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Press release content from Business Wire. The AP news staff was not involved in its creation.

The Worldwide Enterprise File Synchronization and Sharing Industry is Expected to Reach $20.5 Billion by 2026 - ResearchAndMarkets.com

November 8, 2021 GMT

DUBLIN--(BUSINESS WIRE)--Nov 8, 2021--

The “Global Enterprise File Synchronization and Sharing (EFSS) Market With COVID-19 Impact by Component (Solutions, Services), Deployment Mode (Cloud, On-premises), End User (Large Enterprises, SMEs), Vertical (BFSI, Healthcare), and Region - Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The publisher 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.

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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.

Market Dynamics

Drivers

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  • Continuously Rising Digital Workplace and Mobile Workforce
  • Increasing Collaborations Between Employees and Enterprises
  • 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 Economies Having Potential for Efss Markets
  • Rising Demand for Integrated Efss Solutions Among Businesses

Challenges

  • Rising Security Concerns and Data Privacy Issues
  • Presence of Various Efss Vendors and Intense Market Competition

Companies Mentioned

  • Accellion
  • Acronis
  • Blackberry
  • Box
  • Citrix Systems
  • Codelathe
  • Ctera Networks
  • Dropbox
  • Egnyte
  • Google
  • Ibm
  • Inspire-Tech
  • Microsoft
  • Myworkdrive
  • Nextcloud
  • Northbridge Secure Systems
  • Opentext
  • Owncloud
  • Qnext
  • Skysync
  • Ss&C Intralinks
  • Sugarsync
  • Syncplicity by Axway
  • Thomson Reuters
  • Thru
  • Vmware

For more information about this report visit https://www.researchandmarkets.com/r/a1tac4

View source version on businesswire.com:https://www.businesswire.com/news/home/20211108005759/en/

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KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT

SOURCE: Research and Markets

Copyright Business Wire 2021.

PUB: 11/08/2021 10:15 AM/DISC: 11/08/2021 10:17 AM

http://www.businesswire.com/news/home/20211108005759/en