Enterprise File Synchronization and Sharing (EFSS) Market Size, Share Report, Analysis, Trends, Growth 2032

Enterprise File Synchronization and Sharing (EFSS) Market

Enterprise File Synchronization and Sharing (EFSS) Market By Application (Document Collaboration, Content Management System, and File Storage & Backup), By Offering (Services and Solutions), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 – 2032

Category: Technology & Media Report Format : PDF Pages: 205 Report Code: ZMR-8370 Published Date: Jun-2024 Status : Published
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 9.12 Billion USD 93.46 Billion 29.50% 2023

 

Enterprise File Synchronization and Sha Market

Enterprise File Synchronization and Sharing (EFSS) Market: Industry Prospective

The global enterprise file synchronization and sharing (EFSS) market size was worth around USD 9.12 billion in 2023 and is predicted to grow to around USD 93.46 billion by 2032 with a compound annual growth rate (CAGR) of roughly 29.50% between 2024 and 2032.

Global Enterprise File Synchronization and Sharing (EFSS) Market SizeRequest Free Sample

Enterprise File Synchronization and Sharing (EFSS) Market: Overview

Enterprise file synchronization and sharing (EFSS) is an information technology (IT) service that is used for saving files in on-premises storage or cloud. The stored information can then be retrieved on mobile devices and desktops. EFSS is a secure solution for sharing videos, documents, photos, and other digital copies across multiple devices. Enterprise file synchronization and sharing stores data in a pre-approved data repository which can be later accessed by employees using smart gadgets such as phones, tablets, and laptops. Some of the main advantages of EFSS include improved collaboration, content management, and securing file sharing among the workforce. It also includes other features such as document version tracking, live commenting, and workflow process management for editing, storing, reviewing, and sharing files. Companies generally opt for EFSS to prevent employees from sharing company-related confidential information using public cloud file-sharing applications that are not under the control of the international information technology (IT) teams. To facilitate greater adoption of EFSS, these solutions also offer data loss prevention, multi-factor authentication, data encryption, tracking, and containerization. The growing digitization in the business world is likely to drive the market growth rate.

Key Insights:

  • As per the analysis shared by our research analyst, the global enterprise file synchronization and sharing (EFSS) market is estimated to grow annually at a CAGR of around 29.50% over the forecast period (2024-2032)
  • In terms of revenue, the global enterprise file synchronization and sharing (EFSS) market size was valued at around USD 9.12 billion in 2023 and is projected to reach USD 93.46 billion, by 2032.
  • The market is projected to grow at a significant rate due to the increasing digitization in the corporate world
  • Based on the application, the document collaboration segment is growing at a high rate and will continue to dominate the global market as per industry projection
  • Based on the offering, the solutions segment is anticipated to command the largest market share
  • Based on region, North America is projected to dominate the global market during the forecast period

Global Enterprise File Synchronization and Sharing (EFSS) MarketRequest Free Sample

Enterprise File Synchronization and Sharing (EFSS) Market: Growth Drivers

Increasing digitization in the corporate world will drive the market demand rate

The global enterprise file synchronization and sharing market is expected to grow due to the increasing adoption of digital solutions across corporations and businesses. Companies are becoming more accepting of new digital tools since they offer several key advantages. Moreover, businesses are seeking solutions that improve business performance and also keep company data secure. Enterprise file synchronization and sharing systems allow companies to allow their employees to share critical information using a secure platform. Employees can retrieve the data across multiple platforms thus helping the industry grow.

Rising demand for EFSS in the banking and finance sectors may further improve the industry’s revenue

Enterprise file synchronization and sharing systems have found extensive demand in the banking and finance sectors. These facilities deal with highly sensitive data including personal records of customers and clients. Companies operating in the finance sector must ensure client privacy at all times and EFSS systems can help them achieve this. Enterprise file synchronization and sharing systems allow the sharing of files among corporate workers in a highly secure manner. For instance, a popular EFSS system choice among banking companies is FileCloud. The tool follows all compliance-related parameters. For instance, it adheres to the General Data Protection Regulation (GDPR) applicable to all banks operating in the Europe region. Some of the security features of the tool include ransomware protection, two-factor authentication, and single sign-in. Financial companies globally are becoming more digitized As per official reports, JPMorgan Chase & Co invests nearly USD 12 billion on technology-related investment.

