The global enterprise file-sync market is on the rise as cloud-based solutions are emerging as an alternative to traditional on-site solutions. This article provides an overview of how this market is developing in both regional and global markets. By the end of this article, you will be able to make a more informed decision about the use of cloud-based enterprise file-sync technology in your organization.
Global enterprise file sync and share market
The Enterprise File Synchronization and Sharing (EFSS) market is a software service which allows secure and timely synchronization and sharing of files across all accessing devices. It helps in speeding up the information flow between businesses and consumers. EFSS solutions also provide various benefits including scalability, flexibility, operational efficiencies, and affordability. Several industries are adopting EFSS solutions.
Global EFSS market is expected to expand at a high rate in the upcoming years. The rising demand for automation with central systems and increasing technological innovations are expecting to drive the revenue growth of the market. Also, emergence of cloud-based services is anticipated to support SMEs in adopting EFSS solutions.
In addition, the growing adoption of digital workplace has also contributed to the overall market growth. It removes barriers between people and helps teams achieve their goals. Besides, the soaring need for flexibility and mobility is also driving the adoption of mobile apps.
With the rise in number of organizations, Asia Pacific is projecting to witness the fastest growth rate in the enterprise file sync and sharing market. North America, Europe and rest of Asia-Pacific are the other regions.
However, enterprises face security issues while adopting EFSS solutions. Additionally, the BFSI segment is also facing problems due to data leaks.
Cloud-based enterprise file sync and share market growth
Cloud-based enterprise file sync and share market is expected to exhibit a remarkable growth rate over the forecast period. The growing demand for data storage, data backup and access to information on multiple devices is likely to drive this market. Moreover, the rising concern for safety and privacy are also driving this market. Increasing adoption of digitization and cloud technologies are also expected to fuel the global enterprise file sync and sharing market.
Various IT companies are gradually opting for cloud-based EFSS services. This has resulted in the rapid development of the industry. However, there are some challenges associated with the usage of this technology. These include unstable network transmissions and security risks. Therefore, the user experience can also be affected by these factors. Hence, enterprises need to take stringent measures to avoid data breaches and ensure the security of their data.
Despite the challenges, the global enterprise file synchronization and sharing market is expected to exhibit a steady growth rate over the next few years. The major factors driving this market are the increasing demand for security and flexibility and the emergence of SMEs. Moreover, the increased number of mobile workforce is also expected to boost the use of these applications. Furthermore, the continuous development of the private and industrial sectors is also anticipated to contribute to the overall market growth.
Regional enterprise file sync and market share growth
Enterprise file synchronization and sharing (EFSS) is an enterprise software that provides a centralized content repository for the entire organization. These solutions also allow for the secure sharing of corporate data. With the increasing demand for security and the adoption of Bring Your Own Device (BYOD), enterprise file synchronization and share solutions are expecting to experience a healthy growth rate during the forecast period.
Enterprise File Synchronization and Sharing (EFSS) market is estimated to be valued at USD 6.19 Billion in 2021. The market is expected to register a revenue CAGR of 27.9% from 2020 to 2027.
The report presents an in-depth study of the market dynamics and market competition. It also gives a quantitative analysis of the market size and forecast for the next few years.
The global enterprise file synchronization and share market is fragmented. This is due to the presence of multiple players. Some of the key players include VMware, Inc., Google LLC, and OpenText Corporation. They focus on efficient products and services. In addition, the vendors also focus on cross-border operations and alliances. However, the high cost of EFSS solutions is expected to restrain the market growth.
Increasing adoption of cloud-based solutions is expected to drive the revenue growth of the market. On the other hand, the instability of network transmissions may restrict the reach of cloud based services. Therefore, there is a need for strict measures to prevent data leakage and to avoid data breaches.