifically created to facilitate complex and large-scale transactions. Moreover, the company offers dealmakers/businesses consultancy and content administration services.
A young but rapidly growing virtual data room company that has earned a name amongst professionals, SecureDocs is a great option for safe file-sharing. It is a highly cost-effective option for remote teams and small and medium businesses. The company offers free trials.
What to consider when choosing online data room software?
Although the above-mentioned names have earned a huge reputation in the business fraternity, you can extend your research and choose the most suitable data room for your business. Below are a few things to consider.
Data room security
“Any data room comparison must start with the VDR security. If the solution isn’t substantially secure, everything else won’t matter,” says Terry Snyder, Co-Founder at Datarooms-Review.com.
While you can choose and compare virtual data rooms individually, platforms like datarooms-review.com make a solution choice easy. The platform compares and reviews some of the best data rooms on the market based on their security, ease of use, pricing, and some other essential factors.
Start the data room review process by probing into the security of any potential data room vendor. For example, you can look for the regional or global certifications a vendor holds. Also, it is important that the vendor you choose must be complying with your industry standards.
For example, it is ideal for health organizations to look for HIPAA-certified virtual data rooms. It will make it easier to manage data protection regulations.
Other important certifications include ISO27001, SOC2, and GDPR. Also, check out the basic security features like multi-factor authorization, document access control, dynamic watermarks, document shredding, and IP address restrictions.
Solid web presence
If a data room vendor is not easily searchable on the internet, it is a red flag. It is important to probe into the history of your potential data room service provider. Also, your ideal data room provider is one that has decent industry experience. You don’t want a VDR that specializes in M&As when you need it for your law firm.
Most importantly, read online customer reviews from reliable web sources like Capterra, G2, and Dataroom.org, and see what others say about the vendor.
Ease of use and free trials
An electronic data room is expected to save time and make things more efficient. Top-tier VDRs have time-saving tools like bulk uploads, rag-n-drop, full-text search, smart search, built-in document editors, etc. You might also want a VDR available in your native language. Lastly, always ask for a free trial to get actual experience.
Summing it up
A rapidly growing virtual data room market is attracting new entrants, but not everyone may be offering the data room services you need. The names mentioned above are some of the best virtual data room providers providing services in different business sectors.
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