Enterprise File Synchronization Sharing Market Trends

Enterprise File Synchronization and Sharing Market Overview

According to the latest research report, The enterprise file synchronization and sharing market size is expected to increase at a pace of 28.30 percent over the next several years. By the end of the year 2030, the market is expected to be worth USD 84.1 billion. Organizations may use enterprise file synchronization and sharing (EFSS) software services to synchronize and share documents, photographs, and videos from a variety of devices with their workers and external stakeholders in a safe manner. Such technologies are used by businesses to prevent workers from utilizing consumer-based applications to store, access, and integrate company data that is not under the control of the IT division.

In the next years, increasing digitization in file transfer technologies and business operations is predicted to fuel the growth of the corporate file sync and exchanging market. BYOD (bring your own device) is a concept that encourages employees to bring their own laptops, cellphones, and USB drivers to the office and attach them to the company's servers for administrative work in order to boost work productivity while decreasing operating expenses. Employees may now access business data on private devices such as computers, cellphones, and tablets thanks to the Bring Your Own Device craze, which allows them to have access to data regardless of their geographic location. It is anticipated that this would lead to the need for a centralized platform for document sharing, that will aid in the expansion of the corporate sharing and synchronisation industry.

This report contains all the information on the global enterprise file synchronization and sharing market analysis and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors.

Covid 19 Analysis:

COVID-19 caused numerous companies to digitally alter their workplaces and schools. Companies that use new technologies like cloud, AI, and IoT to reimagine their business strategy for the future would be forefront of their competition. Even firms hostile to the idea of a dispersed labor have indeed been pushed to accept remote work so that work may be done while the infection is contained. The rising digital workspace and global workforce patterns across enterprises are fueling the enterprise file synchronization and sharing industry.

Market Dynamic

Drivers:

The cloud platform has reshaped work culture, group cooperation, and legacy business processes. Digital workplaces help businesses adapt to new business processes and technology. With the virtual environment, employees can collaborate more efficiently, make better business decisions, contact more consumers through social media, and generate more income. Beyond the digital office, the enterprise mobility trend is expanding in popularity among organisations, fueled by the spread of cellphones among employees.

Opportunities:

A major movement in the behavior of businesses away from conventional file sharing strategies toward corporate file sharing and synchronization is likely to provide new market possibilities throughout the forecast timeframe. Documentation monitoring, live commentary, and workflow process monitoring are some of the capabilities available via EFSS services to assist users in storing, editing, and sharing files.

Restraints:

The increased capital costs and limitations of scalability, on the other hand, are projected to limit the market's development. There is a lack of understanding about the advantages of business file sharing and synchronisation solutions, which is preventing the industry from expanding.

Challenges:

The EFSS system enables organizations to access and exchange data across devices, while also benefiting workers, partners, and clients. Unfortunately, most EFSS systems do not fulfill strict security and compliance standards. The absence of security mechanisms may lead to data leaking. Computer hackers utilise viruses, worms, adware, and other harmful software programs to exploit security flaws in goods, services, and systems. Attackers utilize novel methods to get illegal access to data and software, making classic EFSS solutions ineffective. Businesses are now unable to monitor and detect such assaults, resulting in substantial financial losses.

Cumulative Growth Analysis:

It is possible to install enterprise dealing and synchronisation services in the cloud or on-premises. During the projected period, it is predicted that the cloud deployment paradigm would maintain its dominance. Due to the obvious simplicity of integration and cheaper investment required, small and medium-sized firms (SMEs) are increasingly turning to the cloud to store and manage vital information. As a result, the usage of cloud computing has risen across all industries. Companies may also choose to implement EFSS on-premises. When a file is stored on the company's servers, it is considered an on-premises installation.

Value Chain Analysis:

According to the reports, the global enterprise file synchronization and sharing market is segmented on the basis of component, deployment type, organization size, verticals, and region. The market is subdivided into three categories based on the component: integrated EFSS solution, standalone EFSS solution, and services. Moreover, services are subdivided into two categories: professional service and managed service.

