What is the difference between a Physical and Virtual Data Room?
The virtual data room market is growing at a fast pace, a trend that has been evident for one and a half decades. From a 2020 market value of USD 690.59 million, this market is expected to be worth USD 1607.41 million in 2026.
Virtual data rooms are now replacing physical data rooms due to their unique characteristics that fit the modern business environment. If you are wondering how exactly the two technologies compare and which option is preferable, we are about to get into the details.
But first, what is a data room?
A data room is secure storage of privileged data. Privileged data could be employee information, intellectual property, financial information, or strategic information amongst others. Apart from storage, a data room also supports file sharing and transactions.
In a company setup, a data room may also support the storage of important data on mergers & acquisitions and legal proceedings.
Conventionally, physical data rooms were very popular. They were subject to tight surveillance, with only authorized persons allowed access to the place.
Today’s businesses have shifted to online-based data rooms such as the QBI virtual data room – there are many reasons for that change.
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