New York, NY, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Enterprise File Synchronization and Sharing (EFSS) Market Share, Size, Trends, Industry Analysis Report, By Offering (Solution, And Services); By Deployment Model; By Business Function; By Application; By End Use; And By Region; Segment Forecast, 2024- 2032" published by Polaris Market Research in its research repository.
The global Enterprise File Synchronization and Sharing (EFSS) Market size and share is currently valued at USD 10.74 billion in 2023. It is anticipated to generate an estimated revenue of USD 109.21 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 29.4% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What is Enterprise File Synchronization and Sharing? How Big is Enterprise File Synchronization and Sharing (EFSS) Market Size?
Enterprise file sync and share, or EFSS, is a service that lets users preserve files in a cloud or on-premises warehouse and then access them on desktop and mobile appliances. Users can safely exchange documents, images, videos, and more with others and on many devices by using enterprise file-sharing technologies. Employers save files in an authorized data repository via file synchronization or copying so that staff members can access them remotely from tablets, PCs, or cellphones that are compatible with the EFSS product.
Businesses can utilize an EFSS service to enhance content management teamwork and secure employee file sharing. EFSS services include document version tracking, live commenting, and workflow process management to help users store, edit, review, and share files. Also, organizations now place a high premium on data security due to the increasing sophistication of cyber threats. To reduce these dangers, EFSS systems with strong security features, including data loss prevention (DLP), encryption, and treatment detection, are highly sought after. As a result, the enterprise file synchronization and sharing (EFSS) market demand is increasing rapidly.
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Enterprise File Synchronization and Sharing (EFSS) Market Key Companies
- Accellion
- Acronis
- Blackberry
- Box
- Citrix Systems
- Dropbox
- Egnyte
- IBM
- Microsoft
- Nextcloud
- Northbridge Secure Systems
- OpenText
- SugarSync
- Syncplicity by Axway
- VMware
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Key Highlights
- The EFSS market has experienced significant growth in recent times due to a number of factors, including the increased need for secure file sharing and collaboration tools, the growing need for remote work solutions, and the extensive usage of mobile devices.
- The enterprise file synchronization and sharing (EFSS) market segmentation is primarily based on deployment model, offering, application, end use, business function, and region.
- North America dominated the market with the largest share in 2023.
Market Developments
Growth Drivers:
- Increased Adoption of Cloud-Based Solutions: The market for these technologies is expanding exponentially as more companies become aware of the benefits that cloud-based solutions offer. With businesses placing a higher priority on accessibility, efficiency, and flexibility in their operations, the enterprise file synchronization and sharing (EFSS) market size is expected to rise steadily due to the continued adoption of cloud-based solutions in a variety of industries. This demonstrates how the EFSS market opportunity will grow during the projection period.
- Mobile Collaboration Solutions: As more people use their mobile devices for work-related purposes, there is a growing trend of integrating these devices into the workplace. This trend highlights how important it is to have collaboration solutions that work on a variety of platforms, including tablets, smartphones, laptops, and desktop computers. As a result, to capitalize on this changing workplace dynamic, the enterprise file synchronization and sharing (EFSS) industry size is witnessing a surge in demand for mobile collaboration solutions.
Industry Trends:
- Collaborations and Partnerships: Collaboration exceeds organizational borders and includes joint ventures with other businesses, academic organizations, and even rival companies. This collaborative mentality within the EFSS market creates an atmosphere that is conducive to ongoing innovation and advancement toward shared success by promoting a culture of openness, transparency, and mutual support.
- Rising Opportunities in Cloud-Based Solutions: The EFSS environment is changing as a result of the growing prospects in cloud-based solutions. Cloud-based EFSS solutions, such as cost-effectiveness, multi-device compatibility, scalability, flexibility, and ease of access, offer many benefits. Also, the rapid adoption of EFSS solutions by SMEs has been made possible by the advent of cloud-based services, which has increased the enterprise file synchronization and sharing (EFSS) market share throughout the projected time.
Restraints:
- High Costs: SMEs frequently have smaller operating budgets than larger businesses. The inability of SMEs to implement EFSS systems is likely attributed to the high initial expenses and continuous subscription fees linked with them. Because of these financial hurdles, a sizable percentage of the enterprise file synchronization and sharing (EFSS) market made up of SMEs remains untapped.
