Dublin, Nov. 17, 2020 (GLOBE NEWSWIRE) — The “Enterprise File Synchronization and Sharing (EFSS) Market by Component (Solutions & Services), Deployment Mode (Cloud & On-premises), Cloud Type (Public, Private, & Hybrid), End User (Large Enterprises & SMEs), Vertical, Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The EFSS market size is projected to grow from USD 5.0 billion in 2020 to USD 15.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 26.0% during the forecast period.
The major factors driving the growth of the EFSS market include continuously rising digital workplace and mobile workforce, increasing collaborations between employees and enterprises, the emphasis of businesses on corporate data security, stringent government compliances and regulations
By component, services segment to grow at a higher CAGR during the forecast period
Services play an important role in the EFSS market space. A majority of the EFSS vendors offer two major types of services, namely, professional services and managed services. The professional services segment has been further categorized into three types, namely, consulting services, integration and deployment, and training and support. The EFSS service providers generate revenues by assisting companies in choosing the best EFSS solution based on their requirements.
They also assist in installing EFSS solutions by training the IT workforce to effectively execute the benefits of EFSS solutions. The managed services segment, on the other hand, helps organizations in lowering the security risks and protecting their business data. Overall, the efficient delivery of services improves the system reliability and operational efficiency of enterprises, thus helping them save on expenses.
By solution, integrated EFSS solution segment to grow at a higher CAGR during the forecast period
An integrated suite of EFSS solutions enables businesses to integrate the standalone EFSS solution with other third-party business applications to access and share corporate information using different devices. The integration of various applications is an ideal phenomenon across businesses that smoothens the…