Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Europe Enterprise File Synchronization and Sharing Market: by Component, by Application, by Enterprise Size, by Industry, Estimation and Forecast for 2017-2030" report has been added to ResearchAndMarkets.com's offering.
Europe enterprise file synchronization and sharing (EFSS) market to generate sales value of $8,534 million by 2030 at a CAGR of 22.5% during the forecast period 2022-2030, which was valued at $1420.4 million in 2021.
In today's world, organizations need to be agile and keep up with the ever-changing trends in order to stay competitive. One such trend is enterprise file synchronization and sharing.
These services allow organizations to synchronize files between various locations and devices so that employees can work on the same documents regardless of where they are located. This helps to reduce the information management burden and improves workflow efficiency. Additionally, these services can be used for team collaboration and communication purposes, which is why there is so much interest in them.
According to a recent study, Europe is widely considered to be the leading market for enterprise file synchronization and sharing. This is due in part to the proliferation of mobile devices and collaboration tools, as well as stricter data privacy regulations in some countries. Moreover, many companies are looking to migrate their data storage solutions to cloud services in order to reduce their infrastructure costs.
As a result, there is a growing demand for enterprise file synchronization and sharing services across Europe. As the demand for enterprise file synchronization and sharing increases, so too does the number of reputable providers available on the market. This means that businesses of all sizes can find the right solution for their needs, no matter how large or small they may be.
Market Dynamics
Drivers
- Increased data complexity:As more and more data is generated, stored, accessed and shared by organizations, it becomes increasingly difficult to manage. This challenges companies' ability to operate effectively and efficiently due to the sheer volume of data. Enterprises require solutions that can help them synchronize files and share information among different teams more easily.
- Business demands for interoperability: Many European businesses are focused on developing cross-platform base systems so that sensitive data can be shared between different platforms such as iOS and Android, Windows and Macs, etc. This requires solutions that can seamlessly sync files as well as provide collaboration capabilities between individuals and teams on different platforms.
Restraints
- There is a lack of perceived need for Enterprise file synchronization and sharing in Europe. This is due in part to the prevalence of consumer-based file-sharing tools, such as Dropbox and Google Drive, which are popular among professionals and business users. These tools provide a user-friendly experience that is more convenient and easier to use than traditional Enterprise file synchronization and sharing solutions.
- Europeans are generally less tech-savvy than Americans, which makes them less likely to adopt new technologies. This includes Enterprise file synchronization and sharing solutions, which can be complex and require a lot of individual knowledge and expertise to use effectively.
- Third-party vendors offer cheaper alternatives to Enterprise file synchronization and sharing products. This means that many businesses don't feel that it's worth investing in these solutions due to the high cost of implementation. Additionally, many European organizations don't have an IT department with the necessary expertise to manage these files.
Major Players in Europe Enterprise File Synchronization and Sharing (EFSS) Market
- Accellion
- Acronis
- Adobe
- Atlassian
- Blackberry
- Box
- Citrix Systems
- CodeLathe Technologies Inc
- CTERA Networks
- DOMA Technologies
- Dropbox
- Egnyte
- Fabasoft
- GRM Information Management
- IBM Corporation
- Inspire-Tech
- Microsoft Corporation
Segment Overview
By Component
- Solution
- Services
By component, solution segment is projected to grow at the fastest CAGR of 22.8%.
By Application
- Document Management
- Security & Compliance Management
- Data Storage
- Sharing & Collaboration
- Others
By application, security and compliances management is offering an opportunity of 3,000 million in the Europe enterprise file synchronization and sharing (EFSS) market during the forecast period. On the other hand, demand for data storage is growing at a CAGR of 23.4% and is projected to continue growing the same CAGR in the years to come.
With the increasing pressure on businesses to comply with complex regulatory and compliance requirements, there is a growing demand for enterprise file synchronization and sharing solutions in Europe. This is particularly true for security and compliances management (SCM) applications, which help keep sensitive data safe and compliant.
By Enterprise Size
- Large/ Public Enterprises
- Small & Medium Enterprises
By enterprise size, Large/public enterprises are holding over 60% share of the Europe enterprise file synchronization and sharing (EFSS) market.
Large organizations in Europe are spending more resources on enterprise file synchronization and sharing services than ever. According to our study, the largest organizations in Europe are spending an average of $1.5 million per year on enterprise file synchronization and sharing technology. This is up from $1 million per year in 2015. The main reasons for this increase are the increasing complexity of business processes and the need for organizations to be able to share files across multiple locations and devices. In addition, governments across Europe are requiring more data to be shared securely between government entities.
The study also found that small businesses are the least likely to be using enterprise file synchronization and sharing services.
By Industry
- Banking and Financial Services and Insurance (BFSI)
- Government
- IT & ITes
- Healthcare
- Transportation
- Retail and E-commerce
- Manufacturing
- Media & entertainment
- Others
By industry, Banking and Financial Services and Insurance (BFSI) segment is projected to generate revenue of $2,500 million by 2030. Whereas, healthcare is projected to grow at the fastest CAGR of 24.3% during the forecast period.
File synchronization and sharing is used to improve collaboration and communication within BFSI, help manage risks, and facilitate faster decision-making. Enterprises that use these tools have greater agility and efficiency when it comes to adapting to changes in their markets.
File synchronization and sharing tools can help reduce data fragmentation, increase reliability, and improve collaboration for organizations of all sizes. The popularity of these tools indicates that businesses are increasingly recognizing the benefits of file synchronization and sharing.
By Country
- Western Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
Western Europe was responsible for generating over 70% of Europe EFSS market in 2021. The region generated a revenue of $1,101.5 million in the same year. Whereas, Poland is the largest country, in terms of revenue.
Europe enterprise file synchronization and sharing (EFSS) market Report Answers Questions Such As:
- What is the market size and forecast of the Europe enterprise file synchronization and sharing (EFSS) market?
- What are the inhibiting factors and impact of COVID-19 on the Europe enterprise file synchronization and sharing (EFSS) market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Europe enterprise file synchronization and sharing (EFSS) market?
- What is the competitive strategic window for opportunities in the Europe enterprise file synchronization and sharing (EFSS) market?
- What are the technology trends and regulatory frameworks in the Europe enterprise file synchronization and sharing (EFSS) market?
- What is the market share of the leading players in the Europe enterprise file synchronization and sharing (EFSS) market?
- What modes and strategic moves are considered favorable for entering the Europe enterprise file synchronization and sharing (EFSS) market?
| Report Attribute | Details |
| No. of Pages | 172 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value (USD) in 2021 | $1420.4 million |
| Forecasted Market Value (USD) by 2030 | $8534 million |
| Compound Annual Growth Rate | 22.5% |
| Regions Covered | Europe |
For more information about this report visit https://www.researchandmarkets.com/r/6jlg46-enterprise?w=12
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