Offering customized solutions may help the industry grow further

The global enterprise file synchronization and sharing (EFSS) market players can benefit by offering customized solutions to businesses. These applications or programs can be altered to meet the specific needs of clients. For instance, EFSS developers can experiment with branding and user interface. Moreover, they can invest in ensuring personalized security settings as well as offer solutions for integration with alternate systems.

Enterprise File Synchronization and Sharing (EFSS) Market: Restraints

Cost constraints associated with EFSS may restrict the market expansion rate

The global industry for enterprise file synchronization and sharing (EFSS) is expected to be restricted due to the cost constraints associated with the development and deployment of the programs. For instance, designing an EFSS followed by prototyping can alone cost over USD 25,000 depending on the overall structure of the tool. In addition to this, the maintenance cost of EFSS is reasonably high. Small companies with limited budgets may find it difficult to deploy EFSS tools.

Enterprise File Synchronization and Sharing (EFSS) Market: Opportunities

Launch of new solutions in the commercial market will generate high growth opportunities

The global enterprise file synchronization and sharing (EFSS) market is expected to generate growth opportunities due to the increasing launch of new solutions in the commercial market. EFSS companies are experimenting with delivering safer routes for file sharing and viewing. In July 2023, Google, a technology giant, announced the launch of the Nearby Share app for Windows personal computers. The new application allows easy file-sharing between several types of devices such as Chromebooks, tablets, phones, and others. Some of the offerings of the new tool are in the form of image previews as well display of the estimated time of file transfer. The ongoing addition of new features such as the addition of artificial intelligence (AI)-powered tools and improved security controls may also contribute to the market’s expansion rate.

Growing acceptance of cloud technologies may accelerate EFSS adoption

Global firms are steadily moving toward cloud-based systems. It deals with the delivery of IT-related services leveraging the advantages of the Internet. Cloud systems are known to offer economies of scale. They facilitate innovation and improve operational efficiency. Some of the key advantages of cloud systems are achieved in the form of higher cost-efficiency, accessibility, scalability, and easy disaster recovery. In 2024, the global cloud computing market generated a total revenue of over USD 0.7 trillion and is projected to grow at a CAGR of more than 17% during the forecast period. In May 2024, Amazon announced that it would invest 15.7 billion euros in the Spanish economy the largest technology investment in the country. AI has further helped the cloud computing industry and is likely to impact the demand in the global enterprise file synchronization and sharing (EFSS) market.

Enterprise File Synchronization and Sharing (EFSS) Market: Challenges

Online security threats may challenge the market expansion rate

The global industry for enterprise file synchronization and sharing (EFSS) industry is expected to be challenged by the growing concerns of online security threats. EFSS systems assist in sharing highly sensitive information. These devices, if hacked, can severely compromise confidential data and lead to serious damages. The growing number of cyber crimes globally may impact the use of EFSS solutions.

Enterprise File Synchronization and Sharing (EFSS) Market: Segmentation

The global enterprise file synchronization and sharing (EFSS) market is segmented based on application, offering, and region.

Based on the application, the global market segments are document collaboration, content management systems, and file storage & backup. In 2023, the highest growth was observed in the document collaboration segment. EFSS offers users complete control over document collaboration by providing options to edit in real time. Moreover, EFSS is also used for tracking every change in the document thus promoting transparency. The content management system provides features such as the addition of metadata and automation of workflow. As per official data, more than 89.01% of companies globally have integrated a digital-first business model.