The market is subdivided into two types of deployments: cloud-based and on-premise-based. The cloud is further subdivided into three categories: private cloud,  public cloud, and hybrid cloud. When it comes to organization size, the market is divided into giant corporations as well as small and medium-sized corporations (SMEs). The market is split into verticals such as government and public sector, education, media & entertainment, BFSI, software & technology, healthcare, law, retail, and others.

Enterprise File Synchronization and Sharing Market Segmentation Overview:

The market is segmented on the basis of service component, deployment type, organization size, verticals, and region. The global enterprise file synchronization and sharing market trend is expected to witness decent growth during the forecast period.

By Application:

Based on the application, the market is segmented into private cloud, public cloud, and hybrid cloud.

By End-users:

Based on the propulsion types, the market is segmented into government and public sector, education, media & entertainment, BFSI, software & technology, healthcare, law, retail, and others.

Enterprise File Synchronization and Sharing Market Regional Analysis:

According to the reports, the global demand for enterprise file synchronization and sharing market is expected to develop at a substantial pace during the projected period of 2018 to 2023, according to industry analysts. The geographical study of the data as a service market is carried out for North America, Europe, Asia-Pacific, and the rest of the globe, among other regions.

The advanced economies of Europe and the constant adaptation of the rapid technological innovations, such as assimilation of mobile and cloud innovations within the course of business file sharing and synchronization solutions, are expected to propel the region to dominance in the enterprise file synchronisation and sharing market profit over the forecast timeframe. The enterprise file synchronization and sharing market in the Asia-Pacific region is anticipated to grow during the forecast timeframe as a consequence of a major transformation toward digitalization of procedures, which has resulted in the generation of huge quantities of data and the demand for the safeguard of crucial business data collected from different sources, both of which are increasing.

Competitive Landscape:

FileCloud is a provider of integrated, safe, corporate file service systems that manage company data, improve communication and productivity, and do so while maintaining strict data security standards. File sharing, synchronization, and mobile communication features are available in a variety of cloud environments, including public, corporate, and mixed.

Enterprise File Synchronization and Sharing Market Major Key Players:

• Dropbox (US)


• Microsoft Corporation (US)


• Citrix Systems (US)


• BlackBerry (Canada)


• IBM Aspera (US)


• VMware Inc.  (US)


• Google Inc. (US)


• OpenText (Canada)


• Thru. Inc. (US)


• Accellion (US)


• among others

Recent Developments:

Citrix Systems announced in January 2021 that it has entered into a formal deal to buy Wrike, a SaaS collaborative work management company that is one of the industry's leaders.

Enterprise File Synchronization and Sharing Market Segments:

Based on components, the EFSS market has the following segments:

Solutions:

• Standalone EFSS Solution


• Integrated EFSS solution

Services:

• Consulting


• Integration and Deployment


• Training and Support 

Based on Deployment mode, the Market has the Following Segments:

• On-premises


• Cloud 

Based on cloud type, the EFSS Market has the Following Segments:

• Public


• Private


• hybrid 

Based on end-user, the Market has the Following Segments:

• Small and Medium-sized Enterprises (SMEs)


• Large Enterprises 

Based on vertical, the EFSS market has the Following Segments:

• Banking, Financial Services, and Insurance (BFSI)


• Software and Technology


• Government and Public Sector


• Healthcare


• Legal


• Education


• Retail


• Media and Entertainment


• Others 

Based on Region, the Market has the Following Segments:

• United States (US)


• Canada

Europe:

• United Kingdom (UK)


• Germany


• Rest of Europe

APAC:

• China


• Japan


• Singapore


• Rest of APAC

MEA:

• Israel


• Saudi Arabia


• Rest of MEA

Latin America:

• Brazil


• Mexico


• Rest of Latin America