Enterprise File Synchronization and Sharing Market Size Expected to Reach USD 15.91 Billion By 2028
The major contributing factor for the growth of the market for Enterprise File Synchronization and Sharing can be the focus of enterprises and government for secured sharing of information. For more secured sharing, it is necessary to use New Unified File Management Solutions.
Market Size – USD 3.76 Billion in 2020, Market Growth – CAGR of 19.84%, Market Trends –Increasing demand for cloud based solutions.
The Enterprise File Synchronization and Sharing market is expected to grow from USD 3.76 Billion in 2020 to USD 15.91 Billion by 2028, at a CAGR of 19.84% during the forecast period. Focus of enterprises and government for secured sharing of information, rise in digitized workplaces & mobile workforce and the increasing need for interaction between employees and the organizations are some of the driving factors of the market. For instance, Governments of all countries are majorly focusing on adopting e-governance, i.e., the use of information and communication technology for government services, information exchange, communication transactions, integration of various stand-alone systems and services between government and citizen, business, government and employees.
The issues faced by enterprises for deployment of EFSS is its expense. This may be a major restraining factor for the EFSS market.
Players will require increased investments to tackle these restraints and facilitate growth in the coming years. This report comprises drivers, restraints, opportunities, and challenges pertaining to the Enterprise File Synchronization and Sharing market; and extensive value chain analysis, patent analysis, analysis of the current manufacturing capability and technology status, commercialization potential in different devices, along with market size forecasts till 2026.
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Further key findings from the report suggest
- The Enterprise File Synchronization and Sharing market is expected to grow from USD 3.76 Billion in 2020 to USD 15.91 Billion by 2028, at a CAGR of 19.84% during the forecast period.
- The major contributing factors for the growth of the market for Enterprise File Synchronization and Sharing can be the focus of enterprises and governments for secured sharing of information, rise in digitized workplaces & mobile workforce and the increasing need for interaction between employees and the organizations are some of the driving factors of the market.
- The enterprise file synchronization and sharing market is segmented by deployment type into cloud and on-premises. The cloud deployment type is expected to witness highest growth, at a CAGR of approximately 20.2% in the forecast period, due to its high demand by organizations, since it provides many benefits like affordable, scalability, reliability, flexibility, and remote location access.
- The Enterprise File Synchronization and Sharing Market is segmented by component into Standalone EFSS solutions, Integrated EFSS solutions and services. Integrated EFSS solutions is expected to grow with the highest CAGR of approximately 20.6% in the forecast period, since it is adapted by most of the enterprises due to the range of services available such as, third-party business applications like Enterprise Content Management (ECM), Microsoft office, and information rights management.
- The enterprise file synchronization and sharing market is segmented by organization size into large and small & medium-sized enterprises. Large and medium-sized mostly adapt the EFSS solutions, small-sized enterprises may find the EFSS solutions a little unaffordable, thus lowering the market of EFSS in the small-sized enterprise segment.
- The Enterprise File Synchronization and Sharing Market is segmented by industry vertical into banking, financial services & insurance, software & technology, healthcare, legal education, retail, media & entertainment and others. Healthcare segment is expected to witness the highest growth, at a CAGR of approximately 21.3% in the forecast period. The increased use of mobile devices in this industry, the growing population, changing lifestyles, awareness in health-related issues are some of the driving factors for this segment. One of the basic benefit of EFSS in healthcare is easy sharing of medical records with the clients. Another segment which is expected to witness growth is the banking, financial services and insurance, the reason being the increase in financial services, IT automation, and reforms in economies and banking services worldwide.
- The Enterprise File Synchronization and Sharing Market is segmented by Geography into North, America, Europe, Asia Pacific and Rest of the World. North America, being a developed region, dominates the market, with market share of approximately USD 1 Billion in the base year, since it focuses on utmost security and is readily adopting new and advanced technologies.
- Key players with in Enterprise File Synchronization and Sharing market are CodeLathe (FileCloud) (US), Box (US), Dropbox (US), Syncplicity by Axway (US), Egnyte (US), BlackBerry (Canada), IBM Aspera (US), VMware (US), Google (US), Acronis International (Switzerland), OpenText (Canada), Thru. Inc. (US), Citrix Systems (US), Accellion (US), j2 Global (SugarSync) (US), SkySync (US), HighQ Solutions (UK), Nextcloud (Germany), ownCloud (Germany), Intralinks (US), Microsoft (US), Qnext (FileFlex) (Canada), XMedius Solutions (Canada), Northbridge Secure Systems (Australia), Inspire-Tech (Singapore/US), MyWorkDrive by Wanpath LLC (US), and CTERA Networks (Israel/US).
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For the purpose of this report, the market has been segmented on the basis of deployment type, component, organization size, industry vertical and regional analysis.
- Deployment type Outlook (Revenue, USD Million; 2018–2028)
- Public Cloud
- Private Cloud
- Hybrid Cloud
- Component Outlook (Revenue, USD Million; 2018–2028)
- Standalone EFSS Solution
- Integrated EFSS Solution
- Professional Services
- Consulting Services
- Integration and Deployment
- Training and Support
- Managed Services
- Professional Services
- Organization size (Revenue, USD Million; 2018–2028)
- Large Enterprises
- Small and Medium-Sized Enterprises
- Industry vertical Outlook (Revenue, USD; 2018-2026)
- Banking, Financial Services, and Insurance
- Software and Technology
- Government and Public Sector
- Media and Entertainment
- Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Asia Pacific
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Published Fri, 04 Mar 2022 05:04:29 -0600