Data Room Demand Rises Across Media, Investment and Software as Education and Consulting Decline
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Media and entertainment, investment & private equity, software, and venture capital recorded the strongest increases in secure corporate document activity.
Demand for virtual data rooms increased across several transaction-intensive industries during the analyzed 2026 period, according to an analysis of anonymized corporate platform usage.
Media and entertainment recorded the fastest growth, increasing by approximately 343.84%. Investment and private-equity activity rose by approximately 294.52%, while software increased by 45.21% and venture capital by 15.64%.
Other industries moved in the opposite direction. Education recorded the largest decline at approximately 50.68%, followed by consulting at 28.27%, healthcare at 23.48% and energy at 11.23%.
The figures were adjusted to remove the effect of changes in marketing activity, providing a clearer indication of underlying changes in data-room demand.
Investment and media industries lead the increase
Media and entertainment recorded the largest percentage increase among the industries included in the analysis, rising by approximately 343.84%.
Companies in this sector may use virtual data rooms to organize intellectual property records, licensing agreements, production contracts, distribution rights and financial documents during investments, partnerships and acquisitions.
The increase coincides with continued expansion across the broader entertainment and media industry. PwC forecasts that global entertainment and media revenue will grow by approximately 4.6% in 2026, supported by digital platforms, advertising and demand for live and immersive experiences.
Investment and private-equity activity recorded the second-fastest increase, rising by approximately 294.52%. While this category began from a smaller base, the increase indicates substantially more secure document activity associated with investment reviews, portfolio-company reporting and transaction preparation.
The broader private-capital market remains active but selective. PwC’s 2026 private-capital outlook notes that investors are placing greater emphasis on execution, liquidity, data and credible value-creation plans as market volatility continues.
This environment may increase the need for controlled document environments where investors can review financial records, ownership information, contracts and operating data before committing capital.
Software and venture-capital demand continues to grow
Software data-room activity increased by approximately 45.21%, making it the strongest-growing established technology category included in the analysis.
Software companies frequently need to share intellectual property records, customer contracts, financial statements, capitalization tables and product documentation during fundraising rounds, strategic investments and acquisition discussions.
The increase broadly aligns with continued demand for technology assets. EY reported that technology M&A deal value doubled and deal volume increased by 29% from April through June 2026 compared with the same period in 2025, with buyers showing continued interest in software, AI and digital infrastructure.
Venture-capital activity increased more moderately, rising by approximately 15.64%. The growth suggests that venture firms and companies working with investors continue to represent an important source of secure document-sharing activity.
KPMG’s Venture Pulse found that global venture-capital investment reached $227.4 billion across 8,440 deals during the second quarter of 2026, making it the second-highest quarter recorded for global VC investment.
Although broader investment figures do not directly explain the increase within the Orangedox dataset, they provide context for continued demand for fundraising, due-diligence and portfolio-management workflows.
Education and consulting record the largest declines
Education recorded the largest decrease in adjusted data-room activity, declining by approximately 50.68%.
Consulting activity fell by approximately 28.27%, while healthcare declined by 23.48%. Energy recorded a more moderate decrease of approximately 11.23%.
These declines indicate that activity in these industries did not keep pace with the projected baseline. They do not necessarily mean that the industries themselves experienced an equivalent decline in transactions, investment or overall business activity.
Healthcare organizations, for example, continue to face significant transformation and investment requirements. However, Deloitte’s 2026 US Health Care Outlook highlights mounting financial, regulatory and operational uncertainty, with 43% of surveyed executives reporting an uncertain or neutral near-term outlook.
Energy companies are also balancing new investment opportunities against greater capital discipline. Deloitte’s 2026 Energy Industry Outlook notes that market volatility, policy changes and rising costs are reshaping capital allocation across the sector.
The decrease in consulting, healthcare, education and energy activity may therefore reflect changes in transaction timing, document-sharing requirements, customer composition or adoption of data-room workflows.
Secure workflows reflect changing transaction priorities
The results indicate that secure document activity is becoming increasingly concentrated in industries connected with investment, software development, intellectual property and digital content.
Venture-capital and private-equity firms may use data rooms to review potential investments and monitor portfolio companies. Software businesses may use them during fundraising, partnerships and acquisitions, while media companies may need controlled access for licensing agreements, intellectual property and commercial contracts.
Virtual data rooms allow organizations to restrict, monitor or revoke access to sensitive files. Their use can begin before a formal transaction is announced and continue through due diligence, negotiation and closing.
The different growth rates across industries suggest that demand for these workflows is evolving unevenly, with investment, technology and media-related users accounting for some of the strongest increases during the analyzed period.
Methodology
The analysis is based on anonymized corporate activity observed through the Orangedox platform during the analyzed periods in 2025 and 2026. Related and overlapping industry labels were consolidated into broader categories where appropriate.
The comparison uses a projected 2026 baseline calculated from 2025 activity. Growth rates were then adjusted to remove the influence of changes in platform adoption.
The figures measure observed corporate users rather than individual fundraising rounds, investments or M&A transactions. They do not identify transaction value, stage or outcome. The findings describe activity within the analyzed Orangedox dataset.
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