MarketsandMarkets projects the EFSS market to grow from USD 6.1 billion in 2021 to USD 20.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 27.4% during the forecast period. Major factors driving the growth of the EFSS market include continuously rising digital workplace and mobile workforce, increasing collaborations between employees and enterprises, emphasis of businesses on corporate data security, and stringent government compliances and regulations.
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By component, the solutions segment to lead the market during the forecast period
EFSS solution providers offer two types of EFSS solutions, namely, standalone EFSS solution and integrated EFSS solution (an integration of EFSS solutions with other third-party business tools so that these solutions can match up to the business needs of enterprises). EFSS solutions help enterprises seamlessly access and share files of any size between employees, co-workers, partners, clients, and other business stakeholders.
By vertical, the healthcare segment to grow at the highest CAGR during the forecast period
The use of mobile devices among patients, doctors, nurses, and other supporting staff has increased across the globe, which is expected to drive the adoption of EFSS solutions in this industry. A bunch of information is shared by healthcare stakeholders via mobile devices, laptops, and desktops. EFSS solutions help healthcare organizations securely send and access files by ensuring data security and compliance. These solutions also help healthcare stakeholders in enhancing patient management, streamlining clinical workflows, and ensuring compliance and security of devices and applications.
Unique Features in the Enterprise File Synchronization and Sharing (EFSS) Market
Cross-platform compatibility offered by EFSS solutions enables users to access, sync, and share files with ease across a range of devices and operating systems, including tablets, smartphones, laptops, and desktop computers.
Multiuser collaboration on the same document is made possible by real-time collaboration features. Instantaneous reflection of changes promotes effective teamwork and minimises versioning conflicts.
File versioning and history features are commonly available on EFSS platforms, enabling users to monitor changes, roll back to earlier iterations, and keep an exhaustive log of all file alterations.
Sophisticated security mechanisms, such as data loss prevention (DLP) tools, multi-factor authentication, and encryption (both in transit and at rest), guarantee the safety of private information and adherence to security regulations.
Granular access controls enable administrators to restrict who may read, edit, and share particular files and folders within the EFSS system by giving them the ability to create and manage user permissions at a comprehensive level.
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Top Key Companies in the Enterprise File Synchronization and Sharing (EFSS) Market
The key and emerging players of the EFSS market include Box (US), Citrix Systems (US), Dropbox (US), Microsoft (US), Google (US), Thomson Reuters (Canada), IBM (US), Blackberry (Canada), OpenText (Canada), VMware (US), Acronis (Switzerland), Thru (US), Accellion (US), Syncplicity by Axway (US), Egnyte (US), SugarSync (US), Nextcloud (Germany), Northbridge Secure Systems (Australia), ownCloud (Germany), SS&C Intralinks (US), Qnext (US), CTERA Networks (Israel), SkySync (US), Inspire-Tech (Singapore), Codelathe (US), and MyWorkDrive (US). These players have adopted various strategies, such as new product launches, product enhancements, acquisitions, and partnerships to grow in the EFSS market.
Box is a cloud-based enterprise content management platform that provides solutions ranging from sharing and accessing of data and files on mobile devices to advanced enterprise practices, such as data governance and data retention. Its platform enables users to collaborate the data content internally within the same team, along with external parties and can automate content-driven business processes, develop custom applications, and implement data protection, security, and compliance features. Box offers its solutions to verticals such as construction, education, financial services, healthcare, government, life sciences, media and entertainment, professional services, retail, and non-profit organizations.
Citrix Systems is a leading provider of mobile workspaces, offering cloud virtualization, mobility management, networking, and cloud services to enable new ways to work better. The company provides its solutions to various industries, such as healthcare, education, finance, manufacturing, government, and the public sector. In January 2021, Citrix Systems entered into a definitive agreement to acquire Wrike, one of the leaders in the SaaS collaborative work management space. Citrix Workplace file sharing and content management products provides all document-centric responsibilities and workflow requirements for both SMEs and large enterprises. These enterprise-class cloud storage solutions are well-known in the commercial software and service industry.
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