The Global Enterprise File Synchronization and Sharing (EFSS) Market size is expected to reach $25.8 billion by 2027, rising at a market growth of 26.7% CAGR during the forecast period.
Enterprise file synchronization and sharing (EFSS) can be defined as a service that allows users to save files like images, documents, and videos in the cloud or on-premises storage and subsequently access them from multiple computers. In addition, to aid users in storing, reviewing, editing, and sharing files, EFSS services incorporate features such as live document version tracking, commenting, and workflow process management.
Employees can perform collaboration, communications, and content management responsibilities with the help of enterprise file-sharing technologies, which provide an integrated framework. Moreover, some of the prominent growth catalysts for the market are increased security and privacy concerns, as well as a significant change in businesses from traditional file-sharing methods to digital methods.
Enterprise file synchronization and sharing refer to a software solution that allows businesses to securely synchronize and share documents, photographs, videos, and files. Additionally, these technologies are used by businesses to help employees avoid utilizing consumer-based file sharing applications and software to store, access, and manage data. An enterprise workstation, for example, is likely to run Windows, Mac OS, or Linux. In contrast, the operating systems utilized by their staff on mobile devices like tablets and smartphones are Android and iOS. It is quite difficult for an organization or institution to develop a solution that supports all of these platforms. As a result, many vendors in the market offering EFSS solutions have emerged.
Factors such as growth in the number of digital workplaces and mobile workforces, an increase in employee & corporate collaboration and strict government restrictions, and companies’ focus on security elements of corporate data would fuel the growth of the industry during the forecasting period. However, a significant cost of EFSS systems is likely to hamper the growth of the industry in the coming years.
COVID-19 prompted many businesses and educational institutions to digitally transform their workplaces and educational institutions in order to operate effectively. Companies who rely on modern technologies like cloud, AI, and IoT to rethink their business model for the future by accelerating digital transformation would remain competitive. In addition, even organizations that are opposed to the concept of a distributed workforce have been obliged to allow employees to work from home so that work can be completed even during the stringent lockdown guidelines. Moreover, rising digital workplace and mobile workforce trends have been the driving drivers during the pandemic period.
By reinventing work culture, group cooperation, and legacy business systems, the digital workplace has rejuvenated companies' business processes. Businesses have embraced the digital workplace trend to deal with new business operations and innovative technologies. n addition, the digital workplace improves staff collaboration and productivity, improves business decision-making, expands customer reach via social media, successfully engages customers, and generates more income. In addition to the digital workplace trend, businesses are increasingly embracing the mobile workforce trend, which is being fuelled by the spread of smartphones among the workforce.
EFSS suppliers now offer cloud-based EFSS solutions to customers all over the world, due to developments in cloud computing, data centers, and network infrastructure. In addition, customers profit from the cloud model in a variety of ways. Scalability, flexibility, simplicity of access, multi-device support, and cheaper costs are just a few of the advantages. As a result, large corporations and small businesses are rapidly adopting cloud-based EFSS systems. EFSS systems have helped organizations and employees become more productive over the last couple of years. Previously, the exorbitant cost of on-premises solutions made these solutions a distant dream for enterprises, particularly SMEs.
The EFSS solution enables businesses to access and share corporate data across multiple devices while also benefiting employees, partners, and customers in a variety of ways. The majority of EFSS systems, on the other hand, do not meet the compliance and security needs of highly regulated businesses. The absence of security elements may result in the disclosure of sensitive company information. In addition, threats like viruses, malware, worms, and other malicious software programs can exploit any security flaws in products, services, and networks, either directly or indirectly (via third-party providers). Moreover, attackers employ a variety of methods to get illegal access to data and software, and these attacks are hard to detect with typical EFSS solutions.
Based on Component, the market is segmented into Solution and Services. Based on Solution Type, the market is segmented into Standalone and Integrated. Based on Services Type, the market is segmented into Professional Services and Managed. In 2020, the Solutions segment acquired the largest revenue share of the Enterprise File Synchronization and Sharing (EFSS) Market. Employees, coworkers, partners, clients, and other company stakeholders can access and share files of any size with ease with EFSS solutions. To comply with regulatory compliances and data privacy standards, business files have confidential that must be transferred over a secure channel. Hence, companies are adopting solutions in order to tackle the growing complexities in today’s business landscape.
