Enterprise File Synchronization and Sharing Market Size to Reach USD 53.93 Billion in 2030 | CAGR of 27.4%
By reinventing the work environment, teamwork, and established business processes, the digital workplace has energised businesses. To keep up with contemporary business procedures and cutting-edge technologies, businesses are embracing the digital workplace trend. The digital workplace helps raise staff productivity and cooperation, improve business decision-making, expand customer reach on social media, engage customers successfully, and generate revenue.
Market Size – USD 6.1 Billion in 2021, Market Growth – at a CAGR of 27.4%, Market Trends – Businesses are increasingly embracing the mobile workforce trend, which is being fueled by the widespread use of smartphones by employees in large organisations.
The global enterprise file synchronization and sharing market size was USD 6.1 Billion in 2021 and is expected to register a revenue CAGR of 27.4% over the forecast period, according to the latest report by Reports and Data. Businesses are adopting the digital workplace trend to keep up with cutting-edge technologies and sophisticated business processes. Increasing consumer reach via social platforms, engaging customers successfully, and increasing business revenue are all made possible by the digital workplace. It also improves employee collaboration and productivity.
By altering work culture, group cooperation, and legacy business systems, the digital workplace has energised companies’ business processes. In order to keep up with contemporary business practises and cutting-edge technologies, businesses are embracing the digital workplace trend. The digital workplace helps boost staff productivity and cooperation, improve business decision-making, broaden customer reach on social media, engage clients successfully, and raise income. In addition to the digital workplace trend, businesses are increasingly embracing the mobile workforce movement, which is being fueled by the widespread use of smartphones by enterprise workers.
Due to improvements in data centres, the cloud, and network infrastructure, EFSS manufacturers now provide cloud-based EFSS solutions to clients all over the world. The cloud approach benefits clients in many ways. Scalability, flexibility, ease of access, compatibility for multiple devices, and cheaper costs are a few of these advantages. As a result, both major corporations and SMEs are deploying cloud-based EFSS systems quickly. EFSS technologies have increased corporate and employee productivity over the past couple decades. Due to the high cost required, investing in on-premises solutions used to be a significant barrier for enterprises, especially SMEs.
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Companies profiled in the market report include Box, Citrix Systems, Dropbox, Microsoft, Google, Thomson Reuters, IBM, Blackberry, OpenText, VMware, Acronis, Thru, Accellion, Syncplicity by Axway, Egnyte, SugarSync, Nextcloud, Northbridge Secure Systems (Australia), ownCloud, SS&C Intralinks, Qnext, CTERA Networks, SkySync, Inspire-Tech, Codelathe, and MyWorkDrive.
Some Key Highlights from the Report
- The BFSI vertical dominated the EFSS industry in 2021. The BFSI sector, which is the most strictly regulated industry vertical globally, confronts issues with data leaks and security. These regulations require safe file sharing. BSFI stakeholders may securely share and access files with the help of EFSS solutions, which also encourage paperless offices, empower mobile workers, enhance vendor management, modernise crucial document procedures, improve customer experience, and speed up information flow. Enhancing staff efficiency, streamlining corporate processes, improving customer experiences, and ensuring compliance are all made possible by EFSS solutions for BFSI enterprises. Due to worries about data security, on-premises EFSS systems are more frequently used in the BFSI sector.
- With extensive EFSS solution implementations by businesses over the past few years, North America has emerged as the region with the largest EFSS market in terms of market size. The latest technical innovations, like as mobile devices, cloud computing, and IoT, have been quickly adopted by businesses in this region. To redefine their employee journeys, businesses in this region have chosen the mobile-first strategy. The widespread usage of mobile workforces, cutting-edge mobile platforms, and SaaS flexibility by different organisations are the main growth drivers for this region.
- OpenText released OpenText Core Share for SAP in July 2021. The OpenText Core Share for SAP solutions is accessible with OpenText Cloud Editions (CE) 21.3. Without requiring users to leave the SAP application, Core Share for SAP is a cloud-based solution that enables companies to securely share, collaborate on, and synchronise documents outside of the firewall.
- In January 2021, Citrix Systems and Wrike, a pioneer in the SaaS collaborative work management market, signed a legally binding agreement to merge. The partnership between Thomson Reuters and KPMG, UK, which will serve as an implementation partner for the HighQ platform for corporate legal departments, was announced in September 2020. KPMG’s Legal Technology division will set up the HighQ platform for corporate legal departments using its multidisciplinary professional, advisory, and technology capabilities.
For the purpose of this report, Reports and Data has segmented the global Enterprise file synchronization and sharing market based on component, solutions, services, deployment mode, cloud type, end user, vertical, and region:
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Components Outlook (Revenue, USD Billion; 2019-2030)
- Standalone EFSS Solution
- Integrated EFSS solution
- Professional Services
- Integration and Deployment
- Training and Support
- Managed Services
- Professional Services
Deployment Mode Outlook (Revenue, USD Billion; 2019-2030)
End-User Outlook (Revenue, USD Billion; 2019-2030)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Cloud Type Outlook (Revenue, USD Billion; 2019-2030)
Vertical Outlook (Revenue, USD Billion; 2019-2030)
- Banking, Financial Services, and Insurance (BFSI)
- Software and Technology
- Government and Public Sector
- Media and Entertainment
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Latin America
- Middle East & Africa
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Key questions addressed in the Report:
- Which key factors are expected to hamper global market growth during the forecast period?
- Which application segment revenue is expected to expand at a rapid CAGR between 2021 and 2030?
- Which regional segment is expected to account for largest revenue share over the forecast period?
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