The billion-dollar virtual data room industry is growing by leaps and bounds. What’s more, according to projections, the data room software industry will hit the $3 billion figure. The market is divided into different regions, including North America, Europe, Asia Pacific, and the rest of the world. North America leads as the biggest consumer of virtual data rooms.

Moreover, there are over one hundred virtual data room providers in today's market, while new entrants emerge regularly. The industry serves SMEs, nonprofits, enterprises, professionals, and public institutions. Naturally, with such a variety, an electronic data room choice can become a challenge.

Here is a detailed overview of the best data room services in the VDR market. If you are in search of online data room software for your business, this guide can settle your doubts and queries.

Top 5 data room vendors in 2023

“How to choose the best data room is the most asked question. The criteria may vary among users, but three things are uncompromisable — security, customer care, and ease of use; pay special attention to them,” — says Terry Snyder, co-founder of datarooms-review.com, a reliable service with expert and unbiased reviews of the top virtual data room providers on the market.

The data room providers mentioned below have been selected based on their overall performance and customer ratings on renowned software review platforms such as G2 and Capterra. Here are some of the best virtual data room providers in the market.

1. iDeals

iDeals offers data and deal management solutions, including virtual data rooms. The company started operations in 2008 and is ranked among the top virtual data room vendors.

iDeals is a highly secure data room service, particularly known for its eight-layer digital security. Apart from its premium security features, iDeals is famous for its out-of-the-box and superfast customer care service managed by virtual data room experts. Customer care typically answers every query within 25 seconds and solves the problem in only five minutes.

iDeals virtual data rooms are super easy to use and support every notable operating system, including Linux, Windows, iOS, Android, and Mac. What’s more, these VDRs boast the biggest library of digital legal forms used for litigation and other legal purposes. The company also offers data room services for bankruptcy management and IPOs.

iDeals' major clientele comes from the legal industry, healthcare sector, and financial sector.

2. DealRoom

DealRoom Inc. has quickly gained a massive reputation in the virtual data room industry. The company started operations in 2012 and is headquartered in Chicago, United States.

DealRoom is well known for its sophisticated and comprehensive solutions for dealmaking, M&A, fundraising, and project management. One of the best things about DealRoom VDRs is that they can help you manage small to large-size mergers and acquisitions with the same efficiency.

DealRoom has been featured on M&A Science Network, a renowned podcast for dealmakers. However, DealRoom clients indicate that the price of DealRoom services is on the higher side. Also, it doesn't support Linux, Android, and iOS.

3. Intralinks

Intralinks is a virtual data room service specifically designed for large-sized organizations, and its clientele includes well-known global brands. Intralinks started operations in 1996 and launched its first-ever virtual data room product in 2002. Since then, it has served businesses in Latin America, North America, Asia Pacific, and Europe.

The data room has the capabilities to handle any complex transaction, but it comes at a hefty price. Therefore, it might only be suitable for large-scale businesses.

4. SecureDocs

Whether it is regular data sharing or managing financial transactions, SecureDocs is a highly suitable option for small and medium-sized businesses. SecureDocs started operations in 2012 and has established itself as a primary option for SMEs.

What’s more, SecureDocs is a reliable option for handling large-scale transactions at a very affordable price. The data room supports iOS, Windows, Linux, and other major operating systems.

5. Datasite

Merrill’s Datasite is a high-end virtual data room software that particularly targets medium to large-size businesses. Datasite is a super secure data room service to manage data-sensitive transactions like capital raising, IPOs, and M&As.

What’s more, the company also provides content administration and consultancy services. Deployment options include Windows, Cloud, Android, and Linux.

6. HelpRange

HelpRange is a cutting-edge solution in the realm of document protection and analytics, designed to revolutionize the way we securely share and store sensitive information. It offers advanced security controls alongside invaluable insights, including usage statistics, alerts, and real-time visual heat maps. This combination of features makes HelpRange an ideal choice for organizations seeking a virtual data room solution.

One of the key strengths of HelpRange lies in its robust security measures. It employs state-of-the-art encryption protocols to safeguard documents from unauthorized access or data breaches. With granular access controls, administrators can precisely manage who can view, edit, or download documents, ensuring that sensitive information remains confidential.

Moreover, HelpRange goes beyond traditional data rooms by providing comprehensive analytics capabilities. Users gain actionable insights into document usage patterns, enabling them to optimize workflows and make informed decisions. The platform generates alerts for unusual activities, such as unauthorized access attempts or suspicious behavior, allowing administrators to respond promptly and mitigate risks.

The real-time visual heat maps offered by HelpRange offer a dynamic way to visualize document interactions. Users can quickly identify areas of high activity or pinpoint regions where engagement may be lacking, facilitating targeted interventions to enhance collaboration and productivity.

Overall, HelpRange offers a compelling solution for organizations seeking a secure and insightful virtual data room. By combining advanced security features with powerful analytics tools, it empowers users to protect their documents while gaining valuable insights into their usage and effectiveness.

Important factors to consider when choosing data room services

The need to use data room software varies from user to user. Therefore, need identification is the most vital element to consider when choosing a VDR vendor. Apart from that, the following factors require special attention when you compare virtual data rooms:

1. How secure a virtual data room is? You can start by asking if the vendor is ISO certified. What’s more, regional certifications like FINRA, FISMA, HIPAA, and GDPR are also vital.

2. Does the vendor possess relevant industry experience? Does the company offer different solutions for different industries and processes?

3. How fair and transparent is the pricing mechanism? Make sure there are no hidden charges or additional yearly fees.

4. How strong is their digital presence? Check out their website and read customer reviews.

Final thoughts

The billion-dollar data room industry provides a wide range of options to all business types and sizes. Some of the best virtual data room providers include iDeals, Merrill Datasite, DealRoom, SecureDocs, and Intralinks.

When choosing a virtual data room for your organization’s needs it’s essential to compare several vendors paying attention to their pricing models, security features, users’ feedback, and solutions offered.