New York, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has recently published a new report, titled "Enterprise File Synchronization and Sharing (EFSS) Market Size, Share, Growth, Demand, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Solution and Services [Professional Services and Integration Services]), Deployment Model (Cloud, On-Premise, and Hybrid), End User (Small Enterprises, Mid-sized Enterprises, and Large Enterprises), and Industry Vertical (Healthcare & Life Sciences, BFSI, IT & Telecom, Media & Entertainment, Consumer Goods & Retail, Industrial Good & Automotive, and Others), and Geography," the enterprise file synchronization and sharing (efss) market is expected to grow from USD 8.03 billion in 2022 to USD 29.91 billion by 2028; it is anticipated to grow at a CAGR of 24.5% from 2022 to 2028.
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Global Enterprise File Synchronization and Sharing (EFSS) Market – Report Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 8.03 billion in 2022 |
| Market Size Value by | US$ 29.91 billion by 2028 |
| Growth rate | CAGR of 24.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 164 |
| No. of Tables | 3 |
| No. of Charts & Figures | 57 |
| Historical data available | Yes |
| Segments covered | Component, Deployment Model, End User, Industry Vertical, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Get a Sample to Understand the Impact of COVID-19 on this Market | https://www.theinsightpartners.com/covid-analysis-sample/TIPTE100000183 |
Global Enterprise File Synchronization and Sharing (EFSS) Market: Competitive Landscape and Key Developments
Citrix Systems, Inc.; Box Inc.; Dropbox; Microsoft; Accellion; VMware, Inc.; Google; Thomson Reuters; IBM Corporation; and OpenText are among the key players operating in the enterprise file synchronization and sharing (EFSS) market.
In September 2021, Google launched Google Filestore Enterprise and Google Kubernetes Engine (GKE). These new products aim to help enterprises migrate common files from on-premises to the cloud at a larger scale. Due to these new product launches, the company expanded its portfolio in the enterprise file synchronization and sharing (EFSS) market.
In November 2021, Dropbox, Inc. acquired Command E, a search tool combining multiple tools and platforms to efficiently search through files and documents. Dropbox, Inc. focused on the productivity benefits of Command E by helping navigate the content management software efficiently.
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Enterprise File Synchronization and Sharing (EFSS) Market: Key Insights
Enterprise file synchronization and sharing (EFSS) allows secured synchronization of data shared between employees, external clients, and partners across multiple devices. The enterprise file synchronization and sharing (EFSS) market is segmented geographically into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Developing countries have also started implementing or are planning to implement cloud or private storage technologies over their traditional storage system. The US, Japan, and all major European countries successfully deployed Enterprise File Synchronization and Sharing (EFSS) solutions and are relishing the benefits of the safe and secured storage application.
North America has been an extremely open and competitive market regarding adopting enterprise file synchronization and sharing (EFSS) solutions across major industry verticals. It is expected to contribute the highest in overall revenue generation worldwide. Europe has stringent laws and regulations regarding collecting, using, and disclosing personal information obtained from consumers and other individuals. Countries such as the UK, Germany, and France are considered the major contributors to enterprise file synchronization and sharing (EFSS) market growth.
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The demand for enterprise file synchronization and sharing (EFSS) in Asia Pacific is expected to grow significantly during the forecast period. This is attributed to businesses in the region using enterprise file sync-and-share to improve content management and secure file sharing among employees. Moreover, organizations are increasingly adopting enterprise file synchronization and sharing (EFSS) solutions to prevent employees from sharing corporate data via consumer-oriented public cloud storage outside of IT controls. Furthermore, the growing number of sophisticated cyber-attacks and data thefts is becoming a major factor accelerating the adoption of more comprehensive technologies than the cloud to meet the demand for content and information security.
In the Middle East, the enterprise file synchronization and sharing (EFSS) market is growing due to the rapid development of smart workplaces with the involvement of tech-savvy international companies in this region. Factors such as heavy capital investment, infrastructural legacy systems, and continuous advancements in information and social technology are driving the enterprise file synchronization and sharing (EFSS) market in the region. With overcoming challenges such as technological awareness and infrastructure growth, there is growing adoption of enterprise file synchronization and sharing (EFSS) solutions in South America.
Global Enterprise File Synchronization and Sharing (EFSS) Market: Industry Vertical Overview
Based on industry vertical, the enterprise file synchronization and sharing (EFSS) market is segmented into healthcare & life sciences, BFSI, IT & telecom, media & entertainment, consumer goods & retail, industrial goods & automotive, and others. The BFSI segment is expected to grow at the highest CAGR over the forecast period. There is a growing need for smarter business platforms that are agile, scalable, and adaptive. Financial institutions continue to engage in data-driven decisions. Moreover, increasing demand for secure and flexible file-sharing platforms, streamlining corporate processes, improving customer experiences, enhancing staff efficiency, and ensuring compliance are all facilitated by enterprise file synchronization and sharing (EFSS) solutions.
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Key Takeaways:
- The hybrid segment accounted for a major market share in 2021 and is anticipated to witness promising growth over the forecast timeline.
- Asia Pacific is anticipated to grow at the highest growth rate in the enterprise file synchronization and sharing (EFSS) market.
- The rising demand for flexibility across business operations has boosted the adoption of mobile apps, cloud software, and automation.
- 2021, the IT & telecom segment accounted for the largest share of the enterprise file synchronization and sharing (EFSS) market.
- Europe is the second largest adopter of EFSS solutions, while Asia Pacific is in third place with a growing number of organizations and increasing technological trends.
Global Enterprise File Synchronization and Sharing (EFSS) Market: COVID-19 Overview
The COVID-19 pandemic created a major impact across several verticals and resulted in the massive shutdown of various business units. In addition, the pandemic forced many organizations to transform their business operations to operate effectively. Therefore, companies started depending more on advanced technologies such as cloud, AI, and IoT. The growing mobile workforce and digital workplace trends among businesses have accelerated the growth of the Enterprise File Synchronization and Sharing (EFSS) market during the global health crisis. Furthermore, due to the work-from-home model, the demand for enterprise file synchronization and sharing (EFSS) solutions has increased, especially among the IT and telecom sector. The enterprise file synchronization and sharing (EFSS) market experienced tremendous growth due to increased government initiatives from several regions to boost digitization across industries. Enterprises extensively adopted EFSS solutions and services, boosting market growth during the global health crisis.
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