Based on the offering, the global market divisions are services and solutions. In 2023, the latter segment generated the highest revenue in 2023. The multiple attributes of EFSS such as tools for document collaboration, options for data storage or backup, and enhanced security settings cater to the solutions segment in the industry. Each brand of EFSS offers specific features at certain charges. For instance, the advanced plan of the Dropbox Business tool is around USD 25 per month.

Enterprise File Synchronization and Sharing (EFSS) Market: Report Scope

Report Attributes Report Details
Report Name Enterprise File Synchronization and Sharing (EFSS) Market
Market Size in 2023 USD 9.12 Billion
Market Forecast in 2032 USD 93.46 Billion
Growth Rate CAGR of 29.50%
Number of Pages 205
Key Companies Covered IBM Aspera, ownCloud, Microsoft OneDrive for Business, Accellion Kiteworks, Dropbox Business, Nextcloud, Syncplicity by Axway, Acronis Files Advanced, Citrix ShareFile,SugarSync, Google Drive (Google Workspace), Tresorit, Egnyte, Thru, Box., and others.
Segments Covered By Application, By Offering, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Enterprise File Synchronization and Sharing (EFSS) Market: Regional Analysis

North America to continue dominating the market growth rate during the projection period

The global enterprise file synchronization and sharing (EFSS) market is expected to generate the highest growth in North America. The region harbors several key players in the EFSS industry. The US is the leading revenue generator as it is the world’s leading nation in terms of technological growth. Some of the leading EFSS providers in the international market originated in the US including companies such as Google and Microsoft. In October 2023, the world witnessed the launch of the next generation of Microsoft-owned OneDrive for Business making file sharing easier. In April 2024, the company unveiled the next set of features in the tool focusing on schools and companies in the latest version. The new launch also features integration of CoPilot to OneDrive. In March 2024, Google announced the integration of AI and Google Workspace thus delivering improved results such as rewriting, proofreading, and brainstorming in Docs and enabling workflows. North America has shown higher adoption of EFSS as most companies in the US and Canada are keen on using digital solutions. Asia-Pacific has a high demand for enterprise file synchronization and sharing. The growing rate of globalization and increasing economic growth in the regional market will drive the EFSS acceptance rate.

Enterprise File Synchronization and Sharing (EFSS) Market: Competitive Analysis

The global enterprise file synchronization and sharing (EFSS) market is led by players like:

  • IBM Aspera
  • ownCloud
  • Microsoft OneDrive for Business
  • Accellion Kiteworks
  • Dropbox Business
  • Nextcloud
  • Syncplicity by Axway
  • Acronis Files Advanced
  • Citrix ShareFile
  • SugarSync
  • Google Drive (Google Workspace)
  • Tresorit
  • Egnyte
  • Thru
  • Box.

The global enterprise file synchronization and sharing (EFSS) market is segmented as follows:

By Application

  • Document Collaboration
  • Content Management System
  • File Storage & Backup

By Offering

  • Services
  • Solutions

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Enterprise file synchronization and sharing (EFSS) is an information technology (IT) service that is used for saving files in on-premises storage or cloud.

The global enterprise file synchronization and sharing market is expected to grow due to the increasing adoption of digital solutions across corporations and businesses.

According to study, the global enterprise file synchronization and sharing (EFSS) market size was worth around USD 9.12 billion in 2023 and is predicted to grow to around USD 93.46 billion by 2032.

The CAGR value of enterprise file synchronization and sharing (EFSS) market is expected to be around 29.50% during 2024-2032.

The global enterprise file synchronization and sharing (EFSS) market is expected to generate the highest growth in North America.

The global enterprise file synchronization and sharing (EFSS) market is led by players like IBM Aspera, ownCloud, Microsoft OneDrive for Business, Accellion Kiteworks, Dropbox Business, Nextcloud, Syncplicity by Axway, Acronis Files Advanced, Citrix ShareFile,SugarSync, Google Drive (Google Workspace), Tresorit, Egnyte, Thru and Box.

The report explores crucial aspects of the enterprise file synchronization and sharing (EFSS) market including detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.

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