Rise in the Partnerships between Employees and Enterprises will Drive the Market Growth
The functioning of the businesses has drastically changed with the massive penetration of smart phones and internet across customers. Enterprises have their concerns related to the management of business data along with the information. With the help of enterprise file sync and sharing platform, the workforce productivity is improved and the business workforces can send the data files to customers and partners in real time. Moreover, the traditional file sharing system had the security risk for the enterprises, creating problems for their businesses, but this digital technique enables enterprises to effectively improve their productivity. Businesses across the world are expected to adopt the enterprise file sync and sharing platform which will boost the market growth.
Growing Digital Workplace and Mobile Consumers will Propel the Growth of the Market
The factor driving the enterprise file sync and sharing platform market include the rise in the consumer flexibility and bring your own device trend within the enterprises. Bring your own device program, makes the data access from mobile devices anywhere and anytime easy which helps the employees to get location independent data access. This bring your own device trend will result in the necessity of a common platform to share the data, which is expected to propel the growth of the market.
The enterprise file sync and sharing platform market is anticipated to record a CAGR of around 21% over the forecast period 2020-2028. The key factors driving the growth of this market include the digital transformation along with the increasing concern related to the privacy and safety of data in order to shift the organizations from traditional file sharing techniques to the digital techniques. Additionally, with the increase in demand for data backup, analytics, cost saving and IT innovation, most of the businesses are investing in cloud enterprise file synchronization which is anticipated to boost the overall market growth.
The global enterprise file sync and sharing platform market is segmented into deployment model which include cloud storage and on premises storage. Based on these two segments, the cloud storage segment is expected to hold the leading share in the market on the account of its security component, that is, user account control and its ability to interact in human language to help in understanding the complexity of the data and results in better decision making. Moreover, cloud storage does not require on premise data centre and enables faster data access which, in turn, augments the market growth.
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Lack of Awareness Regarding Benefits of Enterprise File Sync and Sharing Platform and its High Cost
Despite of the benefits related to the enterprise file sync and sharing platform, the high cost of the service and lack of awareness among the people regarding its use is acting as a restraint to the growth of enterprise file sync and sharing platform market. The users, who lack in strong financial position, are unable to buy the same due to the price component. For small businesses, the pricing models should be diverse and there should be separate pricing plans. However, some enterprises prefer integrated enterprise file sync and sharing platform with third party applications, which further results in the increased cost. All these factors are expected to restrain the growth of this market.
Our in depth analysis of enterprise file sync and sharing platform include the following segments:
On the basis of regional analysis, the enterprise file sync and sharing platform market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for enterprise file sync and sharing platform in North America is anticipated to hold the largest share on the account of its rising economy and adoption of emerging technologies. In addition, the regions in North America are more data focused for which they need smart solutions to safeguard their valuable business data. The Asia Pacific market is anticipated to grow at a higher rate over the forecast period owing to the considerable shift towards digitalization, resulting into large amount of data and demand for the safety and protection of the data.
The enterprise file sync and sharing platform market is further classified on the basis of region as follows:
On April 24, 2020: FileCloud, a sharing and data governance platform, offered access to on premises file sharing from home without a virtual private network (VPN). In addition, FileCloud allows organizations to keep their NTFS permissions for access control. As most of the employees are working from home during the COVID-19 pandemic, therefore, organizations introduced FileCloud to solve the problem for employees to access the files stored in on premises storage applications.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh