The Europe Enterprise File Synchronization and Sharing (EFSS) Market would witness market growth of 25.8% CAGR during the forecast period (2021-2027).
In order to thrive in this competitive market, businesses are increasingly attempting to decrease operational costs. Financial institutions, retail businesses, and a variety of other industries are moving away from manual operations and toward software. Enterprise file synchronization and sharing (EFSS) saves labor costs by eliminating manual labor. Labor is one of the most significant costs that enterprises must bear in order to maintain, manage, and authenticate their files.
Some of the major trends of the market are increased digitization in file transfer technologies and company operations. In addition, BYOD (bring your own device) is a concept that urges employees to bring their own laptops, cellphones, and USB drivers to work and connect them to the company's servers for administrative tasks in order to increase productivity while lowering costs. Because of the Bring Your Own Device craze, employees may now access company data on personal devices such as computers, telephones, and tablets, independent of their physical location. This is expected to result in the demand for a centralized platform for document exchange, which would help the corporate sharing and synchronization business grow.
The developed countries of the region and higher adoption of technological innovations, such as assimilation of mobile and cloud innovations in business file sharing and synchronization solutions, would generate higher demand for EFSS solutions. In addition, many companies in the regional market have witnessed a major transition toward digitalization of procedures, which has led to the generation of massive amounts of data and increasing demand for the safeguarding of critical business data collected from various sources.
Moreover, trends like high utilization of BYOD and smart devices would help the regional industry to flourish. Currently, the regional market is witnessing higher demand for managed services, as more and more businesses choose to outsource non-core functions. In the managed services area, the region is home to a number of prominent providers, many of whom are expanding their capabilities.
The Germany market dominated the Europe Enterprise File Synchronization and Sharing (EFSS) Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,660.3 million by 2027. The UK market is poised to grow at a CAGR of 24.8% during (2021 - 2027). Additionally, The France market would experience a CAGR of 26.7% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Based on Solution Type, the market is segmented into Standalone and Integrated. Based on Services Type, the market is segmented into Professional Services and Managed. Based on Organization Type, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Deployment Mode, the market is segmented into Cloud and On-premise. Based on Vertical, the market is segmented into BFSI, Software & Technology, Government & Public Sector, Healthcare, Education & Legal, Retail and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Enterprise File Synchronization and Sharing (EFSS) Market Size will Hit $5.4 Billion by 2027, at a CAGR of 26.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Box, Inc., Microsoft Corporation, VMware, Inc., Google LLC, OpenText Corporation, Thomson Reuters Corporation, Dropbox, Inc., Citrix Systems, Inc., and BlackBerry Limited.
By Component
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Companies Profiled
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