Enterprise File Synchronization and Sharing (EFSS) Market Trends, Growth Forecast and Industry statistics Till 2027 | Dropbox, IBM, Blackberry, Microsoft, Syncplicity by Axway, Egnyte, VMware, Google, Acronis

The EFSS Market size is projected to grow from USD XX billion in 2020 to USD 15.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 26.0% during the forecast period.

The Enterprise File Synchronization and Sharing (EFSS) market study analyzes the market status, market share, growth rate, future trends, market drivers, opportunities, challenges, risks, entry barriers, sales channels, distributors and Porter's Five Forces Analysis. This market report performs geographical analysis for the major areas such as North America, China, Europe, Southeast Asia, Japan, and India, with respect to the production, price, revenue and market share for top manufacturers. Moreover, businesses can gain insights into profit growth and sustainability program with this report. The winning Enterprise File Synchronization and Sharing (EFSS) market analysis report also includes detailed profiles of market’s major manufacturers and importers who are dominating the market.

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Enterprise file synchronization and sharing (EFSS) indicate a range of on-premises or cloud-based capabilities that enable individuals to synchronize and share documents, photos, videos, and files across multiple devices. File sharing can be done internally within an organization, externally with partners and enterprise customers, or on smartphone devices using data sharing among mobile applications. The EFSS solution is designed to address the collaboration issues faced by large enterprises, as large enterprises need to share files across their offices present worldwide.

COVID-19 impact on the global EFSS market

COVID-19 forced many organizations to digitally transform their places of work and education to operate effectively. Companies relying on advanced technologies, such as cloud, AI, and IoT, to advance and rethink their business model for the future by fast-tracking digital transformation will be ones ahead of their competition. Even companies that were resistant to the concept of a distributed workforce have been forced to allow working from home so that work can still be accomplished while taking measures to halt the virus spread. Therefore, the growing digital workplace and mobile workforce trends among businesses have become the driving forces behind the growth of the EFSS market.

Due to the increasing work from home trend owing to lockdown measures in several countries, the Internet traffic has risen significantly—generally 25–30% higher than usual (Source: The New Stack). Therefore, there is a growing need for EFSS solutions from enterprises to manage and secure their data.

Market Dynamics

Driver: Continuously rising digital workplace and mobile workforce

The digital workplace has revitalized enterprises’ business operations by redefining the work culture, group collaboration, and legacy business systems. Enterprises are embracing the digital workplace trend to cope with modern business processes and advanced technologies. The digital workplace helps improve workforce collaboration and efficiency, enhance business decision-making, increase customer reach via social channels, engage customers effectively, and drive more business revenue. In addition to the digital workplace trend, the mobile workforce trend is gaining increasing popularity among businesses; this growing trend is driven by the proliferation of smartphones among the enterprise workforce.

The emerging digital workplace and mobile workforce trends demand robust, scalable, and effective collaboration, connectivity, and communication tools via which employees can access business information quickly, at any time, from any location, without any security concerns, and while adhering to government regulations and compliances. EFSS solutions provide the flexibility to share and access files with complete data security. Globally, enterprises are rapidly implementing EFSS solutions to modernize their IT infrastructure, deliver a digital experience across devices and channels, and support the extensive mobile workforce and agile business processes.

Restraint: Need for heavy investments in EFSS solutions

Despite the huge benefits associated with the adoption of EFSS solutions and services, the high cost involved acts as a restraint to the growth of the EFSS market. Vendors deliver EFSS solutions at a very high cost on a single per-user licensing model or an enterprise subscription model. The annual Average Selling Price (ASP) range of EFSS solutions varies from USD 150 to USD 170 for a single user and includes the price of cloud features, customization, integration, and recovery tools, among others.

Companies have separate pricing plans for customers based on their business size. A diverse pricing model would be more beneficial for small business users and developers who lack a strong financial position. For instance, Box offers its EFSS solution at USD 180 per user, per year; Citrix ShareFile is available at USD 132 per user, per year; Dropbox at USD 240 per user, per year; Egnyte at USD 180 per user, per year; Syncplicity at USD 150 per user, per year; ownCloud at USD 150 per user, per year; and Accellion at USD 150 per user, per year. Therefore, the initial adoption of EFSS solutions involves huge costs, as the information generated by enterprises, these days, is usually very large, and the cost of deployment depends on the number of employees in the organization. However, some vendors offer solutions based on the subscription model to cater to a large number of employees.

Enterprises also need to deploy other security solutions to protect themselves from security breaches, which may incur additional costs. Businesses prefer integrated EFSS solutions with other third-party applications, resulting in increased costs. Large enterprises can afford these high-cost solutions due to their strong financial condition, but lower adoption has been witnessed among SMEs due to budget constraints. Therefore, the high cost of EFSS solutions is expected to restrain market growth. With the emergence of the cloud, several new and emerging players are offering solutions at a low cost, which could increase the adoption of EFSS solutions among SMEs.

