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What Is The Leading Driver Behind Growing Data Security Concerns And Their Impact On The Enterprise File Synchronization And Sharing (EFSS) Market Market Expansion in 2025
Enterprise File Synchronization And Sharing (EFSS) Market
What Will the Enterprise File Synchronization And Sharing (EFSS) Industry Market Size Be by 2025?
The market for enterprise file synchronization and sharing (efss) has seen a dramatic rise in size in the past few years. The expected growth is from $12.11 billion in 2024 to $14.99 billion in 2025, projecting a compound annual growth rate (CAGR) of 23.7%. The impressive growth during the historical period is due to factors such as the surge in mobile device usage, enhanced file version control, efficiency improvements, concerns about data security, as well as advanced analytics and reporting features.
What's the Long-Term Growth Forecast for the Enterprise File Synchronization And Sharing (EFSS) Market Size Through 2029?
In the up-and-coming years, the market size of enterprise file synchronization and sharing (efss) is predicted to experience an explosive growth trajectory, eventually reaching $41.14 billion in 2029. This marks a compound annual growth rate (CAGR) of 28.7%. The anticipated growth for the speculated period can be ascribed to factors such as improved security protocols, management of content lifecycle, analysis of user behavior, and concerns regarding data residency and sovereignty. The forecast period is also expected to witness major trends, including linkage with identity and access management (IAM) solutions, access and collaboration through mobile files, models of hybrid cloud deployment, adherence to data privacy rules, and syncing and sharing solutions on an enterprise scale.
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What Are the Key Growth Drivers Fueling the Enterprise File Synchronization And Sharing (EFSS) Market Expansion?
Expectations of the growth in the enterprise file synchronization and sharing market are driven predominantly by rising concerns over data security in the forthcoming years. Identifying, assessing and curbing risks associated with the secure storage of sensitive data is an integral part of an overall security strategy, making data security a key concern. Numerous companies are apprehensive regarding their digital data security. To this end, security features such as user-test protocols, data coding, compartmentalization, and activity monitoring are integrated into the EFSS platforms to protect this data. AAG IT Services, a company in the UK that provides IT products and services, reported that around 236.1 million ransomware acts of aggression occurred globally while about 53.35 million US citizens were cybercrime victims in just the first six months of 2022.
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What Are the Key Trends Driving Enterprise File Synchronization And Sharing (EFSS) Market Growth?
Leading corporations in the Enterprise File Synchronization and Sharing (EFSS) market are innovating by creating technologically superior solutions like storage platforms to enhance customer experience. These platforms offer infrastructure and tools for effective storage, management, and retrieval of data, ensuring safe storage in physical or cloud domains. For instance, US-based Hitachi Vantara, a company facilitating businesses to leverage data for innovation and growth, launched the Hitachi Virtual Storage Platform One in October 2023. This single hybrid cloud data platform aims to provide a unified data domain for both organized and unorganized data across different types of storage. It enables businesses to effortlessly operate several applications on-site and in public clouds, circumventing usual complexities. By extending a unified architecture integrating control plane, data fabric, and data plane capabilities across diverse workloads, the platform eases the management of mission-critical tasks at a large scale. With the elimination of infrastructure, data, and application silos, the Virtual Storage Platform One equips organizations with a dependable data base, granting them access to required data as and when they need it, all under the command of a single AI-enabled software stack.
How Is the Enterprise File Synchronization And Sharing (EFSS) Market Segmented?
The enterprise file synchronization and sharing (efss)market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Application: Enterprise Content Management Systems, Enterprise Storage And Backup, Enterprise Document Collaboration, Enterprise Mobility, Other Applications
4) By End-User: IT And Telecom, Banking, Financial Services and Insurance, Retail, Manufacturing, Education, Government, Other End Users
Subsegments:
1) By Solutions: Cloud Storage Solutions, File Sharing Solutions, Collaboration Tools, Data Security Solutions, Mobile File Access Solutions
2) By Services: Implementation Services, Consulting Services, Support And Maintenance Services, Training Services
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Which Companies Are Leading the Charge in Enterprise File Synchronization And Sharing (EFSS) Market Innovation?
Major companies operating in the enterprise file synchronization and sharing (EFSS) market include Citrix Systems Inc., 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., Intralinks Holdings Inc., SkySync LLC, International Business Machines Corporation, Acronis International GmbH, CTERA Networks Ltd., HighQ Solutions Limited, XMedius Solutions Inc., Workshare Ltd., CodeLathe LLC, ExaVault Inc., GlobalSCAPE Inc., Acronis LLC, SmartFile Corp.
Which Regions Are Leading the Global Enterprise File Synchronization And Sharing (EFSS) Market in Revenue?
North America was the largest region in the enterprise file synchronization and sharing (EFSS) market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise file synchronization and sharing (EFSS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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