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File Synchronization and Sharing in Enterprises: Market Overview 2024
Enterprise File Synchronization And Sharing (EFSS) Market
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According to The Business Research Company's, The enterprise file synchronization and sharing (efss) market size has grown exponentially in recent years. It will grow from $9.82 billion in 2023 to $12.35 billion in 2024 at a compound annual growth rate (CAGR) of 25.8%. The growth in the historic period can be attributed to proliferation of mobile devices, file version control, improved productivity, data security concerns, analytics and reporting capabilities..
The enterprise file synchronization and sharing (efss) market size is expected to see exponential growth in the next few years. It will grow to $32.19 billion in 2028 at a compound annual growth rate (CAGR) of 27.1%. The growth in the forecast period can be attributed to enhanced security measures, content lifecycle management, user behavior analytics, data residency and sovereignty concerns, . Major trends in the forecast period include integration with identity and access management (iam) solutions, mobile file access and collaboration, hybrid cloud deployment models, compliance with data privacy regulations, enterprise-grade file syncing and sharing solutions..
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Market Drivers and Trends:
The increase in data security concerns are expected to drive the growth of the enterprise file synchronization and sharing market in the coming years. Data security is a crucial aspect of a complete security plan that includes recognizing, evaluating, and mitigating threats connected to sensitive data security. Many businesses are concerned about the security of their digital data. To safeguard the data, enterprise file-synchronization and sharing (EFSS) platforms integrate security features such as authentication, data encryption, containerization, and tracking. According to AAG IT Services, a UK-based provider of IT products and services, globally, there were over 236.1 million ransomware attacks, and 53.35 million US citizens were affected by cybercrime in the first half of 2022. Also, according to Stefanini Group, a Brazil-based IT service management company, in 2021-2022, there has been a 300% increase in cybercrime.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Citrix Systems Inc., BlackBerry Limited, Axway Inc. (Syncplicity is a product of Axway), Egnyte Inc., Nextcloud GmbH, OpenText Corporation, Box Inc., Microsoft Azure (part of Microsoft Corporation), Dropbox Inc., Accellion Inc., SugarSync, Northbridge Secure Systems Pty Ltd., Intralinks Holdings Inc., SkySync LLC, International Business Machines Corporation, Acronis International GmbH, CTERA Networks Ltd., HighQ Solutions Limited, XMedius Solutions Inc., LeapFile Inc., Nomadesk BVBA, Soonr Inc., Varonis Systems Inc., WatchDox Inc., Workshare Ltd., Accusoft Corporation, AeroFS, BitTitan Inc., CodeLathe LLC, ExaVault Inc., FileZilla (FileZilla Project), GlobalSCAPE Inc., Siber Systems Inc., Acronis LLC, Ipswitch Inc., Morro Systems Inc., SmartFile Corp.
Enterprise File Synchronization And Sharing (EFSS) Market 2024 Key Insights:
• The enterprise file synchronization and sharing (efss) market size is expected to see exponential growth in the next few years. It will grow to $32.19 billion in 2028 at a compound annual growth rate (CAGR) of 27.1%.
• Growing Data Security Concerns And Their Impact On The Enterprise File Synchronization And Sharing (EFSS) Market
• Blockchain Technology Revolutionizing Data Security In The Enterprise File Synchronization And Sharing (EFSS) Market
• North America was the largest region in the enterprise file synchronization and sharing (EFSS) market in 2023
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