The Global Enterprise File Synchronization And Sharing Market Is Expected To Reach The Value Of USD 33,270.27 Million By 2030, At A CAGR Of 27.2% During The Forecast Period.
Enterprise File Synchronization And Sharing (EFSS) Market Overview:
The enterprise file synchronization and sharing market size is expected to grow at a rate of 28% over the next few years. By the end of 2023, the market size is expected to reach $11 billion. Organizations can use Enterprise File Synchronization and Sharing (EFSS) software services to securely synchronize and share documents, photos, and videos from a variety of devices with workers and external stakeholders. These technologies are used by enterprises to prevent employees from using consumer-based applications to store, access, and integrate corporate data that is not under the control of the IT department.
In the coming years, increasing digitization of file transfer technology and business operations is expected to fuel the growth of the enterprise file synchronization and exchange market. Bring Your Own Device (BYOD) is a concept that encourages employees to bring their own laptops, mobile phones, and USB drives to the office and connect them to corporate servers for administrative tasks, increasing work productivity and reducing operating costs. Employees can now access business data from personal devices such as computers, mobile phones and tablets thanks to the Bring Your Own Device (BYOD) craze that allows access to data regardless of geographic location. It is expected that this will lead to the need for a centralized platform for document sharing that will help expand the corporate sharing and synchronization industry.
Enterprise File Synchronization And Sharing (EFSS) Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Enterprise File Synchronization And Sharing (EFSS) Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In September 2022, Instructure, the developer of Elevate Data Sync, entered into an agreement with Google to close the integration gap for Google Classroom customers with a powerful and complete solution. With the connection, educational institutions can now keep course data and rosters synchronized between their Student Information System (SIS) and Google Classroom.
- In October 2021, Dropbox launched Dropbox Replay, a video collaboration tool that is expected to make connecting with video storage and sharing workflows easier. Dropbox Replay helps teams gather, manage, and respond to feedback in one place.
Major Market Segments Covered in Enterprise File Synchronization And Sharing (EFSS) Market Industry Research:
Market Key Players:
Box, Capgemini, Citrix Systems, Dropbox, Egnyte, Google, And Others.
- Standalone EFSS Solution
- Integrated EFSS Solution
Market North America is expected to account for the largest revenue share in the global enterprise file synchronization and sharing market during the forecast period. Increase in technological advancements and rapid adoption of latest technologies such as cloud computing, IoT and AI are some of the key factors driving the revenue growth of the market. The United States is a major contributor to the overall market growth in the region due to rapid growth in end-use devices among consumers and industry-wide work-from-home norms.
The enterprise file synchronization and sharing market in Europe is expected to register a steady growth rate over the forecast period, owing to the rising trend of BYOD and increasing digitization of file transfer technologies. Leading enterprises in the region are rapidly digitizing their processes, generating vast amounts of data, increasing the need for security to access sensitive corporate data.
The Asia Pacific market is expected to register significant revenue growth over the forecast period. One of the major factors driving revenue growth in the Asia Pacific market is rapid technological advancements and adoption of work hybrid models in the region. As the demand for flexibility grows, many companies are accelerating their digitization efforts by adopting cloud software, mobile apps, and automation driving the growth of the EFSS market in Asia Pacific.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
Increasing digitization and rapid adoption of digital workforce and hybrid cloud services are some of the major factors driving the demand for EFSS solutions. Research shows that nearly 9% of corporate IT environments are entirely cloud-based, 54% are mostly on-premises with some cloud, and 29% are mostly on-premises with some cloud. In addition, increasing work from home and increased collaboration between employees and organizations, regardless of location, are driving demand for EFSS solutions. Smart IoT applications such as sensor-assisted space utilization, remote equipment management, process automation and cross-platform communication for employee productivity are expected to further support the growth of the EFSS market. In addition, digital workplaces improve employee collaboration and productivity, improve company decision-making, expand customer reach through various social platforms, successfully engage customers, and help businesses generate revenue. These factors are significantly driving the revenue growth of the market.
Matching various regulatory compliances prevents EFSS from providing some functionality. Additionally, most EFSS solutions often fail to meet the security requirements of highly regulated organizations. Lack of adequate security or availability of easily exploitable vulnerabilities can lead to data theft and cyberattacks of sensitive information, resulting in significant business loss. On July 23, 2021, Kaseya, a developer of IT solutions for several Managed Service Providers (MSPs) and business clients, reported being targeted by a cyber attack on July 2, 2021 over the US Independence Day weekend. Current estimates suggest that between 800 and 1500 small businesses may be infected with ransomware via MSPs.
Enterprise File Synchronization And Sharing (EFSS) Market report scope:
Key Takeaways from this Enterprise File Synchronization And Sharing (EFSS) Market Report
- Estimate Enterprise File Synchronization And Sharing (EFSS) Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Enterprise File Synchronization And Sharing (EFSS) Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
What is the CAGR of Enterprise File Synchronization And Sharing (EFSS) Market?
The Enterprise File Synchronization And Sharing (EFSS) Market is growing at a CAGR of 27.2% During Forecast Period.
What are the key types of Enterprise File Synchronization And Sharing (EFSS) Market?
What are the key applications of Enterprise File Synchronization And Sharing (EFSS) Market?
Large enterprises, SMEs
Who are the key players in Enterprise File Synchronization And Sharing (EFSS) Market?
Box, Capgemini, Citrix Systems, Dropbox, Egnyte, Google, And others.