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The enterprise file synchronization and sharing (EFSS) market is expected to grow from US$ 8.03 billion in 2022 to US$ 29.91 billion by 2028; it is estimated to grow at a CAGR of 24.5% from 2022 to 2028.
An EFSS solution allows individuals and organizations to share and synchronize various kinds of files across and out of the organization, allowing access to individuals, organizations, and customers. EFSS solutions can be deployed or provided to organizations via two different deployment models, on-premise and cloud. Each model has disadvantages and advantages, but the cloud deployment model has been the prime adopted model for this market. Apart from the on-premise and cloud deployment type, the hybrid model is also adopted by multiple enterprises as it benefits both on-premises and cloud models. The hybrid segment accounted for a major market share in 2021 and is anticipated to witness promising growth over the forecast timeline. Moreover, hybrid deployments are complex and typically require cautious planning and management of various factors such as budgets, faults, security, change control, and configuration management. The hybrid approach enables enterprises to take full advantage of the cost-effectiveness and scalability offered by a pure cloud environment without exposing critical data and applications to third-party vulnerabilities. Therefore, this method is ideal for organizations that aim to simplify mobile workers' access to corporate data via the cloud without creating and storing data replicas in a third-party cloud.
Citrix Systems, Inc.; Box Inc.; Dropbox; Microsoft; and Google are among the major players operating in enterprise file synchronization and sharing (EFSS) market.
Strategic Insights
Regional Analysis of Enterprise File Synchronization and Sharing (EFSS) Market
From the regional perspective, North America holds the largest share of the enterprise file synchronization and sharing (EFSS) market. There is massive adoption of EFSS solutions across major industry verticals, which is expected to contribute to the highest overall revenue generation worldwide. The US economic forecasts for the IT sector are uncertain. They continue to highlight an industry transitioning from legacy platforms to mobile, cloud, big data, and social solutions, propelling the enterprise file synchronization and sharing (EFSS) market growth in the region. Furthermore, Asia Pacific is anticipated to grow at the highest growth rate in the enterprise file synchronization and sharing (EFSS) market. The rising demand for flexibility across business operations has boosted the adoption of mobile apps, cloud software, and automation. Moreover, rapid technological advancement, the adoption of the work hybrid model, and the need for efficient and cost-effective management solutions are accelerating the growth of the enterprise file synchronization and sharing (EFSS) market in Asia Pacific.
Lucrative Regions for Enterprise File Synchronization and Sharing (EFSS) Market
Market Insights – Enterprise File Synchronization and Sharing (EFSS) Market
Industry Vertical-Based Insights
Based on industry vertical, the enterprise file synchronization and sharing (EFSS) market is segmented into healthcare & life sciences, BFSI, IT & telecom, media & entertainment, consumer goods & retail, industrial goods & automotive, and others. In 2021, the IT & telecom segment accounted for the largest share of the enterprise file synchronization and sharing (EFSS) market. EFSS enables enterprises of all sizes to manage, track, and evaluate communication processes and enhances resource distribution channels to execute tasks effectively. Moreover, EFSS demand continues to rise in this segment as it provides major benefits such as data authentication, data replication, business file sync, and sharing and access controls, mainly for bring your own device (BYOD). These factors collectively drive the enterprise file synchronization and sharing (EFSS) market for the IT & telecom segment.
Players operating in the enterprise file synchronization and sharing (EFSS) market mainly focus on developing advanced and efficient products.
- In September 2022, Google and Instructure, the developer of Elevate Data Sync, entered into a strategic partnership to bridge the gap for Google Classroom customers with a robust solution. In addition, educational institutions can maintain synchronization of course data between their student information systems (SIS) and Google Classroom.
- In May 2022, Citrix Systems, Inc. partnered with Microsoft to introduce a new offering, "Citrix HDX Plus for Windows 365." Citrix HDX Plus for Windows 365 allows users to store, sync, and share their work files and focuses on enhancing the Cloud PC experience.
The enterprise file synchronization and sharing (EFSS) market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East, and South America. In 2022, North America led the market with a substantial revenue share, followed by Europe. Further, Asia Pacific is expected to register the highest CAGR in the enterprise file synchronization and sharing (EFSS) market from 2022 to 2028.
Citrix Systems, Inc.; Box Inc.; Dropbox; Microsoft; Accellion; VMware, Inc.; Google; Thomson Reuters; IBM Corporation; and OpenText are among the key players operating in the enterprise file synchronization and sharing (EFSS) market. The market report provides detailed market insights, which help the key players strategize growth in coming years.