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(Hosting-NewsWire.com, June 08, 2018 ) The Enterprise File Sharing and Synchronization market size is expected to grow from USD 1.11 Billion in 2015 to USD 3.51 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 25.7%. Composed EFSS trend, demand for cloud-based integration, and Bring-Your-Own-Device (BYOD) adoption have enabled wider adoption of EFSS solutions among many industries. Companies are increasingly adopting EFSS solutions to effectively share and manage the voluminous data being generated in their business processes on a daily basis and to improve the data security.
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In the EFSS market, among the application types, virtualization is expected to contribute the highest in the overall revenue generation in the Enterprise File Sharing and Synchronization market by 2020. The application allows optimal utilization of resources and thus, enterprises are increasingly moving towards virtualization technologies to speed up their business processes and provide enhanced security to their data. Cloud-based EFSS solutions are expected to show higher traction among the enterprises, particularly Small and Medium Businesses (SMBs), due to its low cost and mobility feature.
In terms of deployment type, hosted deployment is gaining grip in the market as it helps to reduce physical infrastructure with less maintenance cost. Enterprises, particularly Small and Medium Businesses (SMBs) are expected to massively adopt hosted deployment type of EFSS solutions. Among the services, managed services have the highest contribution in the Enterprise File Sharing and Synchronization market during the forecast period as these completely outsourced services help organizations to leverage the advantages of technology enabled product solutions in the organization and reduce overhead costs.
The Enterprise File Sharing and Synchronization market, by region, covers five major regional segments, namely, North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America. North America has been an extremely open and competitive market regarding the adoption of EFSS solutions across major industry verticals and is expected to contribute the highest in the overall revenue generation worldwide. Europe and APAC are also witnessing a record growth in demonstrating and adopting of EFSS solutions.
Data security concerns with respect to external storage and EFSS technical restraints are the major factors obstructing the growth of the EFSS market.
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To lead in the market, the major players such as Box, Dropbox, AirWatch by VMware, Citrix, SugarSync, Syncplicity, WatchDox by BlackBerry, and Egnyte have adopted the strategy of partnerships, agreements, and collaborations which is evident from its highest share that is 45%, of the total strategic developments in the market. Furthermore, new product launch is another key strategy followed by companies such as Dropbox, Microsoft, AirWatch by VMware, Citrix, Syncplicity, and WatchDox by BlackBerry, Box, and Egnyte. This strategy accounted for a share of 29% of the total strategic developments in the market. The merger & acquisition strategy accounted for 14% of the total strategic developments of the top EFSS solution providers, such Microsoft, AirWatch by VMware, Egnyte, Box, WatchDox by BlackBerry, and Dropbox. The strategy of business expansions accounted for a share of 12% of the total strategic developments in the Enterprise File Sharing and Synchronization market. The players employed this strategy to expand their base in terms of regional coverage, new research centers, business units splitting, and various others. Market players such as Box, Dropbox, Syncplicity, WatchDox by BlackBerry, and Egnyte adopted this strategy.
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