Enterprise File Sharing and Synchronization Market to Witness Comprehensive Growth by 2024

Enterprise file sync-and-share is a service that allow users to save files in cloud or on-premises storage and then access them on other desktop and mobile computing devices. The primary benefit of it is the ability to securely share files such as documents, photos and videos across multiple devices and with multiple people. The synchronization, or copying capability allows files to be stored in an approved data repository. This eases the accessibility of data by employees from PCs, tablets or smartphones. Hence, there is a strong need for enterprise file sharing and synchronization solutions in almost all industry verticals to effectively manage huge data being generated on a daily basis.

Rising need for digitalization of business processes and file sharing solutions in enterprises is expected to drive the enterprise file sharing and synchronization market. Also, with the rise in bring your own device (BYOD), employees choose to access work data on multiple devices such as smartphones and tablets to get the data independent of location. This has bolstered the growth of enterprise file sharing and synchronization market. However, lack of scalability and interoperability issues are restraining the market growth. Also, high initial investment cost and lack of awareness regarding the benefits of enterprise file sharing and synchronization solutions is obstructing the market growth. Increasing privacy and security concerns and significant shift of organizations from traditional file sharing techniques to enterprise file sharing and synchronization market is expected to generate new opportunities for the participants in enterprise file sharing and synchronization market.

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The global enterprise file sharing and synchronization market is segmented by application, by service type, by end-user, by deployment type, end use vertical and by geography. Based on application, the market is segmented into enterprise storage and backup, enterprise content management systems, cloud virtualization, enterprise mobility, enterprise document collaboration. On the basis of end-user, the market is segmented into small and medium businesses and large enterprises. In terms of deployment type, the market is segmented into hosted and on premise. The market for enterprise file sharing and synchronization is also segmented on the basis of end use vertical into education institutes, government and defense, IT and telecommunication, manufacturing sector, and transportation and logistics. Moreover, the market is also segmented in terms of geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa (MEA). North America is expected to lead the global enterprise file sharing and synchronization market, primarily due to the developed economies and continuously adopting the latest technological advancements such as integration technologies with cloud and mobile technologies within traditional enterprise file sharing and synchronization solutions. Moreover, Asia Pacific is considered as the emerging market for enterprise file sharing and synchronization market due to increasingly movement toward digitalization of processes, resulting in larger generation of data and demand for protection of crucial enterprise data collected from various sources. The Latin America and MEA regions also depict great potentials in terms of adoption of enterprise file sharing and synchronization solutions.

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Some of the industry participants dominating enterprise file sharing and synchronization market are Microsoft Corporation, Google, Inc., Citrix Systems, Inc., Box, Inc., Dropbox, Inc., Airwatch (Vmware, Inc.), Watchdox Inc. (Blackberry Limited), Egnyte Inc., Sugarsync, Inc. and Syncplicity LLC.

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