Global Enterprise File Synchronization and Sharing Market to 2030: High Demand for Secured Sharing of Corporate Data Drives Growth

DUBLIN, April 12, 2023 /PRNewswire/ -- The "Global Enterprise File Synchronization and Sharing Market, Component (Solutions, Services), Deployment Mode (On-Premise and Cloud), Industry Vertical (Healthcare, IT Telecommunications, and Retail), and Region - Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The global market size for Enterprise File Synchronization and Sharing (EFSS) is expected to reach USD 6.19 billion in 2021, with a projected revenue compound annual growth rate (CAGR) of 27.9% during the forecast period.

Several factors are expected to drive market growth, including increased demand for secure sharing of corporate data, the adoption of cloud-based solutions, the growth of digital and mobile workforces, and the need for effective interaction between employees and organizations. Strict government regulations regarding data security also contribute to market growth.

The market is also benefiting from the increasing volume of data across enterprises, the demand for accessible data for remote workers, and the adoption of advanced technologies such as IoT, AI, analytics tools, and automation. EFSS software enables secure exchange of documents, videos, images, and other media among devices and individuals. Organizations can use EFSS services to improve content management, increase collaboration, and secure employee file sharing.

EFSS solutions offer a range of security features, including multifactor authentication, data loss prevention, single sign-on, data encryption, containerization, and enterprise data tracking. This helps to protect enterprise data and offers a more secure alternative to consumer-oriented public cloud file-sharing services.

However, the cost of implementing EFSS services and growing concerns about data security and privacy are potential restraints to market growth. Enterprises are concerned about the lack of security features that could lead to the leakage of enterprise data and the growing threats of cyber-attacks that exploit security vulnerabilities.

Market Dynamics

Driver:

Rapid growth of digital workplace and mobile workforce

The increasing digitization of the workforce, as well as the adoption of hybrid cloud services, is driving the demand for Enterprise File Synchronization and Sharing (EFSS) solutions.

According to research, around 9% of enterprise IT environments are entirely cloud-based, while 54% are mostly on-premises with some cloud and 29% are mostly on-premises with some cloud. Additionally, the rise of work-from-home jobs and the need for collaboration between employees and organizations, regardless of their location, is fueling the demand for EFSS solutions.

Smart IoT applications such as sensor-enabled space utilization, remote equipment management, and cross-platform communication are expected to further support the growth of the EFSS market, driving process automation and employee productivity.

Furthermore, digital workplaces can enhance collaboration and productivity of employees, improve company decision-making, expand customer reach through various social platforms, engage customers successfully, and generate business revenue. These factors are driving the revenue growth of the market.

Restraint:

 Growing concerns for security and data privacy

Compliance with various regulation requirements can hinder the ability of EFSS solutions to provide some features. Moreover, many EFSS solutions may not meet the security requirements of highly regulated organizations, exposing them to risks of data breaches and cyber-attacks, resulting in significant business losses.

For example, on July 23, 2021, Kaseya, a developer of IT solutions for multiple Managed Service Providers (MSPs) and business clients, reported that it had been targeted in a cyberattack over the American Independence Day weekend. According to current estimates, ransomware may have compromised 800 to 1500 small to medium-sized businesses via their MSP.

Market Dynamics

Drivers

• High demand for secured sharing of corporate data
• Surge in adoption of cloud-based solutions
• Rapid growth of digital workplace and mobile workforce
• Need for effective interaction between employees and organization
• Strict government norms regarding security of data

Restraints

• High cost of investment in EFSS solutions
• Growing security concerns and data privacy issues

Companies Mentioned

• Box
• ACCELLION
• Dropbox
• Google
• Citrix Systems Inc.
• Egnyte Inc.
• Microsoft
• Thomson Reuters
• VMware Inc.
• IBM

For more information about this report visit https://www.researchandmarkets.com/r/3bqwxr

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SOURCE Research and Markets