In terms of regions, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. EFSS solutions help BFSI organizations in improving their workforce productivity, streamlining business operations, enhancing customer experience, and ensuring compliances and regulatory policies.Īsia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The growth in the EFSS market, especially in the BFSI industry vertical, can be attributed to the increasing financial services, IT automation, and reforms in economies and banking services worldwide. The Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to hold the largest market share during the forecast period.Īmong industry verticals, the Banking, Financial, and Insurance (BFSI) industry vertical is expected to hold the largest market share during the forecast period. The public cloud deployment type is preferred by the enterprises that have less regulatory hurdles, and are willing to outsource their storage facilities, either fully or partially.
Some of these benefits include scalability, reliability, flexibility, and remote location access. The public cloud deployment model offers various benefits to enterprises. The public cloud deployment type is expected to have the largest market share in the EFSS market during the forecast period. The public cloud deployment type is expected to have the largest market share during the forecast period. However, the high cost of EFSS solutions may act as the restraining factor for the growth of the EFSS market.
The increasing penetration of smartphones across businesses, a rise in mobile workforce, the increasing collaboration between employees and enterprises, and stringent government regulations over data security are some of the factors expected to drive the EFSS market. The global Enterprise File Synchronization and Sharing (EFSS) market size is expected to grow from USD 3.35 billion in 2018 to USD 10.94 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.7% during the forecast period. The emphasis of businesses on the security aspects of the corporate data is driving the growth of the EFSS market. Enterprise File Synchronization and Sharing (EFSS) Market by Component (Standalone EFSS Solution, Integrated EFSS Solution, & Services), Deployment Type (Cloud & On-Premises), Organization Size, Industry Vertical, and Region - Global Forecast to 2023
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