Report : Enterprise File Sharing and Synchronization (EFSS) Market to 2025 - Global Analysis and Forecast by Solution, Services (Professional Services and Integration Services), Deployment Model (Cloud ,On-Premise and Hybrid ), End-Users (Small, Mid-Size and large Enterprise)and Industry Vertical (Healthcare & Life Sciences, Financial Services and Insurance, Telecommunication & IT, Media & Entertainment, Consumer Goods and Retail, Industrial Good and Automotive and Others)
According to the new research report published by The Insight Partners, titled “Enterprise File Sharing and Synchronization Market–Global Analysis and Forecast to 2025”, the global enterprise file sharing and synchronization market is expected to reach US$ 10,586.5 Mn in 2025, registering a CAGR of 23.2% during the forecast period 2016-2025.
Adoptions of EFSS is expected to accelerate at a high growth rate in the coming few years. Need for mobility and a secured mobile service to access data and increasing adoption trend for BYOD are few of the factors that are propelling the growth of EFSS market. Healthcare & life sciences organizations, financial services and insurance companies, telecommunication & it solution providers, media & entertainment companies are some of the major adopters of EFSS solutions. Many SME’s and large scale industries in the above verticals have adopted EFSS solutions owing to the advantages it offers. Concerns for data security and privacy among various organizations in which data is one of the crucial elements for business are few of factors that might hamper the growth of the market.
EFSS solutions can be deployed or provided to organizations via basically two different deployment models, on-premise and cloud deployment. Each model has its own disadvantages and advantages but cloud deployment model has been the prime adopted model for this market. Cost savings, reduced time, easy to use and implement have been the driving factors for this market. The EFSS market has seen a high growth in the past few years. With the advantages, EFSS solutions are increasingly adopted by various industry verticals today. The global enterprise file sharing and synchronization market is segmented into application (enterprise content management systems, enterprise storage and backup, enterprise document collaboration, enterprise mobility and others), services (professional services and integration services), deployment model (cloud ,on-premise and hybrid ), and industry vertical (healthcare & life sciences, financial services and insurance, telecommunication & it, media & entertainment, consumer goods and retail, industrial good and automotive and others); and geography.
Key findings of the study:
North America and Europe dominated the enterprise file sharing and synchronization market in 2015 with more than 70% combined market share each and are expected to continue their dominance in the forecast period.
North America is anticipated to account the largest enterprise file sharing and synchronization market share and would register a CAGR of 23.0%.
In 2015, healthcare & life sciences accounted for the largest revenue share of more than 25% of the total market share, followed by financial services and insurance vertical.
Major developments are seen in developed countries, but even developing countries have started implementing or are planning to implement cloud or private storage technologies over their traditional storage system. The US, Japan, and all major European countries which have successfully deployed enterprise file sharing and synchronization, are relishing the benefits of safe and secured storage application.
Many of the countries, including Canada, Switzerland, Australia, and India, have passed laws confining organizations from storing data outside their country boundaries. The European Union (EU) has passed strictest sets of laws which not only affect Europe-based organizations but other organization also that come across the Personal Identifiable Information (PII) of citizens among Europe’s 28 countries. This implies only organization holding PII can conform to the EU Data Protection Directive. However, recent economic conditions in the United States, Europe and other key markets for global EFSS market could cause customers to delay or reduce their IT spending.
The key companies profiled in this report include Citrix Systems, Inc., Dropbox, Inc., Egnyte, Inc., Google, Inc., Microsoft Corporation, SugarSync, Inc., Syncplicity LLC, and VMware, Inc.
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