Opportunity: Increasing adoption of cloud-based solutions

With advancements in cloud computing, data centers, and the network infrastructure, EFSS vendors offer cloud-based EFSS solutions to customers across the globe. The cloud model offers a range of benefits to customers. Some of these benefits include scalability, flexibility, ease of access, multi-device support, and lower costs. Therefore, large enterprises and SMEs are rapidly implementing cloud-based EFSS solutions.

Over the past few decades, EFSS solutions have boosted the productivity of businesses and employees. Earlier, investment in on-premises solutions was a major hurdle for organizations, especially for SMEs, due to the high cost involved. The lack of awareness of EFSS implementation and less concerns about advanced security have also been observed among SMEs, resulting in low investments in EFSS solutions. However, with the emergence of cloud-based services, SMEs are readily implementing EFSS solutions. Moreover, hybrid cloud EFSS solutions have more demand among large enterprises due to security concerns. In addition to this, enterprises across industry verticals, such as healthcare, government, and BFSI, face the challenge of complying with stringent regulations, which would result in increasing adoption of hybrid cloud-based solutions across various industry verticals.

Challenge: Rising security concerns and data privacy issues

The EFSS solution helps businesses access and share business information across various devices, besides providing benefits to employees, partners, and customers in several ways. However, most EFSS solutions do not meet the compliance and security requirements of highly regulated enterprises. The lack of security features may lead to the leakage of critical business information. Cyber-attacks can result in threats such as viruses, worms, malware, and other malicious software programs directly or indirectly (through third-party vendors) exploiting any security vulnerabilities in products, services, and networks. Attackers use new and different techniques to gain unauthorized access to files and software, and these attacks are difficult to recognize using simple and traditional EFSS solutions. Therefore, it has become difficult for businesses to detect and prevent such attacks aptly, leading to huge business losses.

Solution segment to lead the EFSS market in 2020

EFSS solution providers offer two types of EFSS solutions, namely, standalone EFSS solution and integrated EFSS solution (an integration of EFSS solutions with other third-party business tools so that these solutions can match up to the business needs of enterprises). EFSS solutions help enterprises seamlessly access and share files of any size between employees, co-workers, partners, clients, and other business stakeholders. Business files contain sensitive information that must be routed through a secure channel to adhere to regulatory compliances and data privacy rules. Technically, during file sharing, there are three stages involved, namely, data transit, data in rest, and data in use.

Cloud segment to lead the EFSS market in 2020

Based on the deployment mode, the cloud segment is projected to lead the EFSS market from 2020 to 2025. Cloud computing is one of the most effective technologies today. It has impacted every line of business. Cloud-based solutions involve the SaaS model, wherein users can access EFSS solutions virtually through the internet. 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. However, the cloud-deployed EFSS solutions have a downside as well, including lack of control over applications, hassles in data migration, strict government regulations, and privacy-related recorded content. 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. The additional benefits of cloud-based solutions include their effectiveness while being used by many users, reduced upfront costs, ease in rolling out a new project, nil investments on hardware, low maintenance costs, and minimized infrastructure costs.

SMEs segment to grow at a higher CAGR during the forecast period

The rising usage of cloud technology has driven the adoption of the SDN technology among SMEs. Owing to budget constraints, SMEs generally prefer the cloud-based solutions available in the market. These organizations have gradually started adopting technologically advanced products that enhance their business functionalities with limited resources. For SMEs, EFSS can ensure cost reduction in terms of expenditure on network infrastructure and reduce the time required for troubleshooting network issues (by determining the state of the network at any point in time).

Banking, Financial Services, and Insurance vertical to lead the EFSS market in 2020

Based on vertical, the BFSI vertical is projected to lead the EFSS market from 2021 to 2027. The BFSI vertical comprises various institutions, such as banking, financial services, insurance, and others (including investment companies and credit unions). A strong IT administration network helps BFSI companies in providing better customer experience, opening new revenue streams, and streamlining business processes. Consumers are switching over to smartphones and tablets for their personal and professional engagement. Mobile devices and the internet have enabled individuals to take a more hands-on role in their banking and financial services by providing real-time access to applications and information. As a result, BFSI organizations use EFSS solutions to agile their business processes, streamline the IT infrastructure, and improve connectivity with clients and customers.

BFSI is the most heavily regulated industry vertical globally and faces challenges, such as security and data leakage. Some of the well-known regulations include Basel II, GLBA, Financial Industry Regulatory Authority (FINRA), and MiFID. In addition to these, there are several other regulations as per geographies. All these regulations demand secure sharing of files. EFSS solutions enable BSFI stakeholders to securely share and access files, promote paperless office, empower mobile agents, improve vendor management, modernize critical document processes, streamline the customer experience, and accelerate the flow of information. EFSS solutions help BFSI organizations improve workforce productivity, streamline business operations, enhance customer experience, and ensure compliance. On-premises EFSS solutions are adopted more in the BFSI vertical due to data security concerns. Data centers have numerous compute, storage, and network devices. As a result, data centers face complexities in the configuration and management of these multi-vendor devices. The scaling of networks has also increased the OPEX for maintaining IT departments and increasing the responsiveness to changing business needs. These factors have compelled IT departments to make significant investments in maintaining their network infrastructure which has increased the growth of EFSS market.

