Market Research Report
Enterprise File Synchronization and Sharing (EFSS) Market by Component (Solutions & Services), Deployment Mode (Cloud & On-premises), Cloud Type (Public, Private, Hybrid), End User (Large Enterprises & SMEs), Vertical, Region-Global Forecast to 2025
|Published by||MarketsandMarkets||Product code||969261|
|Published||Content info||285 Pages
Delivery time: 1-2 business days
|Enterprise File Synchronization and Sharing (EFSS) Market by Component (Solutions & Services), Deployment Mode (Cloud & On-premises), Cloud Type (Public, Private, Hybrid), End User (Large Enterprises & SMEs), Vertical, Region-Global Forecast to 2025|
|Published: November 3, 2020||Content info: 285 Pages||
The EFSS market size is projected to grow from USD 5.0 billion in 2020 to USD 15.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 26.0% during the forecast period. The major factors driving the growth of the EFSS market include continuously rising digital workplace and mobile workforce, increasing collaborations between employees and enterprises, emphasis of businesses on corporate data security, stringent government compliances and regulations
Services play an important role in the EFSS market space. A majority of the EFSS vendors offer two major types of services, namely, professional services and managed services. The professional services segment has been further categorized into three types, namely, consulting services, integration and deployment, and training and support. The EFSS service providers generate revenues by assisting companies in choosing the best EFSS solution based on their requirements. They also assist in installing EFSS solutions by training the IT workforce to effectively execute the benefits of EFSS solutions. The managed services segment, on the other hand, helps organizations in lowering the security risks and protecting their business data. Overall, the efficient delivery of services improves the system reliability and operational efficiency of enterprises, thus helping them save on expenses.
An integrated suite of EFSS solutions enables businesses to integrate the standalone EFSS solution with other third-party business applications to access and share corporate information using different devices. The integration of various applications is an ideal phenomenon across businesses that smoothens the business process and reduces the operational cost. Businesses are, therefore, rapidly implementing integrated EFSS solutions to strengthen their business systems. The majority of EFSS vendors are designing and building their EFSS solutions to integrate with various business applications, such as ECM, document collaboration, Enterprise Mobility Management (EMM), IRM, Data Loss Prevention (DLP), ERP, Customer Relationship Management (CRM), document repositories, and other lines of business systems. The availability of API has made it easy for businesses and vendors to provide integrated EFSS solutions. Instead of using several standalone solutions for business functions, an integrated solution can be used to reduce bottlenecks associated with business applications.
Cloud computing is one of the most effective technologies today. It has impacted every line of business. Cloud-based solutions involve the SaaS model, wherein users can access EFSS solutions virtually through the internet. In this deployment type, EFSS solutions are delivered via the cloud. The advantages of deploying cloud-based EFSS solutions include flexibility, scalability, affordability, operational efficiencies, and low costs. However, the cloud-deployed EFSS solutions have a downside as well, including lack of control over applications, hassles in data migration, strict government regulations, and privacy-related recorded content. The overall adoption of cloud-based EFSS solutions is on the rise, and these solutions are expected to be in high demand during the forecast period due to their functionalities and core features. The additional benefits of cloud-based solutions include their effectiveness while being used by many users, reduced upfront costs, ease in rolling out a new project, nil investments on hardware, low maintenance costs, and minimized infrastructure costs.
North America has emerged as the largest EFSS market in terms of market size, with large-scale implementations of EFSS solutions by enterprises over the last few years. This region has been extremely responsive toward adopting the latest technological advancements, including mobile devices, cloud computing, and IoT, within enterprises. Organizations in this region have adopted the mobile-first strategy to reshape the journey of their employees. The major growth drivers for this region are advanced network technologies, the proliferation of mobile workforce, advanced mobile platforms, and SaaS flexibility, used by various enterprises.
Currently, 8 out of 10 enterprises in North America have adopted EFSS solutions, indicating a significant acceptance of these solutions and services. Businesses have witnessed an increase in workforce productivity, agility in business processes, and enhancement in customer experience by deploying EFSS solutions. Companies face several issues related to data privacy and data breaches while sharing files among customers and vendors. This has encouraged companies to adopt secure file sharing solutions within the business environment.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the EFSS market.
The breakup of the profiles of the primary participants is given below:
The following key EFSS vendors are profiled in the report:
The market study covers the EFSS market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components (solutions and services), solutions(standalone EFSS solution, Integrated EFSS solution),professional services(consulting, integration and deployment, training and support), deployment mode (on-premises and cloud),cloud type(public, private, hybrid), , end user(small and medium-sized enterprises and large enterprises), vertical (Banking, Financial Services, and Insurance, Software and Technology, Government and Public Sector, Healthcare, Legal, Education, Retail, Media and Entertainment and others), and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report would help the market leaders/new entrants in the following ways:
(Business overview, Solution offered, Products offered, Response to covid-19, Recent developments & MnM View)**
*Details on Business overview, Solution offered, Products offered, Response to covid-19, Recent developments & MnM View might not be captured in case of unlisted companies.