Enterprise File Sharing & Synchronization (EFSS) Market Size, Share, Growth, and Industry Analysis, By Type (On-premise, Cloud), By Application (Small & Medium Enterprises (SMEs), Large Enterprises) and Regional Forecast to 2030

Updated On: 20 November 2023

Enterprise File Sharing & Synchronization (EFSS) Market REPORT OVERVIEW

The global enterprise file sharing & synchronization (EFSS) market size was 6.6953 billion in 2022. As per our research, the enterprise file sharing & synchronization (EFSS) market is expected to reach USD 20.65 billion by 2028, exhibiting a CAGR of 20.7% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, enterprise file sharing & synchronization (EFSS) experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A service which enables users to save files in a cloud or locally located storage and then retrieve them on mobile and desktop computers is known as enterprise file sync-and-share. Users using enterprise file-sharing applications can securely share documents, images, videos, and other media across many devices and with numerous persons. They use file coordination, or copying, to save files in an authorized data repository, which employees can then access remotely from PCs, tablets, or cellphones that are compatible with the enterprise file sharing & synchronization (EFSS) product.

Sharing can occur between employees within and outside of the company, as well as between apps. These solutions are supplemented by smooth search, retrieval, and utilization of files stored in many data repositories from various user devices, as well as safety, information protection, and collaboration capabilities. The enterprise file sharing & synchronization (EFSS) service heavy utilization mainly in the small enterprises and large enterprises will benefit the market growth during the anticipated timeframe.

COVID-19 Impact: Expanding Digital Workspace to Advance Market Growth

COVID-19 has had a significant influence on many industries, since practically every country has chosen to shut down all facilities save those dealing with critical items. In order to avoid the spread of COVID-19, the authorities has taken stringent measures such as shutting down factories and selling non-essential commodities, as well as blocking foreign trade. The only businesses coping with this pandemic condition are those that are permitted to operate and run procedures.

COVID-19 required many companies to digitally adapt their workplaces and educational facilities in order to function efficiently. Nowadays, businesses are increasingly relying on sophisticated technologies that include cloud, AI, and IoT to stay ahead of competitors in the modernization race. Because of the pandemic behavior, businesses were obliged to adopt a work-from-home approach in order to complete tasks while preventing the virus from spreading.

In the pandemic time, the expanding digital workspace and mobile workforce trends among enterprises have become the driving reasons behind the expansion of the worldwide market.

LATEST TRENDS 

"Rise in Cybercriminals Attack to Stimulate Market Development  "

Since the beginning of the virtual world, data theft has evolved to be one of the most common cyber-crimes that occur on a regular basis. Cybercriminals attack both major and minor health care organizations. To some extent, the necessity for data security in the BFSI and healthcare sectors would aid in the expansion of the marketplace.

Enterprise File Sharing & Synchronization (EFSS) Market SEGMENTATION 

• By Type

Based on type; the market is divided into on premise, cloud

On-premise is the leading part of the type segment.

• By Application

Based on the application; the market is divided into small & medium enterprises (SMEs), large enterprises

Small & medium enterprises (SMEs) is the leading part of the application segment.

DRIVING FACTORS

"Emphasis on Data Security to Aid Market Expansion "

Data security has always been crucial, but its importance is expanding by the day. Data protection is a defensive mechanism used by organizations to prevent unwanted access to databases, websites, and equipment. Businesses today must secure their data from any form of assault. It has been a significant issue to ponder. Increasing cyber-attacks on enterprises are motivating the introduction of EFSS platforms, which is assisting the enterprise file sharing & synchronization (EFSS) market growth.

"Online File Sharing Resolutions to Foster Industry Progress "

Online file sharing resolutions have gained popularity in a variety of areas, including healthcare, government, finance, legal, engineering, and others. With the increased demand for digitally and content cooperation across endpoints, teams can achieve their objectives and employees can keep up with the demands of their jobs. Organizations are rapidly moving toward collaboration of personnel and data on various levels, which is driving the industry to some extent.

RESTRAINING FACTORS

"High Cost of the Service to Limit the Market Evolution "

Despite the enormous benefits connected with the installation of EFSS solutions and services, the high cost required serves as a barrier to the particular enterprise file sharing & synchronization (EFSS) market share expansion. At exorbitant prices, vendors provide EFSS services in the manner of enterprise subscription-based models or per-user licensing models. The monthly selling price of the service for a single user runs between USD 150 and USD 170 and includes, among other things, modification, integration, the cost of cloud abilities, and recovery tools.

Enterprise File Sharing & Synchronization (EFSS) Market REGIONAL INSIGHTS 

"Large Scale Enterprise Implementations in North America to Support Market Advancement "

Due to the constantly developing digital workplace and mobile workforce, the North America area is predicted to lead and be the fastest-growing region in the worldwide enterprise file sharing & synchronization (EFSS) market. Furthermore, in recent years, North America has seen large-scale enterprise implementations of EFSS technologies. This area has been particularly sensitive to embracing the most recent technology breakthroughs, including as smartphones, cloud-based computing, and the Internet of Things, within organizations, which is fueling the region's market expansion.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• Dropbox (U.S.)
• Citrix Systems (U.S.)
• Box, Inc. (U.S.)
• Egnyte (U.S.)
•  Microsoft Corporation (U.S.)
• Google (U.S.)
• WatchDox (U.S.)
• Thru, Inc. (U.S.)
• Varonis Systems (U.S.)
• Acronis International (Switzerland)
• VMware (U.S.)
• Blackberry (U.S.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.