The industry is growing quickly, with industry revenue expected to reach $728.4 million in 2013, a 16% increase from 2012 and an annualized growth rate of 15.8% since 2008, according to the report.
"Driving this growth has been the economy-wide transition toward providing services online. In particular, the proliferation of access-limited document sharing infrastructures -- and programmers in the field -- has enabled this industry to flourish without requiring huge investments," IBISWorld says. "The time and money savings this industry offers have made [virtual data rooms] enormously valuable to investors."
Industry revenue is forecast to expand at an annualized rate of 14.2% over the next five years.
5. Digital Forensic Services
Digital forensic service firms recover and investigate material found in digital devices. Its services are often in relation to computer crime, but they increasingly involve mobile devices, according to IBISWorld.
In the five years to 2013, IBISWorld estimates that revenue for the digital forensic services industry increased at an annualized rate of 11.9% to $976.2 million.
As consumers are spending more of their time online, the amount of electronically stored information is rising exponentially. A boost in demand for services is expected to contribute to steady revenue growth of 11.2% in 2013.
The report notes that while there are few "prohibitive governmental, licensing or regulatory barriers" to starting a digital forensic services firm, capital requirements are high in order to keep up with competition.
Industry participants will also be challenged by the expansion of cloud computing, which allows information to be "manipulated, stored and processed from multiple computers," the report says.
6. IT Security Consulting
IT security consultants have benefited greatly from the increasing amount of high-profile data breaches.
RSA security division are just a few big companies that have been victims of cyber-attacks in recent years, moving IT security far into the spotlight, the report says.
Over the past five years, IBISWorld estimates that revenue for the IT Security Consulting industry rose an annualized rate of 9.8% to $5.3 billion. Industry revenue is predicted to climb 8.8% in 2013, the report says.