The enterprise file synchronization & sharing market is growing rapidly. Market growth attributes to the rising adoption of enterprise adopt synchronization & sharing (EFSS) technologies in businesses. Besides, the increasing need to protect data from consumer-based apps to store access and merge corporate data outside of the IT department foster market growth. Moreover, increasing numbers of businesses worldwide, escalate the growth of the market.
According to Market Research Future (MRFR), the global enterprise file synchronization & sharing market is expected to garner a valuation of around USD 11 BN by 2023, growing at approximately 28% CAGR throughout the forecast period (2017 to 2023). Increasing digitalization in file sharing solutions and business processes boost the growth of the market. Rising BYOD trends to improve work efficiency and reduce the company’s operational expenses impact the market growth positively.
Additionally, the shift towards advanced file-sharing techniques propels the growth of the enterprise file synchronization and sharing (EFSS) market. On the other hand, high investment costs and lack of scalability are the major factors expected to impede market growth. Also, the lack of awareness for the benefits of these solutions obstructs the growth of the enterprise file synchronization and sharing industry. Nevertheless, the proliferation of cloud-based services would support market growth throughout the assessment period.
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Global Enterprise File Synchronization & Sharing Market – Segments
The report is segmented into five dynamics;
By Component : Standalone EFSS Solution, Integrated EFSS Solution, and others.
By Deployment Type : On-Cloud and On-Premise.
By Organization Size : Large Enterprises and small & medium-sized enterprises (SMEs).
By Vertical : BFSI, Software & Technology, Government & Public Sector, Healthcare, Legal, Education, Retail, Media & Entertainment, and others.
By Regions : Europe, North America, APAC, and Rest of the World.
Global Enterprise File Synchronization & Sharing Market – Regional Analysis
Europe dominates the global enterprise file synchronization & sharing market. The leading market share attributes to the continuous adoption of the latest technological advancements, such as integrating cloud and mobile technologies within traditional enterprise file sharing and synchronization solutions. Also, early adoption and constant innovation by the organizations substantiate the growth of the regional market. The European enterprise file synchronization & sharing market is projected to retain its dominance throughout the estimated period.
North America stands second in the global enterprise file synchronization & sharing market. The market is driven by the presence of several notable players and well-equipped infrastructure that allows development and early adoption of technologies. The US and Canada are the key growth contributors to the regional market. Additionally, various dynamic & diversified multinational organizations foster the growth of the regional market. The North American enterprise file synchronization & sharing market is expected to create a substantial revenue pocket during the forecast period.
The enterprise file synchronization & sharing market in the Asia Pacific region is growing briskly. Factors such as the shift towards digitalization of processes, resulting in the generation of high volumes of data, foster the regional market growth. Additionally, the demand for protection of crucial enterprise data collected from various sources substantiates the growth of the regional market.
Moreover, increasing numbers of businesses and uptake of the file synchronization and sharing platforms to improve business productivity and efficiency influence the regional market growth. Besides, the BPO sectors in the region foster regional market growth. The APAC enterprise file synchronization & sharing market is projected to register the highest CAGR during the forecast period.
Enterprise File Synchronization & Sharing Market – Competitive Analysis
Fiercely competitive, the EFSS market appears fragmented due to the presence of several notable players. To gain a larger competitive share in the market, industry players adopt strategies such as mergers & acquisitions, collaboration, expansion, and product & technology launch. They invest substantially in R&D to develop advanced technologies and to expand their global footprints.
Players leading the enterprise file synchronization & sharing market include Microsoft Corporation (US), Dropbox (US), Citrix Systems (US), IBM Aspera (US), BlackBerry (Canada), VMware Inc. (US), OpenText (Canada), Google Inc. (US), Thru. Inc. (US), Egnyte (US), Syncplicity (US), Acronis International (Switzerland), SkySync (US), j2 Global (US), HighQ Solutions (UK), ownCloud (Germany), Nextcloud (Germany), CodeLathe (FileCloud) (US), Qnext Corp. (FileFlex) (Canada), Intralinks (US), XMedius Solutions (Canada), Northbridge Secure Systems (Australia), Inspire-Tech (Singapore/US), Wanpath LLC (US), CTERA Networks (Israel/US), and Accellion (US), among others.
Industry/ Innovation/Related News:
July 14, 2020 —– Nasuni (the US), a privately-held cloud storage company, announced new capabilities that can deliver enhanced remote work, simplified cloud migration, and protection for critical file data. The new release delivers enhanced support for remote work, simplified cloud migration, and modern data protection. Nasuni is a leading enterprise-proven cloud file storage and world-class file services platform built for the cloud.
The new release expands Nasuni’s leadership in cloud file storage with the resiliency and reliability the public cloud delivers. In response to economic uncertainty, enterprises have accelerated cloud migrations and adopted budget conservatism. The benefits the cloud provides scalability, accessibility, resiliency, and cost-effectiveness, which have quickly become crucial for businesses.
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