Summary
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 grew from $7.8 billion in 2022 to $9.86 billion in 2023 at a compound annual growth rate (CAGR) of 26.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The enterprise file synchronization and sharing (EFSS) market is expected to grow to $25.16 billion in 2027 at a CAGR of 26.4%.
The enterprise file synchronization and sharing market includes revenues earned by entities by providing services such as live commenting, document version tracking and workflow process management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The enterprise file synchronization and sharing (EFSS) are used to 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.
North America was the largest region in the enterprise file synchronization and sharing (EFSS) market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the enterprise file synchronization and sharing (EFSS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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.
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 introduction of blockchain technology for data security is shaping the enterprise file synchronization and sharing (EFSS) market.Blockchain technology has emerged as a critical tool in the field of data security.
Through cryptography, decentralization, and consensus that ensure the safe transaction of data, blockchain proactively stamps out cyber threats and strengthens security infrastructure.Major companies operating in the enterprise file synchronization and sharing (EFSS) sector are focusing on blockchain technology to protect EFSS-stored data from ransomware and breaches.
For instance, in August 2021, Acronis International GmbH, a Switzerland-based software company, launched Cyber Protect Cloud for secure file sync and share solutions in an organization. Acronis’s Cyber Protect Cloud uses blockchain-based data notarization and electronic signatures to enhance its workplace collaboration services with data security on a pay-as-you-go basis.
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 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The enterprise file synchronization and sharing (EFSS) market research report is one of a series of new reports that provides enterprise file synchronization and sharing (EFSS) market statistics, including enterprise file synchronization and sharing (EFSS) industry global market size, regional shares, competitors with a enterprise file synchronization and sharing (EFSS) market share, detailed enterprise file synchronization and sharing (EFSS) market segments, market trends and opportunities, and any further data you may need to thrive in the enterprise file synchronization and sharing (EFSS) industry. This enterprise file synchronization and sharing (EFSS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
