Northbrook, IL 60062 -- (SBWIRE) -- 12/19/2023 -- The global Enterprise File Synchronization and Sharing Market size 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, according to research report by MarketsandMarkets™.

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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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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Key Dynamic Factors For Enterprise File Synchronization and Sharing (EFSS) Market:

Requirements for Security and Compliance:

Organisations implementing EFSS solutions had to take data security and industry laws into account. Strong security features, encryption, and compliance certifications were prioritised by vendors, giving them a competitive advantage.

Combining Collaboration Tools:

One of the main components of EFSS solutions is integration with other corporate applications and collaboration tools. User productivity was increased by seamless integration with technologies like Google Workspace, Microsoft Office 365, and project management platforms.

Multi-cloud and hybrid cloud deployments:

The EFSS market was impacted by the move towards hybrid and multi-cloud installations. Businesses looked for solutions that would enable flexibility in data storage and accessibility while integrating seamlessly with different cloud environments and on-premises infrastructure.

Enabling Mobile Workforce:

The demand for EFSS systems that could enable simple file access and collaboration from multiple devices was highlighted by the development in remote and mobile work. Features like offline access and mobile-friendly UIs have become necessities.

The ease of use and user experience:

Organisations started to favour EFSS solutions that provided smooth user experiences and intuitive interfaces, making user experience a differentiator. These platforms' usefulness was enhanced by features like real-time collaboration and drag-and-drop file sharing.

Features for Collaboration and File Versioning:

Advanced file versioning, real-time collaboration, and workflow management functions are now features of EFSS solutions. User productivity has become dependent on the capacity to manage revisions, keep track of changes, and work together in real time on documents.

Competitive and Segmentation Analysis:

Vendors in the Enterprise File Synchronisation and Sharing (EFSS) industry are in fierce competition with one another as they try to meet the changing demands of businesses looking for effective and safe file collaboration solutions. Prominent contenders vying for supremacy in the industry include Dropbox, Box, Microsoft OneDrive, and Google Drive. All of them provide a range of functionalities, from sophisticated security measures to smooth integration with well-known collaboration tools. The competitive environment is characterised by a mix of well-known suppliers augmenting their offerings via well-timed collaborations and acquisitions, and creative startups offering niche features.

Understanding the various needs of organisations in various industries is made easier with the use of segmentation analysis in the EFSS market. Deployment options that accommodate companies with choices for on-premises, cloud-based, or hybrid solutions are important segmentation factors. Industry-specific solutions handle specific compliance and regulatory difficulties and are designed for sectors such as healthcare, banking, and manufacturing. Furthermore, the division of EFSS providers based on company size guarantees that their offerings are adaptable to meet the requirements of both small and large businesses. Organisations may choose EFSS solutions that match their unique infrastructure choices, security concerns, and collaborative workflows thanks to this sophisticated approach.

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