The Enterprise File Synchronization and Sharing (EFSS) Market size was USD 2.76 billion in 2017 and is projected to register a CAGR of 26.7% between 2018 and 2023.
Is the increasing adoption of cloud-based solutions creating an opportunity for market growth?
With advancements in cloud computing, data centers, and the network infrastructure, EFSS vendors are offering cloud-based EFSS solutions to customers across the globe. The cloud model offers a range of benefits to customers. Some of these benefits include scalability, flexibility, ease of access, multi-device support, and lower costs. Therefore, large enterprises and SMEs are rapidly implementing cloud-based EFSS solutions. Over the last few decades, EFSS solutions have boosted the productivity of businesses and employees. Earlier, investment in on-premises solutions was a major hurdle for organizations, especially for SMEs, due to the high cost involved. Moreover, the lack of awareness of EFSS implementation and less concerns about advanced security have been observed among SMEs, resulting in low investments in EFSS solutions. However, with the emergence of cloud-based services, SMEs are readily implementing EFSS solutions. Moreover, hybrid cloud EFSS solutions have more demand among large enterprises due to security concerns.
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Would reluctance to adopt EFSS solutions, due to security concerns and data privacy issues, challenge the market growth?
The EFSS solution helps businesses access and share business information across various devices, and provides benefits to employees, partners, and customers in several ways. However, most EFSS solutions do not meet the compliance and security requirements of highly regulated enterprises. The lack of security features may lead to the leakage of critical business information. Nowadays, cyber-attacks can result in threats such as viruses, worms, malware, and other malicious software programs that may directly or indirectly (through third-party vendors) exploit any security vulnerabilities in products, services, and networks. Attackers are using different and new techniques to gain unauthorized access to files and software, and these attacks are difficult to recognize using simple and traditional EFSS solutions. Therefore, it has become difficult for businesses to detect and prevent such attacks aptly, leading to huge business losses.
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Traditional and the emerging vendors in the EFSS market include 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), ownCloud (Germany), CodeLathe (FileCloud) (US), Intralinks (US), Qnext Corp. (FileFlex) (Canada), XMedius Solutions (Canada), Inspire-Tech (Singapore/US), Northbridge Secure Systems (Australia), MyWorkDrive by Wanpath LLC (US), and CTERA Networks (Israel/US).
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