North America to lead the EFSS market in 2020

North America has emerged as the largest EFSS market in terms of market size, with large-scale implementations of EFSS solutions by enterprises over the last few years. This region has been extremely responsive toward adopting the latest technological advancements, including mobile devices, cloud computing, and IoT, within enterprises. Organizations in this region have adopted the mobile-first strategy to reshape the journey of their employees. The major growth drivers for this region are advanced network technologies, the proliferation of mobile workforce, advanced mobile platforms, and SaaS flexibility, used by various enterprises.

Key market players

The EFSS market comprises key solution and service providers, such as Box (US), Citrix Systems (US), Dropbox (US), IBM (US), Blackberry (Canada), Microsoft (US), Syncplicity by Axway (US), Egnyte (US), VMware (US), Google (US), Acronis (Switzerland), OpenText (Canada), Thru (US), Accellion (US), SugarSync (US), Nextcloud (Germany), Northbridge Secure Systems (Australia), ownCloud (Germany), Intralinks (US), Qnext Corporation (US), CTERA Networks (Israel), SkySync (US), HighQ (UK), Inspire-Tech (Singapore), MyWorkDrive (US)

Recent Developments

In July 2020, Box will leverage Google Cloud and its advanced capabilities to enhance the scale, performance, and intelligence of its cloud content management platform globally.
In January 2018, Box opened a New European Headquarters in London’s Tech City. The London office became home to its UK-based employees
In July 2020, Citrix Systems extended its alliance with Microsoft to make Citrix Workspace a preferred digital workspace solution. Citrix also selected Microsoft Azure as a preferred cloud platform.
In July 2020, Citrix Systems and Microsoft entered into a partnership for the future of virtual desktops. Microsoft has been investing heavily in Windows Virtual Desktops recently, ever since the pandemic forced many businesses to shift to working from home.
In June 2020, Health Solutions (HMHS), a healthcare technology solutions company that is a wholly-owned subsidiary of Highmark Health, headquartered in Pittsburgh, Pennsylvania, has chosen Axway to help deliver new and enhanced digital experiences for its health plan customers.

Scope of the Report

This research report categorizes the EFSS market to forecast revenues and analyze trends in each of the following subsegments:

Based on components, the EFSS market has the following segments:

Solutions
Services
Managed
Professional Services

Based on solutions, the EFSS market has the following segments:

Standalone EFSS Solution
Integrated EFSS solution

Based on Professional Services, the EFSS market has the following segments:

Consulting
Integration and Deployment
Training and Support

Based on deployment mode, the EFSS market has the following segments

On-premises
Cloud

Based on cloud type, the EFSS market has the following segments

Public
Private
hybrid

Based on end user, the EFSS market has the following segments

Small and Medium-sized Enterprises (SMEs)
Large Enterprises

Based on vertical, the EFSS market has the following segments

Banking, Financial Services, and Insurance (BFSI)
Software and Technology
Government and Public Sector
Healthcare
Legal
Education
Retail
Media and Entertainment
Others

Based on region, the EFSS market has the following segments

North America
United States (US)
Canada
Europe
United Kingdom (UK)
Germany
Rest of Europe
APAC
China
Japan
Rest of APAC
MEA
Israel
Saudi Arabia
Rest of MEA
Latin America
Brazil
Mexico
Rest of Latin America

This report would help you answer the following questions:

What is the market size and forecast of the Global Enterprise File Synchronization and Sharing (EFSS) Market?
What are the inhibiting factors and impact of COVID-19 shaping the Global Enterprise File Synchronization and Sharing (EFSS) Market during the forecast period?
Which region outstands in the Global Enterprise File Synchronization and Sharing (EFSS) Market?
Which are the segments to invest in over the forecast period in the Global Enterprise File Synchronization and Sharing (EFSS) Market?
What is the competitive strategic window for opportunities in the Global Enterprise File Synchronization and Sharing (EFSS) Market?
What are the technology trends and regulatory frameworks in the Global Enterprise File Synchronization and Sharing (EFSS) Market?
What are the major company in the Global Enterprise File Synchronization and Sharing (EFSS) Market?

Table of Contents:

1 Introduction

2 Research Methodologies

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Compliance in Enterprise File Synchronization and Sharing (EFSS) Market

8 Enterprise File Synchronization and Sharing (EFSS) Market, By Service

9 Enterprise File Synchronization and Sharing (EFSS) Market, By Deployment Type

10 Enterprise File Synchronization and Sharing (EFSS) Market, By Organization Size

11 Enterprise File Synchronization and Sharing (EFSS) Market Analyses, By Vertical

12 Geographic Analyses

North America

Europe

Asia-Pacific

South America

Middle East & Africa

13 Competitive Landscapes

14 Detailed Company Profiles

15 Related Reports

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