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The emphasis of businesses on the security aspects of the corporate data is driving the growth of the EFSS market.
The global Enterprise File Synchronization and Sharing (EFSS) market size is expected to grow from USD 3.35 billion in 2018 to USD 10.94 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.7% during the forecast period. The increasing penetration of smartphones across businesses, a rise in mobile workforce, the increasing collaboration between employees and enterprises, and stringent government regulations over data security are some of the factors expected to drive the EFSS market. However, the high cost of EFSS solutions may act as the restraining factor for the growth of the EFSS market.
The public cloud deployment type is expected to have the largest market share during the forecast period.
The public cloud deployment type is expected to have the largest market share in the EFSS market during the forecast period. The public cloud deployment model offers various benefits to enterprises. Some of these benefits include scalability, reliability, flexibility, and remote location access. The public cloud deployment type is preferred by the enterprises that have less regulatory hurdles, and are willing to outsource their storage facilities, either fully or partially.
The Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to hold the largest market share during the forecast period.
Among industry verticals, the Banking, Financial, and Insurance (BFSI) industry vertical is expected to hold the largest market share during the forecast period. The growth in the EFSS market, especially in the BFSI industry vertical, can be attributed to the increasing financial services, IT automation, and reforms in economies and banking services worldwide. EFSS solutions help BFSI organizations in improving their workforce productivity, streamlining business operations, enhancing customer experience, and ensuring compliances and regulatory policies.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.
In terms of regions, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The APAC region is expected to register continuous growth, majorly due to advancements in various industry verticals, namely, BFSI, government, education, healthcare, transportation and logistics, and retail.
Organizations in this region have shifted toward the mobile-first approach and are focusing more on improving the workforce productivity. Several factors are expected to drive the impressive growth of the APAC region. The factors include rapid economic development, globalization, Foreign Direct Investment (FDI), cloud-based solutions, growing Corporate-Owned Personally-Enabled (COPE) trend, and massive penetration of smartphones and internet across consumers and business segments. Countries that would constitute a major portion of the market include China, India, Japan, South Korea, and Australia.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the EFSS market.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 35%, Tier 2 – 39%, and Tier 3 – 26%
- By Designation: C-Level – 55%, Director Level – 40%, and Others – 5%
- By Region: North America – 38%, Europe – 40%, APAC – 21%, and Rest of the World (RoW) – 1%
The key EFSS vendors profiled in the report are as follows:
• Dropbox (US)
• Microsoft (US)
• Box (US)
• Citrix Systems (US)
• Syncplicity by Axway (US)
• Egnyte (US)
• BlackBerry (Canada)
• IBM (US)
• VMware (US)
• Google (US)
• Acronis International (Switzerland)
• OpenText (Canada)
• Thru. Inc. (US)
• Accellion (US)
• j2 Global (SugarSync) (US)
• MyWorkDrive by Wanpath LLC (US)
• SkySync (US)
• HighQ Solutions (UK)
• Nextcloud (Germany)
• ownCloud (Germany)
• CodeLathe (FileCloud) (US)
• Intralinks (US)
• Qnext Corp. (FileFlex) (Canada)
• XMedius Solutions (Canada)
• Inspire-Tech (Singapore/US)
• CTERA Networks (Israel/US)
• Northbridge Secure Systems (Australia)
The EFSS market is segmented based on components (standalone EFSS solution, integrated EFSS solution, and services), deployment types, organization size, industry verticals, and regions. The detailed analysis of the key industry players is done to provide insights into their business overviews; services; key strategies; new service launches; partnerships; agreements; and collaborations; expansions; and competitive landscape associated with the global EFSS market.
Reasons To Buy the Report
The report would help market leaders/new entrants in the following ways:
- The report segments the EFSS market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- The report would help stakeholders understand the pulse of the market, and provides information on the key market drivers, restraints, challenges, and opportunities.
- The report would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market.
- The competitive landscape section includes competitor ecosystems, new service developments, partnerships, and acquisitions.