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Enterprise File Synchronization and Sharing (EFSS) Market Growing at a CAGR 26.7% | Key Player Box, Dropbox, Microsoft, Google, IBM

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Enterprise File Synchronization and Sharing (EFSS) Market Growing at a CAGR 26.7% | Key Player Box, Dropbox, Microsoft, Google, IBM

March 27
12:16 2020
Enterprise File Synchronization and Sharing (EFSS) Market Growing at a CAGR 26.7% | Key Player Box, Dropbox, Microsoft, Google, IBM

Dropbox (US), Microsoft (US), Box (US), Citrix Systems (US), Syncplicity by Axway (US), Egnyte (US), BlackBerry (Canada), IBM Aspera (US), VMware (US), Google (US), Acronis International (Switzerland), OpenText (Canada), Thru. Inc. (US), Accellion (US), j2 Global (SugarSync) (US), SkySync (US), HighQ Solutions (UK), Nextcloud (Germany)
Enterprise File Synchronization and Sharing (EFSS) Market by Component (Standalone EFSS Solution, Integrated EFSS Solution, & Services), Deployment Type (Cloud & On-Premises), Organization Size, Industry Vertical, and Region – Global Forecast to 2023

MarketsandMarkets forecasts the EFSS market size 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. Enterprise File Synchronization and Sharing (EFSS) indicates a range of on-premises or cloud-based capabilities that enable individuals to synchronize and share documents, photos, videos, and files across multiple devices. File sharing can be done internally within organizations, externally with partners and enterprise customers, or on smartphone devices. EFSS solutions are designed to address collaboration issues faced by large enterprises, as these enterprises need to share files across their offices present worldwide. 

The integrated EFSS solution segment is expected to hold the larger market size during the forecast period.

Among components, the integrated EFSS solution segment is expected to hold the larger market size during the forecast period. This growth can be attributed to the widespread adoption of integrated EFSS solutions among enterprises. With the advent of technologies and digital transformation trends, businesses focus more on workforce collaboration and productivity. Hence, companies prefer deploying EFSS solutions with other third-party business applications, such as Enterprise Content Management (ECM), Microsoft office, and information rights management.

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The cloud deployment type is expected to grow at the faster rate during the forecast period.

Under deployment types, the cloud deployment type is expected to hold the larger market size, and is also expected to grow at a higher CAGR during the forecast period. The adoption rate of the cloud deployment type is said to be on a rise, due to its wide range of features and functionalities, such as reliability, speed in accessing information, pay-per-usage models, and lower operational costs. Owing to initial investments and maintenance hassles in the on-premises deployment type, businesses are rapidly switching to the cloud deployment type.

The healthcare industry vertical is expected to grow at the highest CAGR during the forecast period.

The healthcare industry vertical is expected to be the largest-growing industry vertical in the EFSS market. The use of mobile devices among patients, doctors, nurses, and other supporting staff has increased across the globe. Moreover, organizations in the healthcare industry vertical are required to adhere to Health Insurance Portability and Accountability Act (HIPAA) regulations for data sharing and storage. These factors would drive the adoption of EFSS solutions in this industry vertical.

The strategy of partnerships, agreements, and collaborations accounted for the largest share of 45% of the total strategic developments in the global EFSS market. Major vendors such as Box, Dropbox, AirWatch by VMware, Citrix, SugarSync, Syncplicity, WatchDox by BlackBerry, and Egnyte adopted these strategies to increase their geographic presence and expand their product portfolios to newer markets. For instance, in December 2015, Box entered into a strategic partnership with IBM (a technology and consulting corporation) to deliver joint solutions for enterprise content management and collaboration solutions. In the same month, Dropbox partnered with Vodafone (a U.K. multi-national telecommunication company) to offer a data and storage package as business platform to Australian SMBs.

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New product launches accounted for a share of 29% of all the growth strategies adopted by the players in the EFSSarket. The key market players such as Dropbox, Microsoft, AirWatch by VMware, Citrix, Syncplicity, and WatchDox by BlackBerry, Box, and Egnyte adopted new product launches as an eminent strategy to expand their client base and enter into new market spaces with improved solution capabilities. For instance, in January 2016, Dropbox released its EFSS application for Windows 10 installed on tablets. The company already provides the application for Windows desktops. In May 2015, Citrix unveiled Citrix Workspace Cloud that simplifies delivery of a wide-range of IT tools and services for EFSS across any device from any location.

Companies such as Microsoft, AirWatch by VMware, Egnyte, Box, WatchDox by BlackBerry, and Dropbox adopted the strategy of mergers and acquisitions, which have enabled these companies to expand their business, serve new customers, and improve their products portfolio.This strategy accounted for 14% of the total strategic developments in the EFSS market. In January 2015, Dropbox acquired CloudOn, an Israel-based mobile productivity tools developer, to expand in the European region. In June 2013, AirWatch by VMware acquired Motorola Solutions’ Managed Service Provider (MSP) business to improve the Enterprise Mobility Management (EMM) solutions.

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