Enterprise File Synchronization and Sharing (EFSS) Market worth $35.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO , Feb. 8, 2024 /PRNewswire/ -- The global EFSS Market is projected to grow from USD 9.4 billion in 2023 to USD 35.5 billion by 2028, at a CAGR of 30.4% during the forecast period, according to a new report by MarketsandMarkets™. The exponential growth of data volumes generated by organizations has created a need for EFSS solutions that can efficiently manage and organize large datasets while ensuring accessibility and security.

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334 - Tables
57 - Figures
288 - Pages

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Scope of the Report

File Storage & Backup Segment to hold the largest market size during the forecast period.

File backup and storage are critical functionalities that enable organizations to securely store and protect their data while ensuring easy access and collaboration. These solutions leverage cloud computing to provide scalable, cost-effective storage options with high availability and reliability. For instance, EFSS solution that offers robust file backup and storage capabilities is Dropbox Business. Dropbox Business provides users with the ability to sync and store files across devices while offering features like version history and file recovery, which are essential for backup purposes.

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BFSI Segment to hold the largest market size during the forecast period.

Enterprise File Sync and Share (EFSS) solutions have gained significant traction in the Banking, Financial Services, and Insurance (BFSI) sector due to the sector's stringent data security and compliance requirements, as well as the need for seamless collaboration among employees, partners, and clients. EFSS solution provides a secure environment for sharing sensitive financial documents, reports, and customer information both internally and externally with partners and clients.

Asia Pacific to exhibit the highest CAGR during the forecast period.

The Asia Pacific region showcases robust and progressive adoption of new technologies, poised to achieve the highest CAGR in the forecasted period. Key countries such as China, India, Japan, and other Asia Pacific countries contribute significantly to advancing EFSS solutions. Enterprise file sync and sharing (EFSS) solutions are increasingly popular in the Asia Pacific region due to the growing need for efficient collaboration, data security, and mobility in the workplace. As businesses in APAC undergo digital transformation, EFSS has become essential for managing and sharing files across teams, devices, and locations.

Top Key Companies in Enterprise File Synchronization and Sharing (EFSS) Market:

Major vendors in the global EFSS market are Box (US), Citrix Systems (US), Dropbox (US), Microsoft (US), Google (US), Thomson Reuters (Canada), IBM (US), Blackberry (Canada), OpenText (Canada), VMware (US), Acronis (Switzerland), Thru (US), Accellion (US), Syncplicity by Axway (US), Egnyte (US), SugarSync (US), Nextcloud (Germany), Northbridge Secure Systems (Australia), ownCloud (Germany), SS&C Intralinks (US), Qnext (US), CTERA Networks (Israel), DryvIQ (US), Inspire-Tech (Singapore), Codelathe (US), and MyWorkDrive (US).

Recent Developments:

• In December 2023, OpenText Core Content is a fast-deploying SaaS content management solution that delivers simple, agile, and secure cloud-based content management.
• In November 2023, Box and Google Cloud announced an expanded partnership to transform work in the enterprise with generative AI. Box will integrate with Vertex AI to build new gen AI features that help customers more efficiently process and analyze data stored in the Box Content Cloud, which is also now available to customers directly through Google Cloud.
• In November 2023, VMware expanded its partnership with Liquit. Liquit, a part of Recast Software, already helps power the Enterprise App Repository (EAR) in Workspace ONE for Windows applications.
• In August 2023, NetApp, a global, cloud-led, data-centric software company, announced an extension of its partnership with Google Cloud to deliver new levels of storage performance combined with the simplicity and flexibility of the cloud.
• In August 2023, OpenText announced an expansion of its partnership with Google Cloud to deliver AI-powered integrations that will help organizations unlock the power of their data on Google Cloud to their competitive advantage.

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Enterprise File Synchronization and Sharing (EFSS) Market Advantages:

• Employees may share files and work together on documents in real-time on EFSS systems, regardless of their device or location, allowing for seamless collaboration.
• Because employees can access and work on files at anytime, anywhere, EFSS solutions boost productivity by streamlining the processes involved in file sharing and document collaboration.
• Robust security features like encryption, access controls, and remote wipe capabilities are provided by EFSS platforms, guaranteeing the protection of critical data while it's in transit and at rest.
• Through the provision of audit trails, access logs, and encryption features that guarantee data security and regulatory compliance, EFSS solutions assist organisations in adhering to data protection rules.
• Organisations can save money by using EFSS platforms instead of expensive infrastructure investments and by reducing their dependency on physical file sharing methods and email attachments.
• Employees can remain productive while on the go with the help of EFSS solutions, which facilitate mobile workforces by offering seamless access to files and documents via mobile devices.
• Version control capabilities on EFSS platforms enable users to monitor modifications, roll back to earlier iterations, and work together on the most recent version of documents—all while guaranteeing data accuracy and integrity.
• Organisations can effortlessly meet their expanding storage and collaboration requirements as they grow and change using EFSS solutions since they are scalable.

Report Objectives

• To describe and forecast the size of the Enterprise File Synchronization and Sharing (EFSS) market by offering, business function, application, vertical and region
• To describe and forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA)
• To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the EFSS market
• To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall EFSS market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments
• To profile key market players, including top vendors and startups; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and provide a detailed competitive landscape of the market
• To analyze competitive developments, such as Mergers and Acquisitions (M&A); new product launches and product enhancements; agreements, partnerships, and collaborations; expansions; and Research and Development (R&D) activities in the market.

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