The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The enterprise file synchronization and sharing (EFSS) market has witnessed exponential growth in recent years. This growth trajectory is projected to continue, with significant developments expected in the coming years.

Market Growth and Projections

• The EFSS market size is set to grow from $9.82 billion in 2023 to $12.35 billion in 2024, at a compound annual growth rate (CAGR) of 25.8%.
• Forecasted to reach $32.19 billion in 2028, with a CAGR of 27.1%.

Factors Driving Growth

• Proliferation of mobile devices.
• Enhanced file version control.
• Improved productivity.
• Rising data security concerns.
• Advanced analytics and reporting capabilities.

Security Concerns Fueling Growth

Data security remains a paramount concern for businesses globally. EFSS platforms integrate robust security features to safeguard sensitive data:

• Authentication mechanisms.
• Data encryption.
• Containerization.
• Activity tracking.
• In the first half of 2022, over 236.1 million ransomware attacks were reported globally, affecting 53.35 million US citizens.
• Between 2021 and 2022, there was a 300% increase in cybercrime globally, as reported by Stefanini Group.

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Blockchain Revolutionizing Data Security

Blockchain technology is poised to revolutionize data security within the EFSS market:

• Utilizes cryptography, decentralization, and consensus mechanisms.
• Proactively mitigates cyber threats and strengthens security infrastructure.
• Acronis International GmbH launched Cyber Protect Cloud in August 2021, integrating blockchain-based data notarization and electronic signatures for enhanced security.

Major Acquisitions Shaping the Market

• Citrix Systems acquired Wrike for $2.25 billion in January 2021.
• Strengthens Citrix’s digital work platform and Wrike’s innovative work management solution.
• Promotes efficient and secure collaboration within organizations.

Market Segmentation

The EFSS market is segmented based on various factors:

1. Component: Solutions, Services.
2. Deployment Mode: On-Premises, Cloud.
3. Application: Enterprise Content Management Systems, Enterprise Storage and Backup, Enterprise Document Collaboration, Enterprise Mobility, and Others.
4. End-User: IT and Telecom, Banking, Financial Services and Insurance, Retail, Manufacturing, Education, Government, and Others.

Regional Dynamics

• North America led the EFSS market in 2023.
• Asia-Pacific is expected to witness the fastest growth in the forecast period.

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The Enterprise File Synchronization And Sharing (EFSS) Global Market Report 2024  provides comprehensive insights on the enterprise file synchronization and sharing (EFSS) market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the enterprise file synchronization and sharing (EFSS) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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