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.
EFSS solutions help businesses sync, access, and share critical business information with employees, partners, vendors, clients, and other business stakeholders over endpoint devices, such as smartphones, tablets, laptops, and desktops. They simplify business processes in organizations and offer real-time information access to employees. They also offer several other benefits, such as customer retention, improved response time, the elimination of paperwork, enhanced brand value, and better customer support. Moreover, these solutions help both employees and organizations track their productivity and efficiency, identify security breaches, and improve the functions of organizations.
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Among components, the services segment is expected to grow at the highest CAGR during the forecast period. Due to the globalization of businesses, employees can access the corporate data from any location in the world. Moreover, mobile workforce is on a rise and pressurizes IT administrators to implement strong policies for securing mobile devices and business applications. Hence, the demand for professional and managed services is higher across businesses, owing to the large adoption of standalone and integrated EFSS solutions among enterprises.
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.
By organization size, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. SMEs adopt cloud-based EFSS solutions, due to the major factors that include the low deployment cost, ease in use, improved security due to the hybrid model, and flexibility and scalability in managing several devices within a set budget.
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Among industry verticals, the healthcare industry vertical is expected to grow at the highest CAGR during the forecast period. A bunch of information is shared by healthcare stakeholders via mobile devices, laptops, and desktops. EFSS solutions help healthcare organizations securely send and access files by ensuring data security and compliances. Moreover, these solutions also help healthcare stakeholders in improving their care delivery, enhancing patient management, streamlining clinical workflows, and ensuring the compliances and security of devices and applications.
The EFSS market in Asia Pacific (APAC) is expected to experience strong growth in the coming years, as organizations in this region are looking forward to adopting EFSS solutions to meet the demands of dynamic mobile workforce and government regulations. EFSS solutions help improve the way organizations interact with their clients, partners, customers, and employees, and deliver tangible business benefits.