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Enterprise File Synchronization And Sharing (EFSS) Global Market Report 2021: COVID-19 Implications And Growth

Enterprise File Synchronization And Sharing (EFSS) Global Market Report 2021: COVID-19 Implications And Growth

  • September 2021
  • 175 pages
  • ID: 6152585
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the enterprise file synchronization and sharing market are Citrix Systems, Blackberry, Syncplicity by Axway, Egnyte, Nextcloud, OpenText, Box, Microsoft Azure, Dropbox Inc., Accellion, SugarSync, Northbridge Secure Systems, Intralinks, SkySync, IBM, Acronis, CTERA Networks, HighQ, and XMedius Solutions.

The global enterprise file synchronization and sharing (EFSS) market is expected to grow from $4.65 billion in 2020 to $6.01 billion in 2021 at a compound annual growth rate (CAGR) of 29.3%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $15.94 billion in 2025 at a CAGR of 27.6%.

The enterprise file synchronization and sharing (EFSS) market consists of sales of enterprise file synchronization and sharing services and solutions by entities (organizations, sole traders, and partnerships) that improve content management, collaboration, and secure file sharing among employees.Enterprise file sync-and-share is a service that enables users to preserve files in the cloud or on-premises storage and subsequently access them on their desktops and mobile devices.

They use file synchronization, or copying, to save files in an authorized data repository, which can subsequently be accessed remotely by employees using EFSS-compatible PCs, tablets, and smartphones.

The main components in enterprise file synchronization and sharing are solutions and services.The capability to use the cloud to provide employees with vital files while retaining security controls is known as an enterprise file synchronization and sharing (EFSS) solution.

The different deployment modes include on-premises, cloud and are used in enterprise content management systems, enterprise storage, and backup, enterprise document collaboration, enterprise mobility, others. It is implemented in various verticals such as IT and telecom, banking, financial services, and insurance, retail, manufacturing, education, government, and others.

North America was the largest region in the enterprise file synchronization and sharing (EFSS) market in 2020.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The introduction of machine learning technology for data security is shaping the enterprise file synchronization and sharing (EFSS) market.Machine learning has emerged as a critical tool in the field of data security.

Through pattern detection, real-time cybercrime tracking, and extensive penetration testing, machine learning proactively stamps out cyber threats and strengthens security infrastructure.Major companies operating in the Enterprise file synchronization and sharing (EFSS) sector are focusing on machine learning technology to protect EFSS-stored data from ransomware and breaches.

For instance, in April 2019, Nextcloud, a Germany-based provider of enterprise file synchronization and sharing introduced machine learning-based security and usability features that allow administrators to easily manage who has access to what in organization-wide shares.

In January 2021, Citrix Systems, a US-based software company that provides server, application and desktop virtualization, networking, software as a service, and cloud computing technologies acquired Wrike for $2.25 billion in cash. This acquisition will bring together Citrix’s powerful digital work platform, which securely delivers the resources an employee needs to be productive in one unified experience, and Wrike’s innovative work management solution, which streamlines collaboration and works execution, providing employees with additional tools to work efficiently and securely. Wrike is a US-based company that offers enterprise file synchronization and sharing (EFSS) services.

The increasing data security concerns are expected to drive the growth of the enterprise file synchronization and sharing market in the coming years.Data security is a crucial aspect of a complete security plan that includes recognizing, evaluating, and mitigating threats connected to sensitive data security.

Many businesses are concerned about the security of their digital data.To safeguard the data, enterprise file-synchronization and sharing (EFSS) platforms integrate security features such as authentication, data encryption, containerization, and tracking.

According to IBM’s 2020 Cost of a Data Breach Report, data breach occurrences cost $8.64 million, the highest in the world, followed by the Middle East at $6.52 million. Furthermore, in 2021, Marriott International reported that hackers gained access to 5.2 million records including personal data of visitors through employee login information at one of their franchise facilities.

The countries covered in the enterprise file synchronization and sharing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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