Based on Organization Type, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). The Small & Medium-sized Enterprises segment held a significant revenue share of the Enterprise File Synchronization and Sharing (EFSS) Market in 2020. This is because SMEs have discovered that EFSS solutions can increase their overall business productivity, make their business processes more agile, and give succinct information with shorter response times.
Based on Deployment Mode, the market is segmented into Cloud and On-premise. In 2020, the Cloud segment garnered the maximum revenue share of the Enterprise File Synchronization and Sharing Market. This is because Cloud computing is one of today's most powerful technologies. It has had an impact on every industry. The SaaS model is used in cloud-based systems, where customers can theoretically access EFSS solutions via the internet. EFSS solutions are offered via the cloud in this deployment style. Flexibility, scalability, affordability, operational efficiencies, and minimal expenses are all advantages of using cloud-based EFSS solutions.
Based on Vertical, the market is segmented into BFSI, Software & Technology, Government & Public Sector, Healthcare, Education & Legal, Retail and Others. In 2020, the BFSI segment obtained the maximum revenue share of the Enterprise File Synchronization and Sharing (EFSS) Market. BFSI is the most severely regulated sector vertical in the world, and it faces difficulties including data leaks and security. These regulations demand that files be shared in a secure manner. In addition, EFSS solutions allow BSFI stakeholders to securely share and access files, encourage a paperless office, empower mobile agents, enhance vendor management, update important document procedures, streamline the customer experience, and speed up information flow.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 5.4 Billion |
| Market size forecast in 2027 | USD 25.8 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 26.7% from 2021 to 2027 |
| Number of Pages | 372 |
| Number of Tables | 613 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Organization Size, Deployment Mode, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America emerged as the leading region in the overall Enterprise File Synchronization and Sharing (EFSS) Market. Moreover, the regional market is likely to showcase a similar kind of trend even during the forecasting period. This is attributed to the large-scale implementations of EFSS solutions by organizations over the last few years. In addition, this region has been exceptionally quick to incorporate the latest technical breakthroughs, such as mobile devices, cloud computing, and the Internet of Things (IoT), into businesses. To transform their employees' journeys, companies in this region have chosen a mobile-first strategy. Improved network technology, the development of mobile workforces, advanced mobile platforms, and SaaS flexibility are all important growth drivers for this sector.
Free Valuable Insights: Global Enterprise File Synchronization and Sharing (EFSS) Market size to reach USD 5.4 Billion by 2027
The major strategies followed by the market participants are Partnerships, Agreements, and Collaborations. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Enterprise File Synchronization and Sharing (EFSS) Market. Companies such as Box, Inc., OpenText Corporation, and VMware, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Box, Inc., Microsoft Corporation, VMware, Inc., Google LLC, OpenText Corporation, Thomson Reuters Corporation, Dropbox, Inc., Citrix Systems, Inc., and BlackBerry Limited.
By Component
By Solution Type
By Services Type
By Organization Type
By Deployment Mode
By Vertical
By Geography
Companies Profiled
The global enterprise file synchronization and sharing (EFSS) market size is expected to reach $25.8 billion by 2027.
Digital workplace and mobile workforce are on the rise are driving the market in coming years, however, concerns about data privacy and security are on the rise limited the growth of the market.
IBM Corporation, Box, Inc., Microsoft Corporation, VMware, Inc., Google LLC, OpenText Corporation, Thomson Reuters Corporation, Dropbox, Inc., Citrix Systems, Inc., and BlackBerry Limited.
The Large Enterprises segment acquired the maximum revenue share in the Global Enterprise File Synchronization and Sharing (EFSS) Market by Organization Size 2020, thereby, achieving a market value of $15.7 billion by 2027.
The North America market dominated the Global Enterprise File Synchronization and Sharing (EFSS) Market by Region 2020, and would continue to be a dominant market till 2027.
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