File Synchronization and Sharing Software Market to Expand with Significant CAGR During 2024

File synchronization and sharing (FSS) software enable companies to securely synchronize and share photos, documents, videos, and files from multiple sources with its customers, partners, and employees. Such software are utilized by companies to prevent the use of file sharing applications by illegitimate users. FSS software allow the transfer of large files, support multiple file extensions, schedule automated file transfers from repositories, audit file activities, and protect stored files. FSS software have in-built file creating, previewing, and editing facilities. The transferred files are protected by antivirus scanning, encryption, and data loss protection features.

Some FSS software provide companies the ability to block data in certain geographies. Depending on type of deployment FSS software can be pure cloud, on-premises, and hybrid. In pure cloud, files that are accessed or shared are stored in the service provider’s cloud. Companies that intend to replace personal cloud services adopted by employees with an alternative that is under IT control prefer to use pure cloud FSS software. Companies under strict data transfer and storage regulations prefer on-premise deployment type of FSS software due to security concerns. In hybrid type, the search, security, and authentication is implemented in the service provider’s cloud, while documents and files are stored in their original data repositories. Hybrid deployment is preferred by companies that want to utilize the benefits of cloud and maintain control over data at the same time.

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Organizations are vulnerable to information leakages caused due to the uncontrolled use of personal cloud services, and this mandates the deployment of FSS software. The ability to securely manage the huge amount of data that is generated on a daily basis is the biggest factor driving the growth of file synchronization and sharing software market. The growing need for cloud based integration to provide low cost mobility support and the rising bring-your-own-devices trend is further expected to fuel the growth of FSS software market. Furthermore, the increasing number of devices per person present challenges with synchronization and data alignment. IT companies are increasingly adopting FSS software to enhance their productivity by efficiently providing collaboration between workers and also to limit security threats. However, compliance and security requirements are the challenges in the growth of cloud-based FSS software. Also, the high investments required to adopt FSS software solutions present hurdles in the growth of the market.

The File Synchronization And Sharing Software Market can be segmented on the basis of applications, deployment type, and geography. On the basis of applications, this market can be further categorized into enterprise mobility, document collaboration, content management, cloud virtualization, and enterprise storage. Furthermore, on the basis of geography, the market can be categorized into North America, South America, Europe, Asia-Pacific and Middle East and Africa.

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The major players operating in the file synchronization and sharing software market include Microsoft Corporation, Google, Inc., Citrix Systems, Inc., Egnyte, Inc., Dropbox, Inc., SugarSync, Inc., and Syncplicity, Inc. The competition is expected to intensify in coming years, considering entry of new players in the market.

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