(Wireless-NewsWire.Com, October 31, 2019 ) The Enterprise File Synchronization and Sharing Market is segmented based on components (standalone EFSS solution, integrated EFSS solution, and services), deployment types, organization size, industry verticals, and regions. MarketsandMarkets forecasts the global EFSS market to grow from USD 3.35 billion in 2018 to USD 10.94 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.7% during the forecast period.
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The EFSS solution helps businesses access and share business information across various devices, and provides benefits to employees, partners, and customers in several ways. However, most EFSS solutions do not meet the compliance and security requirements of highly regulated enterprises. The lack of security features may lead to the leakage of critical business information. Nowadays, cyber-attacks can result in threats such as viruses, worms, malware, and other malicious software programs that may directly or indirectly (through third-party vendors) exploit any security vulnerabilities in products, services, and networks. Attackers are using different and new techniques to gain unauthorized access to files and software, and these attacks are difficult to recognize using simple and traditional EFSS solutions. Therefore, it has become difficult for businesses to detect and prevent such attacks aptly, leading to huge business losses.
The cloud deployment type is expected to be the faster-growing deployment type in this market. The overall adoption of cloud-based EFSS solutions is seen to be on a rise and would be in high demand during the forecast period, due to their functionalities and core features. Moreover, the additional benefits of cloud-based EFSS solutions include their effectiveness while being used by many users, minimize upfront costs, ease in implementation, no investment on hardware, and low maintenance costs.
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The traditional and emerging market players of the EFSS market include Dropbox (US), Microsoft (US), Box (US), Citrix Systems (US), Syncplicity by Axway (US), Egnyte (US), BlackBerry (Canada), IBM Aspera (US), VMware (US), Google (US), Acronis International (Switzerland), OpenText (Canada), Thru. Inc. (US), Accellion (US), j2 Global (SugarSync) (US), SkySync (US), HighQ Solutions (UK), Nextcloud (Germany), ownCloud (Germany), CodeLathe (FileCloud) (US), Intralinks (US), Qnext Corp. (FileFlex) (Canada), XMedius Solutions (Canada), Inspire-Tech (Singapore/US), Northbridge Secure Systems (Australia), MyWorkDrive by Wanpath LLC (US), and CTERA Networks (Israel/US). These players have adopted various strategies, such as partnerships, collaborations, agreements, acquisitions, and new product launches, to achieve growth in the global EFSS market.
Mr. Shelly Singh