MarketsandMarkets projects the EFSS market to grow from USD 6.1 billion in 2021 to USD 20.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 27.4% during the forecast period. Major factors driving the growth of the EFSS market include continuously rising digital workplace and mobile workforce, increasing collaborations between employees and enterprises, emphasis of businesses on corporate data security, and stringent government compliances and regulations.
By component, services segment to grow at a higher CAGR during the forecast period
A majority of the EFSS vendors offer two major types of services, namely, professional services and managed services. The professional services segment has been further categorized into three types, namely, consulting services, integration and deployment, and training and support. The managed services segment helps organizations in lowering the security risks and protecting their business data.
By deployment mode, cloud segment to lead the market during the forecast period
Cloud computing is one of the most effective technologies today. It has impacted every line of business. In this deployment type, EFSS solutions are delivered via the cloud. The advantages of deploying cloud-based EFSS solutions include flexibility, scalability, affordability, operational efficiencies, and low costs. The overall adoption of cloud-based EFSS solutions is on the rise, and these solutions are expected to be in high demand during the forecast period due to their functionalities and core features.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
The EFSS market in APAC is expected to experience strong growth in the coming years, as organizations in this region are looking forward to adopting file sync and share solutions to meet the demands of the dynamic mobile workforce and government regulations. Organizations in this region have also shifted toward the mobile-first approach and are focusing more on improving workforce productivity.
The breakup of the profiles of the primary participants is given below:
- By Company Type: Tier 1 – 60%, Tier 2 – 25%, and Tier 3 – 15%
- By Designation: C-level – 48%, Directors – 24%, and Others – 48%
- By Region: North America – 35%, Europe – 28%, APAC – 23%, MEA – 5%, Latin America– 14%.
The following key EFSS vendors are profiled in the report:
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), SkySync (US), Inspire-Tech (Singapore), Codelathe (US), and MyWorkDrive (US).
The market study covers the EFSS market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components (solutions and services), solutions(standalone EFSS solution, Integrated EFSS solution), professional services(consulting, integration and deployment, training and support), deployment mode (on-premises and cloud), cloud type (public, private, hybrid), end user(small and medium-sized enterprises and large enterprises), vertical (BFSI, software and technology, government and public sector, healthcare, legal, education, retail, media and entertainment, and others), and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons To Buy the report
The report would help the market leaders/new entrants in the following ways:
- It comprehensively segments the EFSS market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market.