Global Enterprise File Synchronization and Sharing Market (EFSS) - Segmented by Offering (Equipment, Software), Technology (Digital Radiography, Computed Radiography), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global EFSS market was valued at USD 1.54 billion in 2017 and is expected to reach a value of USD 4.52 billion by 2023 at a CAGR of 19.67% over the forecast period of 2018–2023.
It was reported that around the early 2010s, around 25% of the global information workforce used commercial file synchronization and sharing services. File sharing and synchronization software have become an essential productivity-enabling resource for increasingly mobile information workers, majorly driven by the BYOD policy. However, in the absence of modern enterprise EFSS solutions, a majority of information workers share documents and files via email and other unsecured methods.
Security Concerns among CIOs Driving Deployment of EFSS
While the decision makers in the industry are interested in implementing enterprise file synchronization and sharing solutions to improve employee collaboration and enable mobile access to information, IT security decision-makers in highly-regulated industries are aiming at the need for security and risk mitigation than on improving employee collaboration and mobile access. The heavily regulated financial sector and high patent risks associated with IT and ITeS sector, are witnessing a steep rise in such incidents. This upsurge is likely to drive the adoption of these solutions within the mentioned enterprises.
Another key reason behind the adoption of the EFSS is the rise in millennial population, which is likely to reach 75% of the total population by the year 2020. The new generation is known for their low tolerance of cumbersome and lacking features, as they are adapted to working with fast technology solutions through their personal devices. In other words, the legacy solutions are becoming out-of-date and irrelevant.
North America to Hold the Largest Share
North America held the largest market share in 2017, and the Asia-Pacific region is expected to grow with the highest CAGR during the forecast period of 2018–2023. The United States holds the largest share of the market due to the presence of a large number of services and software providers, whereas the presence of large number of SME’s and increasing technological penetration in the Asia-Pacific region especially in countries, like China, India, and Vietnam is expected to fuel the market in this region.
Key Developments in the Market
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