Global Enterprise File Synchronization and Sharing (EFSS) Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The Global Enterprise File Synchronization and Sharing (EFSS) Market is estimated to be USD 7.63 Bn in 2023 and is expected to reach USD 19.89 Bn by 2028 growing at a CAGR of 21.13%.

• The majority of SMEs have already integrated, and the rest of them are looking to integrate their workflow with automation to gain operational efficiency. Thus, the adoption of enterprise file synchronization and sharing (EFSS) solutions has increased exponentially. The rapid evolution of digitalization and introduction to advanced technology in the past few years has supported the growth of EFSS markets. Because of the techno-savvy generation, there is an increase in the use of technological devices like mobile phones and tablets. Thereby, the EFSS market is booming.
• Conversely, the high cost of EFSS solutions is likely to hinder the market growth. The lack of security features of most of the EFSS solutions may hamper the growth of the market. With advancements in cloud computing, data centers, and network infrastructure, EFSS has huge opportunities across the globe.

Market Dynamics

Drivers

• Continuously Rising Digital Workplace and Mobile Workforce
• Increasing Collaborations Between Employees and Enterprises
• The Emphasis of Businesses on Corporate Data Security
• Stringent Government Compliances and Regulations

Restraints

• Need for Heavy Investments in EFSS Solutions

Opportunities

• Increasing Adoption of Cloud-Based Solutions
• Emerging Potential Economies
• Rising Demand for Integrated EFSS Solutions among Businesses

Challenges

• Rising Security Concerns and Data Privacy Issues
• Availability of Various EFSS Vendors and Intense Market Competition

Segments Covered

• By Component, the Solutions segment is expected to hold the largest market share during the forecast period. EFSS solutions help enterprises exchange files of any size between employees, co-workers, partners, clients, and other stakeholders. These exchanged files contain sensitive information about the employees, customers, products, etc., that must be routed through a secure channel to adhere to the data privacy rules. EFSS Solutions offers such file transfer seamlessly and without data theft. Hence, it is widely adopted among organizations.
• By Application Type, the Cloud Virtualization segment holds the largest market share. The use of cloud virtualization enables enterprises to utilize resources optimally. Also, enterprises can speed up their business processes by the use of virtualization technologies. Cloud virtualization saves the cost for a physical system such as hardware and servers. Hence, the segment is contributing to the largest market share.
• By Organization Size, Small and Medium-Sized Enterprises holds the maximum market share. The rising usage of cloud-based technology has driven the adoption of the EFSS among SMEs because of a low budget feature. These organizations have already adopted or have started adopting technologically advanced products that enhance their operational efficiencies with limited resources. For SMEs, EFSS reduces expenditure on network infrastructure and saves the time required for troubleshooting network issues.
• By Deployment, the Cloud Deployment model is holding the largest market share. Cloud-based deployment is preferred because of its cost-effectiveness, scalability, operational efficiencies, and flexibility. This type of deployment is one of the most effective technologies today. The cloud-based deployment model's additional benefits include their effectiveness while being used by multiple users, reduced upfront costs, ease in rolling out a new project, zero investments in hardware, negligible maintenance costs, and low infrastructure costs.
• By Vertical, BFSI vertical is estimated to hold the largest market share. A safe and secure IT administration network helps BFSI companies provide a better customer experience, open new business avenues, and streamlining business processes. Consumers are switching over to smartphones and tablets for daily transactions. Mobile devices and the internet have enabled customers to access real-time information through different applications. As a result, BFSI organizations are increasingly using EFSS solutions to streamline their business processes, maintain the IT infrastructure, and improve client relationships.
• By Geography, North America is projected to lead the market. Most of the SMEs in the US have already adopted EFSS solutions to streamline their business processes while maintaining reasonable ROI. This region is increasingly adopting technologically advanced devices, including mobile devices, cloud computing, and IoT, within enterprises. Thus, there is a greater adoption rate of EFSS.
• The Global Enterprise File Synchronization and Sharing (EFSS) Market is segmented further based on Component, Application Type, Organization Size, Deployment, Vertical, and Geography.

Company Profiles

Some of the companies covered in this report are Box, Dropbox, IBM, Blackberry, Acronis, OpenText, VMware, Accellion, SugarSync, Google, Microsoft, Egynyte, SkySync, Intralinks, CodeLathe, etc.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Enterprise File Synchronization and Sharing (EFSS) Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
• The report also contains the competitive analysis using Competitive Quadrant, the proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market