The Enterprise File Synchronization And Sharing (EFSS) by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Enterprise File Synchronization And Sharing (EFSS), The enterprise file synchronization and sharing (efss) market size has grown exponentially in recent years. It will grow from $9.82 billion in 2023 to $12.35 billion in 2024 at a compound annual growth rate (CAGR) of 25.8%. The growth in the historic period can be attributed to proliferation of mobile devices, file version control, improved productivity, data security concerns, analytics and reporting capabilities..
The enterprise file synchronization and sharing (efss) market size is expected to see exponential growth in the next few years. It will grow to $32.19 billion in 2028 at a compound annual growth rate (CAGR) of 27.1%. The growth in the forecast period can be attributed to enhanced security measures, content lifecycle management, user behavior analytics, data residency and sovereignty concerns, . Major trends in the forecast period include integration with identity and access management (iam) solutions, mobile file access and collaboration, hybrid cloud deployment models, compliance with data privacy regulations, enterprise-grade file syncing and sharing solutions..
The increase in data security concerns are expected to drive the growth of the enterprise file synchronization and sharing market in the coming years. Data security is a crucial aspect of a complete security plan that includes recognizing, evaluating, and mitigating threats connected to sensitive data security. Many businesses are concerned about the security of their digital data. To safeguard the data, enterprise file-synchronization and sharing (EFSS) platforms integrate security features such as authentication, data encryption, containerization, and tracking. According to AAG IT Services, a UK-based provider of IT products and services, globally, there were over 236.1 million ransomware attacks, and 53.35 million US citizens were affected by cybercrime in the first half of 2022. Also, according to Stefanini Group, a Brazil-based IT service management company, in 2021-2022, there has been a 300% increase in cybercrime.
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The enterprise file synchronization and sharing (efss) market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Application: Enterprise Content Management Systems, Enterprise Storage And Backup, Enterprise Document Collaboration, Enterprise Mobility, Other Applications
4) By End-User: IT And Telecom, Banking, Financial Services and Insurance, Retail, Manufacturing, Education, Government, Other End Users
The introduction of blockchain technology for data security is shaping the enterprise file synchronization and sharing (EFSS) market. Blockchain technology has emerged as a critical tool in the field of data security. Through cryptography, decentralization, and consensus that ensure the safe transaction of data, blockchain proactively stamps out cyber threats and strengthens security infrastructure. Major companies operating in the enterprise file synchronization and sharing (EFSS) sector are focusing on blockchain technology to protect EFSS-stored data from ransomware and breaches. For instance, in August 2021, Acronis International GmbH, a Switzerland-based software company, launched Cyber Protect Cloud for secure file sync and share solutions in an organization. Acronis’s Cyber Protect Cloud uses blockchain-based data notarization and electronic signatures to enhance its workplace collaboration services with data security on a pay-as-you-go basis.
The enterprise file synchronization and sharing (efss) market report table of contents includes:
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