Enterprise File Synchronization And Sharing Market Analysis by Component (Solution and Services); by Deployment Mode (Cloud and On-Premise); by Enterprise Size (Large Enterprises and SME); and by Vertical (BFSI, Retail and E-Commerce, and Others)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Global Enterprise-File-Synchronization-And-Sharing Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global enterprise-file-synchronization-and-sharing market (EFSS market) is estimated to garner a revenue of ~ USD 33 billion by the end of 2031 by growing at a CAGR of ~27% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~ USD 6 billion in the year 2021. Organizations can use an enterprise-file-synchronization-and-sharing (EFSS) service to synchronize and share files, documents, videos, and photos with their employees and customers using multiple devices. In an EFSS service, these files are stored in on-premise or cloud servers. The primary factor creating demand for EFSS services is the growth of the digital workspace culture. As of 2018, about 96% of organizations considered digital workspace important. In the same year, up to 45% of organizations had some arrangement for digital workplace programs.

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Organizations adopt digital workspace for different reasons, including business process improvement (~41%), gaining a competitive edge (~41%), revenue growth (~41%), quick decision-making (~38%), and enhanced employee productivity (~34%). Further, the new norm of video conferencing and the flexibility and business resilience that comes with hybrid cloud computing also encourage digital workspaces and contribute to the growth of the global enterprise-file-synchronization-and-sharing market.

Global Enterprise-File-Synchronization-And-Sharing Market: Growth Drivers and Challenges

Growth Drivers

• Immediate Growth of Remote Workforce - As of 2022, ~17% of companies have completely adopted remote working culture. Approximately 71% of full-time workers started working from home (WFH) during COVID-19. Presently it has been estimated that ~60% of employees prefer an employer who is willing to offer remote work. Employees have found many advantages in WFH. Approximately 31 of employees feel more engaged and productive when they work from home. It has been estimated that employees could save more than 62 million hours a day which was otherwise spent on commuting. Additionally, WFH employees were observed to be ~22% happier than those working from an office. Thus, the remote workforce is most likely growing even after COVID-19, thus creating many opportunities for the global enterprise-file-synchronization-and-sharing market.

• Considerable Importance Given to Workplace Collaborations - The collaborative work model that is followed by many organizations is another factor leading to the growth of the global enterprise-file-synchronization-and-sharing market. Globally, more than 55% of employers use social media and collaboration tools to communicate with employees, and ~76% of employees acknowledge the significance of teamwork.

• Paramount Importance Given to Corporate Cloud Data Security - Close to 76% of enterprises consider cloud security their biggest concern. It has been observed that more than 50% of organizations look for cloud solutions with their native security tools. These statistics imply growth for the global enterprise-file-synchronization-and-sharing market as the EFSS ensures safety while sharing and synchronizing files.

• Steady Increase in the Number of People Working on Smartphones - It has been observed that more than 70% of the workforce in the United States (U.S.) and the United Kingdom (U.K.) use their smartphones for matters related to work, the most common of it being emails. Further, ~88% of businesses rely on the employees’ ability to use smartphones to access mobile business apps.

• Comprehensive Introduction of Bring Your Own Device (BYOD) Policies - Even before the pandemic, ~96% of organizations had permitted using personal devices at the workplace. As of 2022, ~60% of organizations have adopted BYOD policies, and ~68% of employees use their devices for work. This growth of BYOD practice at organizations also points to the global enterprise-file-synchronization-and-sharing market growth.

Challenges

• High Financial Investment Required in EFSS Solutions

• Risk to Data Privacy and Data Security

• Unstable Network Transmission Hampering Work

The global enterprise-file-synchronization-and-sharing market is segmented and analyzed for demand and supply by deployment into the cloud and on-premise. Between these segments, cloud deployment is anticipated to hold the largest market size by the end of 2031. It has been projected that in 2021 ~95% of all workloads should be processed at cloud data centers and that ~76% of the workload should be SaaS processes. Cloud is also well received by the remote working population. Approximately 35% of mobile workers prefer working on the cloud. Cloud is also preferred by employers for features, including flexibility, scalability, and security. For instance, ~49% of businesses choose to save critical data on the cloud, while ~64% choose the cloud for flexibility. Also, ~95% of businesses have reportedly observed improved cyber security on the cloud.

Global Enterprise-File-Synchronization-And-Sharing Market Regional Synopsis

Regionally, the global enterprise-file-synchronization-and-sharing market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these, the market in North America region is projected to hold the largest market share by the end of 2031. The work-from-home culture, the growing population of mobile workers, and encouragement for collaborative work are factors propelling the growth of the global enterprise-file-synchronization-and-sharing market in the region. Approximately 36% of the employees are ready to exclusively work from home. Similarly, as of 2020, there were ~79 million mobile workers in the U.S., and this has been predicted to rise to ~94 million by 2024. For ~51% of U.S. workers, their jobs are collaborative. North America also encourages BYOD at work, with ~70% of IT decision-makers in the U.S. favoring BYOD. Additionally, the progress in cloud computing contributes to market growth.

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Market Segmentation

Our in-depth analysis of the global enterprise-file-synchronization-and-sharing market includes the following segments:

Key Companies Dominating the Global Enterprise-File-Synchronization-And-Sharing Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global enterprise-file-synchronization-and-sharing market that are included in our report are Box, Inc., Citrix Systems, Inc., Dropbox, Inc., Microsoft, Google, Kiteworks (ACCELLION), BlackBerry Limited., SugarSync, Syncplicity by Axway LLC, Egnyte, Inc., and others.

Global Enterprise-File-Synchronization-And-Sharing Market: Latest Developments

• May, 2020: SugarSync - announced the release of the latest cloud storage apps and website with improvements and new features. These features include displaying recent activity, shortcuts to group commonly accessed folders and files in one place, and viewing HEIC files. There are also updates to the hardware for better file syncing.

• September 2019: Dropbox, Inc. - announced the launch of Dropbox Spaces, a smart workspace that includes innovative features which the company's machine intelligence platform developed. Dropbox Spaces also has collaboration features, including web, desktop, and mobile apps.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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