The “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” report has been added to ResearchAndMarkets.com’s offering.
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, the emphasis of businesses on corporate data security, stringent government compliances and regulations
By component, services segment to grow at a higher CAGR during the forecast period
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.
By solution, integrated EFSS solution segment to grow at a higher CAGR during the forecast period
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.
By deployment mode, cloud segment to lead the market during the forecast period
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 to lead the market share in 2020
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.
The following key EFSS vendors are profiled in the report:
For more information about this report visit https://www.researchandmarkets.com/r/3eu8wk
View source version on businesswire.com: https://www.businesswire.com/news/home/20201123005768/en/
Laura Wood, Senior Press Manager
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