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(Wireless-NewsWire.Com, February 13, 2024 ) According to a research report "Enterprise File Synchronization and Sharing Market by Offering (Solutions, Services), Application (File Storage & Backup, Content Management System, Document Collaboration), Business Function, Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the global market for EFSS 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. 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.
Browse 334 market data Tables and 57 Figures spread through 288 Pages and in-depth TOC on "Enterprise File Synchronization and Sharing (EFSS) Market - Global Forecast to 2028"
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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
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.
Key Player
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).
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