DUBLIN--(BUSINESS WIRE)--The "Enterprise File Synchronization & Sharing (EFSS): Worldwide Market Growth, Trends and Forecasts 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The enterprise file synchronization and the sharing market was valued at USD 1.84 billion in 2018 and is expected to reach a value of USD 5.4 billion by 2024 at a CAGR of 19.7% over the forecast period of 2019-2024.
According to a survey reported by IBM in October 2018, it is expected that by 2021, 98% of companies plan to use multiple hybrid clouds model which will bring agility, productivity. The increase in the adoption of cloud will help the enterprise file synchronization and sharing market to grow during the forecast period.
- With the increase of the Bring Your Own Device (BYOD) trend, employees can now access work data on different devices to get location-independent data access. This is anticipated to result in the necessity of a common platform for file sharing which will promote the flourishing of the enterprise file synchronization and the sharing market.
- In addition to this, due to collaboration between employees, customers, and partners, the need for having an efficient enterprise file sharing and synchronization application has risen. Features of EFSS, such as live commenting, document version tracking, and workflow process management to help users to run their business smoothly.
- However, on the flip, high initial investment cost and lack of awareness regarding the benefits of enterprise file sharing and synchronization solutions are hindering the market growth.
Major Market Trends
Cloud Storage to Account for the Largest Market Share
- Nowadays, the world has become connected in terms of data and that calls for the continuous availability of safe storage and timely retrieval of information when needed. Data backup, disaster recovery, archiving, analytics, cost savings, IT innovation are some of the reasons because of which businesses are ready to invest in cloud enterprise file synchronization and sharing storage.
- Additionally, with cloud-based storage systems, organizations pay for the amount of storage they need. This pricing flexibility prevents wasted infrastructure. This further helped them to manage fluctuating workloads in any size of the organizations. A survey by Spiceworks states that 55% of enterprises prefer cloud storage because of a security component i.e. User Account Control. This feature helps the EFSS market to flourish during the forecast period.
- One of the major players in this market is Dropbox, Inc., and is widely preferred by many enterprises because it stores most files on its own cloud instead of on AWS, Azure, or Google Cloud. Enterprises see this as more secure and reliable.
- Further, with one of its feature called Smart Sync which makes the user experience the same whether the content they are working with is local or in the cloud. This feature helped many SMEs to adopt Dropbox because it is to operate. Thus, the growth of the users of Dropbox will have a positive outlook on the EFSS market during the forecast period.
Asia-Pacific to Witness a Significant Growth Rate Over the Forecast Period
- Asia-Pacific is going to witness the highest growth in the enterprise file synchronization and sharing market, owing to the presence of the two largest economies of the world i.e., India and China. The economies of both nations are growing and China has experienced explosive growth in its industrial sector, whereas India's growth has been fueled by the expansion of service-producing industries. Both the industries are widely benefited by EFSS storage owing to the need for real-time data sharing, customer satisfaction, live commenting, etc.
- Further, due to a considerable shift toward digitalization of processes by small and medium-sized enterprises in these regions, results in the generation of high volumes of data and demand for protection of crucial enterprise data collected from various sources, thus the EFSS market sees potential growth in the Asia-Pacific region.
- In addition, other factors like rapid economic development, implementation of cloud-based solutions, growing Corporate-Owned Personally-Enabled (COPE) trend coupled with and massive penetration of smartphones and internet across consumers and business segments is having a positive outlook for the EFSS market in these regions.
- Therefore, the above factors are expected to help in the growth of enterprise file synchronization and sharing market in this region.
The enterprise file synchronization and sharing market is fragmented and highly competitive. Some of the prominent players in the market are Dropbox, Citrix Systems, Box Incorporated, Egnyte, Microsoft Corporation, Google, Watchdox (Blackberry Limited). These players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run.
- May 2019 - Dropbox added a cold storage layer to reduce the cost of storing less-frequently accessed files. They recognized that most people moved files to Dropbox for backup purposes, then rarely accessed them again. Thus, they decided to create two levels of storage, warm storage (previously Magic Pocket) and a new level of longer-term storage called Cold Storage, which lets Dropbox store these files less expensively, yet still deliver them in a timely manner should a customer need to see one.
- September 2018 - Microsoft Office 2019 was available for Windows and Mac. This Office 2019 included new IT value for enhanced security and streamlined administration.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Growing Digital Workplace & Mobile Workforce
4.3.2 Increasing Collaborations Between Employees & Enterprises
4.4 Market Restraints
4.4.1 High Cost of EFSS Solutions
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Service
5.1.1 Managed Service
5.1.2 Professional Service
5.2 By Size of Enterprise
5.2.1 Small and Medium Enterprises
5.2.2 Large Enterprises
5.3 By Deployment
5.4 By End-user Vertical
5.4.1 Banking & Financial Services & Insurance
5.4.3 Media & Entertainment
5.4.6 IT & Telecom
5.4.7 Logistics & Retail
5.5.1 North America
5.5.4 Latin America
5.5.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Box Inc.
6.1.2 Citrix Systems
6.1.3 Dropbox Inc.
6.1.4 Microsoft Corporation
6.1.5 Google Inc.
6.1.7 Watchdox Inc. (Blackberry Limited)
6.1.8 VMware Inc.
6.1.9 Thru Inc.
6.1.11 Qnext Corp.
6.1.13 CTERA Networks
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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