![]() Most of the SMEs in the US have already adopted EFSS solutions to streamline their business processes while maintaining reasonable ROI. As a result, BFSI organizations are increasingly using EFSS solutions to streamline their business processes, maintain the IT infrastructure, and improve client relationships.īy Geography, North America is projected to lead the market. Mobile devices and the internet have enabled customers to access real-time information through different applications. Consumers are switching over to smartphones and tablets for daily transactions. A safe and secure IT administration network helps BFSI companies provide a better customer experience, open new business avenues, and streamlining business processes. The cloud-based deployment model's additional benefits include their effectiveness while being used by multiple users, reduced upfront costs, ease in rolling out a new project, zero investments in hardware, negligible maintenance costs, and low infrastructure costs.īy Vertical, BFSI vertical is estimated to hold the largest market share. This type of deployment is one of the most effective technologies today. Cloud-based deployment is preferred because of its cost-effectiveness, scalability, operational efficiencies, and flexibility. For SMEs, EFSS reduces expenditure on network infrastructure and saves the time required for troubleshooting network issues.īy Deployment, the Cloud Deployment model is holding the largest market share. These organizations have already adopted or have started adopting technologically advanced products that enhance their operational efficiencies with limited resources. The rising usage of cloud-based technology has driven the adoption of the EFSS among SMEs because of a low budget feature. Hence, the segment is contributing to the largest market share.īy Organization Size, Small and Medium-Sized Enterprises holds the maximum market share. Cloud virtualization saves the cost for a physical system such as hardware and servers. ![]() ![]() Also, enterprises can speed up their business processes by the use of virtualization technologies. The use of cloud virtualization enables enterprises to utilize resources optimally. Hence, it is widely adopted among organizations.īy Application Type, the Cloud Virtualization segment holds the largest market share. EFSS Solutions offers such file transfer seamlessly and without data theft. These exchanged files contain sensitive information about the employees, customers, products, etc., that must be routed through a secure channel to adhere to the data privacy rules. EFSS solutions help enterprises exchange files of any size between employees, co-workers, partners, clients, and other stakeholders. Rising Security Concerns and Data Privacy IssuesĪvailability of Various EFSS Vendors and Intense Market Competitionīy Component, the Solutions segment is expected to hold the largest market share during the forecast period. Rising Demand for Integrated EFSS Solutions among Businesses Increasing Adoption of Cloud-based Solutions Need for Heavy Investments in EFSS Solutions Stringent Government Compliances and Regulations The Emphasis of Businesses on Corporate Data Security ![]() Increasing Collaborations Between Employees and Enterprises With advancements in cloud computing, data centers, and network infrastructure, EFSS has huge opportunities across the globe.Ĭontinuously Rising Digital Workplace and Mobile Workforce ![]() The lack of security features of most of the EFSS solutions may hamper the growth of the market. Thereby, the EFSS market is booming.Ĭonversely, the high cost of EFSS solutions is likely to hinder the market growth. Because of the techno-savvy generation, there is an increase in the use of technological devices like mobile phones and tablets. The rapid evolution of digitalization and introduction to advanced technology in the past few years has supported the growth of EFSS markets. Thus, the adoption of enterprise file synchronization and sharing (EFSS) solutions has increased exponentially. The majority of SMEs have already integrated, and the rest of them are looking to integrate their workflow with automation to gain operational efficiency. The Global Enterprise File Synchronization and Sharing (EFSS) Market is estimated to be worth USD 5.2 billion in 2021 and is expected to reach USD 16.4 billion by 2027, growing at a CAGR of 21.1%. The "Global Enterprise File Synchronization and Sharing (EFSS) Market (2021-2027) by Component, Application Type, Organization Size, Deployment, Vertical, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis" report has been added to 's offering. ![]()
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