New York, United States , June 26, 2024 (GLOBE NEWSWIRE) -- The Global Enterprise File Synchronization and Sharing (EFSS) Market Size is to Grow from USD 9.26 Billion in 2023 to USD 79.10 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 23.92% during the projected period.
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A software program called enterprise file synchronization and sharing (EFSS) enables users to access and synchronize data across several devices, including documents, videos, and photos that are saved locally or on the cloud. These software programs allow partners, outside clients, and employees to securely sync and exchange data across several devices. EFSS services provide features like workflow process management, commenting, and live document version tracking to facilitate the saving, reviewing, altering, and sharing of files by users. This change is mostly dependent on enterprise file-sharing solutions, which provide employees with an integrated platform to manage content, collaborate, and communicate. Businesses are realizing how important it is to collaborate quickly and effectively, which is driving up demand for collaboration technologies in the enterprise file sync and share (EFSS) market. Collaboration features in EFSS solutions enable distributed teams to work together effectively from anywhere in the globe, enabling real-time document editing, version control, and team communication. Digital Workplace Solutions (DWS) reduce barriers and promote human relationships. However, there are many benefits to linking EFSS services and solutions, the high cost involved keeps the global enterprise file synchronization and sharing market from expanding. For their EFSS solutions, which come in enterprise subscription or per-user licensing models, vendors demand outrageous rates.
Browse key industry insights spread across 166 pages with 115 Market data tables and figures & charts from the report on the "Global Enterprise File Synchronization and Sharing (EFSS) Market Size, Share, and COVID-19 Impact Analysis, By Offering (Solutions, Services), By Business Function (Human Resources, Sales & Marketing, Legal, Finance & Accounting, and IT), By Vertical (BFSI, Healthcare, Legal Services, Education, Media & Entertainment, Government & Public Sector, Retail and eCommerce, Construction and Real estate), By Application (File Storage & Backup, Content Management System, Mobile Access & Productivity, Document Collaboration, Analytics & Reporting, and Other Application), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The solutions segment is anticipated to hold the greatest share of the global enterprise file synchronization and sharing (EFSS) market during the projected timeframe.
On the basis of offering, the global enterprise file synchronization and sharing (EFSS) market is divided into solutions, and services. Among these, the solutions segment is anticipated to hold the greatest share of the global enterprise file synchronization and sharing (EFSS) market during the projected timeframe. The rise of entrepreneurs and the substantial investments made by major software tool manufacturers are predicted to exert further demand pressure on the EFSS solution market during the anticipated period.
The human resources segment is anticipated to grow at the fastest pace in the global enterprise file synchronization and sharing (EFSS) market during the projected timeframe.
On the basis of business function, the global enterprise file synchronization and sharing (EFSS) market is divided into human resources, sales & marketing, legal, finance & accounting, and IT. Among these, the human resources segment is anticipated to grow at the fastest pace in the global enterprise file synchronization and sharing (EFSS) market during the projected timeframe. In the EFSS business, human resources (HR) are essential to the administration and safety of an organization's sensitive data. HR departments handle, securely exchange, and store employee-related documents like contracts, performance reviews, and training materials using EFSS solutions.
The healthcare segment is predicted to grow at the highest pace in the enterprise file synchronization and sharing (EFSS) market during the estimated period.
On the basis of vertical, the global enterprise file synchronization and sharing (EFSS) market is divided into BFSI, healthcare, legal services, education, media & entertainment, government & public sector, retail and eCommerce, construction and real estate. Among these, the healthcare segment is predicted to grow at the highest pace in the enterprise file synchronization and sharing (EFSS) market during the estimated period. Critical aspects of EFSS solutions in the healthcare industry, where quick and secure patient information transmission is necessary to provide high-quality care, are the chance for efficient communication between healthcare professionals and improving patient outcomes.
The document collaboration segment is expected to grow at the fastest pace in the global enterprise file synchronization and sharing (EFSS) market during the projected timeframe.
On the basis of application, the global enterprise file synchronization and sharing (EFSS) market is divided into file storage & backup, content management systems, mobile access & productivity, document collaboration, analytics & reporting, and other Applications. Among these, the document collaboration segment is anticipated to grow at the fastest pace in the global enterprise file synchronization and sharing (EFSS) market during the projected timeframe. Collaborative document editing is made possible via the EFSS, which offers users complete control over real-time editing choices. The fact that any alteration to the document is tracked through EFSS further promotes the idea of transparency.
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North America is expected to hold the largest share of the global enterprise file synchronization and sharing (EFSS) market over the forecast period.
North America is expected to hold the largest share of the global enterprise file synchronization and sharing (EFSS) market over the forecast period. The enterprise file sync and share (EFSS) market in North America is one of the most advanced and cutthroat in the world. Owing to the region's reputation as a hub for technological advancement and the sheer number of companies operating there across numerous industries, EFSS solutions that facilitate safe, secure file sharing and collaboration are highly sought after. The market is defined by a broad range of EFSS providers, including both established businesses and more recent entrants.
Asia Pacific is predicted to grow at the fastest pace in the global enterprise file synchronization and sharing (EFSS) market during the projected timeframe. The rapid uptake of cloud computing in Asia-Pacific, which offers scalability, affordability, and ease of setup, is driving the market for EFSS solutions. The proliferation of small and medium-sized enterprises (SMEs) across Asia, many of which lack the resources required for complex IT infrastructure, has created a need for EFSS solutions that are both accessible and user-friendly and tailored to address the specific needs of these businesses.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Enterprise File Synchronization and Sharing (EFSS) Market are Accellion, Inc, Box, Inc., Citrix Systems, Inc., Dropbox, Inc, Egnyte, Inc., Google, Inc., Microsoft Corporation, SugarSync, Inc., Syncplicity LLC, Nextcloud, Syncplicity by Axway, Acronis Files Advanced, Tresorit, IBM Aspera, Others, and Other Key Vendors.
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Recent Developments
- In November 2023, Expanding their collaboration to use generative AI to transform work in the enterprise, Box and Google cloud announced their cooperation. Vertex AI and box will work together to develop next-generation AI capabilities that will enable users to handle and analyze data from the box content cloud which is now directly accessible to users via google cloud more quickly.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global enterprise file synchronization and sharing (EFSS) market based on the below-mentioned segments:
Global Enterprise File Synchronization and Sharing (EFSS) Market, By Offering
- Solutions
- Services
Global Enterprise File Synchronization and Sharing (EFSS) Market, By Business Function
- Human Resources
- Sales & Marketing
- Legal
- Finance & Accounting
- IT
Global Enterprise File Synchronization and Sharing (EFSS) Market, By Vertical
- BFSI
- Healthcare
- Legal services
- Education
- Media & Entertainment
- Government & Public Sector
- Retail eCommerce
- Construction and Real estate
Global Enterprise File Synchronization and Sharing (EFSS) Market, By Application
- File Storage & Backup
- Content Management System
- Mobile Access & Productivity
- Document Collaboration
- Analytics & Reporting
- Other Application
Global Enterprise File Synchronization and Sharing (EFSS) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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