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Segmentation Overview
- The Cloud Sector Accounts for the Largest Share
This noteworthy accomplishment highlights how cloud-based EFSS solutions are being used by enterprises all over the world at an accelerated rate. The rise of the cloud sector indicates a fundamental shift in organizational choices as more businesses become aware of the numerous advantages provided by cloud-based EFSS platforms.
Moreover, security concerns also contribute to the cloud sector’s dominance. To protect sensitive data, cloud-based EFSS platforms usually include strong security features like data redundancy, access limits, and encryption. Organizations feel more confident as a result of this improved security posture, which also helps to allay worries about compliance obligations and data breaches.
- The BFSI Sector Grows at the Fastest CAGR
The BFSI sector requires effective administration and distribution of a wide range of documents, reports, and client information due to its intrinsic data-intensive nature. EFSS systems provide strong capabilities for safe file synchronization and collaboration, helping BFSI companies to increase customer satisfaction, productivity, and streamline operations.
Moreover, due to changing consumer tastes and technology breakthroughs, the BFSI industry is undergoing a massive digital revamp. Because they enable easy access to financial documents and information from a variety of devices and places, EFSS solutions are essential to this shift. This improves operational agility and lets BFSI companies provide their clients with customized services while preserving the security and integrity of their data.
Enterprise File Synchronization and Sharing (EFSS) Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 109.21 Billion |
| Market size value in 2024 | USD 13.88 Billion |
| Expected CAGR Growth | 29.4% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | Accellion, Acronis, Blackberry, Box, Citrix Systems, Dropbox, Egnyte, Google, IBM, Microsoft, Nextcloud, and Wallbox |
| Segments Covered | By Offering, By Deployment Model, By Business Function, By Application, By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Insights
North America: Businesses may more easily implement and manage file synchronization and sharing solutions because of the region's advanced infrastructure and highly skilled labor force. Bring your device (BYOD) policies and the growing need for remote work capabilities are driving the enterprise file synchronization and sharing (EFSS) market in North America. Additionally, it is expected that the existence of notable businesses in the region, such as Dropbox, Microsoft, and Box, will spur further revenue growth in the EFSS industry.
Asia Pacific: The market in the Asia Pacific region is expanding quickly. Some of the main drivers propelling the enterprise file synchronization and sharing (EFSS) market growth in the region are the expanding need for mobile-based solutions, the growing requirement for data security, and the growing acceptance of cloud-based solutions.
Browse the Detail Report “Enterprise File Synchronization and Sharing (EFSS) Market Share, Size, Trends, Industry Analysis Report, By Offering (Solution, And Services); By Deployment Model; By Business Function; By Application; By End Use; And By Region; Segment Forecast, 2024- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/enterprise-file-synchronization-and-sharing-efss-market
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Key Questions Addressed in the Report:
- What is the current and expected size of the market?
Ans: The global market size and share are currently valued at USD 10.74 billion in 2023 and are anticipated to generate an estimated revenue of USD 109.21 billion by 2032.
- Who are the major players operating in the industry?
Ans: Some of the enterprise file synchronization and sharing (EFSS) market key players are Accellion, Blackberry, Dropbox, Google, Microsoft, Northbridge Secure Systems, and Syncplicity by Axway.
- What are the segments covered in the report?
Ans: The enterprise file synchronization and sharing (EFSS) industry analysis is primarily based on deployment model, offering, application, end-use, business function, and region.
- Which region is leading the market?
Ans: North America dominated the market with the largest share in 2023.
- What is the expected growth rate of the market during the forecast period?
Ans: The report notes that the market exhibits a robust 29.4% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Polaris Market Research has segmented the enterprise file synchronization and sharing (EFSS) market report based on offering, deployment model, business function, application, end-user, and region.
By Offering Outlook
- Solution
- Services
By Deployment Model Outlook
- On-Premise
- Cloud
By Business Function Outlook
- Human Resources
- Sales & Marketing
- Legal
- Finance & Accounting
- IT
By Application Outlook
- Collaboration Support
- Security
- Enterprise Content Management System
- Enterprise Storage and Backup
- Enterprise Mobility
- Enterprise Document Management
- Cloud Virtualization
- Others
By End Use Outlook
- Banking, Financial Services, And Insurance (BFSI)
- Healthcare And life science
- Government And Public Sector
- IT And Telecommunication
- Retail And E-Commerce
- Education
- Media And Entertainment
- Aerospace And Defence
- Legal
- Transportation And Logistics
- Manufacturing
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
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