Enterprise File Synchronization and Sharing (EFSS) Market worth $15.9 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 3, 2020 /PRNewswire/ -- According to a new market research report "Enterprise File Synchronization and Sharing (EFSS) Market by Component (Solutions & Services), Deployment Mode (Cloud & On-premises), Cloud Type (Public, Private, & Hybrid), End User (Large Enterprises & SMEs), Vertical, Region - Global Forecast to 2025" published by MarketsandMarkets™, the size is projected to grow from USD 5.0 billion in 2020 to USD 15.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 26.0% during the forecast period.
The major factors driving the growth of the EFSS market include continuously rising digital workplace and mobile workforce, increasing collaborations between employees and enterprises, the emphasis of businesses on corporate data security, stringent government compliances, and regulations.
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By component, the solutions segment to lead the market during the forecast period
EFSS solution providers offer two types of EFSS solutions, namely, standalone EFSS solution and integrated EFSS solution (an integration of EFSS solutions with other third-party business tools so that these solutions can match up to the business needs of enterprises). EFSS solutions help enterprises seamlessly access and share files of any size between employees, co-workers, partners, clients, and other business stakeholders. Business files contain sensitive information that must be routed through a secure channel to adhere to regulatory compliances and data privacy rules. Technically, during file sharing, there are three stages involved, namely, data transit, data in rest, and data in use.
By solution, standalone EFSS solution segment to lead the market during the forecast period
Some of the use cases of the standalone EFSS solution include automation of file transfer, group collaboration, remote ECM repositories, access to file volumes within enterprises and outside organizations, file archiving and storage, and synchronization. Vendors also provide a high level of security and control for the enterprise data and help comply with stringent government regulations.
The healthcare vertical to grow at a higher CAGR during the forecast period
The increasing world population, lifestyle changes, and awareness of health-related issues have collectively contributed to the massive growth of the healthcare industry. To offer superior services, healthcare providers must effectively communicate with patients through personal and effective communication tools.
The use of mobile devices among patients, doctors, nurses, and other supporting staff has increased across the globe, which is expected to drive the adoption of EFSS solutions in this industry. Organizations in the healthcare industry are required to adhere to HIPAA regulations for data sharing and storage. A bunch of information is shared by healthcare stakeholders via mobile devices, laptops, and desktops. EFSS solutions help healthcare organizations securely send and access files by ensuring data security and compliance. These solutions also help healthcare stakeholders in improving care delivery, enhancing patient management, streamlining clinical workflows, and ensuring compliance and security of devices and applications.
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North America to hold the highest market size during the forecast period
North America has emerged as the largest EFSS market in terms of market size, with large-scale implementations of EFSS solutions by enterprises over the last few years. This region has been extremely responsive toward adopting the latest technological advancements, including mobile devices, cloud computing, and IoT, within enterprises. Organizations in this region have adopted the mobile-first strategy to reshape the journey of their employees. The major growth drivers for this region are advanced network technologies, the proliferation of mobile workforce, advanced mobile platforms, and SaaS flexibility, used by various enterprises.
Currently, 8 out of 10 enterprises in North America have adopted EFSS solutions, indicating a significant acceptance of these solutions and services. Businesses have witnessed an increase in workforce productivity, agility in business processes, and enhancement in customer experience by deploying EFSS solutions. Companies face several issues related to data privacy and data breaches while sharing files among customers and vendors. This has encouraged companies to adopt secure file sharing solutions within the business environment.
Key players operating in the Enterprise File Synchronization and Sharing (EFSS) Market include Box (US), Citrix Systems (US), Dropbox (US), IBM (US), Blackberry (Canada), Microsoft (US), Syncplicity by Axway (US), Egnyte (US), VMware (US), Google (US), Acronis (Switzerland), OpenText (Canada), Thru (US), Accellion (US), SugarSync (US), Nextcloud (Germany), Northbridge Secure Systems (Australia), ownCloud (Germany), Intralinks (US), Qnext Corporation (US), CTERA Networks (Israel), SkySync (US), HighQ (UK), Inspire-Tech (Singapore), MyWorkDrive (US). These players have adopted various organic and inorganic strategies to grow in the global EFSS market.
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