(Wireless-NewsWire.Com, March 16, 2020 ) According to research report "Enterprise File Synchronization and Sharing Market by Component (Standalone EFSS Solution, Integrated EFSS Solution, & Services), Deployment Type (Cloud & On-Premises), Organization Size, Industry Vertical, and Region - Global Forecast to 2023", The Enterprise File Synchronization and Sharing (EFSS) market size is expected 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.
The growing digital workplace and mobile workforce, the emphasis of businesses on the security aspects of the corporate data, and stringent government compliances and regulations are some of the major factors driving the EFSS market.
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The integrated EFSS solution segment is expected to hold the larger market size during the forecast period.
Among components, the integrated EFSS solution segment is expected to hold the larger market size during the forecast period. This growth can be attributed to the widespread adoption of integrated EFSS solutions among enterprises. With the advent of technologies and digital transformation trends, businesses focus more on workforce collaboration and productivity. Hence, companies prefer deploying EFSS solutions with other third-party business applications, such as Enterprise Content Management (ECM), Microsoft office, and information rights management.
The cloud deployment type is expected to grow at the faster rate during the forecast period.
Under deployment types, the cloud deployment type is expected to hold the larger market size, and is also expected to grow at a higher CAGR during the forecast period. The adoption rate of the cloud deployment type is said to be on a rise, due to its wide range of features and functionalities, such as reliability, speed in accessing information, pay-per-usage models, and lower operational costs. Owing to initial investments and maintenance hassles in the on-premises deployment type, businesses are rapidly switching to the cloud deployment type.
The healthcare industry vertical is expected to grow at the highest CAGR during the forecast period.
The healthcare industry vertical is expected to be the largest-growing industry vertical in the EFSS market. The use of mobile devices among patients, doctors, nurses, and other supporting staff has increased across the globe. Moreover, organizations in the healthcare industry vertical are required to adhere to Health Insurance Portability and Accountability Act (HIPAA) regulations for data sharing and storage. These factors would drive the adoption of EFSS solutions in this industry vertical.
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North America is expected to hold the largest market size, while Asia Pacific (APAC) to grow at the highest CAGR during the forecast period.
Among regions, North America is expected to have the largest size in the EFSS market during the forecast period, followed by the European region. The North American region is receptive toward adopting EFSS solutions within organizations to safeguard its content from piracy and data breaches, web and network threat security, cyberattacks, and severe data losses. The Asia Pacific (APAC) region is expected to register strong growth in the coming years, as organizations in this region are expected to adopt EFSS solutions to meet their respective government regulations and the demands of dynamic mobile workforce.
Traditional and the emerging vendors in 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).
Mr. Sanjay Gupta