Recently Radiant Insights published a report, Global Enterprise File Sync and Share Market 2018-2022, that found that the Enterprise File Sync and Share market is expected to grow at a CAGR of 14.17% during 2018-2022.
The press release following the results states that due to low costs and mobility, the market will continue to gain traction with small and medium enterprises. And overall:
“…the global enterprise file sync and share (EFSS) market is predicted to expand at a phenomenal CAGR over the forecast period (2018 to 2022). Growing requirement for improved data security in enterprises while sharing and synchronization of crucial data among multiple devices is anticipated to propel demand for innovative EFFS solutions. Such solutions are predicted to distract employees from using consumer based applications to store, manage, and share confidential corporate data.”
As the EU’s GDPR and the US’s CLOUD Act come into effect, many cloud users are looking for a more secure way of storing their data and keeping it out of the hands of a third party, especially when it comes to their company data. And under the GDPR law up to a 4% of the annual revenue of a company can be fined by the regulatory bodies for violations.
“In Europe, the EFSS market is likely to grow at remarkable CAGR over the forecast period owing to strong technology background and proliferation of computing devices. In addition, high demand for protection of crucial data collected from various sources is likely to stimulate demand.”
And:
“In North America, the enterprise file sync and share (EFSS) market is expected to attain maximum revenue owing to high development rate in small and medium enterprises (SME’s) across the region. In addition, growing adoption of modern technological advancements such as integration technologies with mobile and cloud technologies within conventional EFSS solutions can further propel the regional market.”
This is definitely an interesting time for the EFSS market and we have already seen a growing demand here at ownCloud following the new protection laws. ownCloud users have no need to worry about data-transfer restrictions because users can connect federated servers in multiple geographic locations into a single user experience for seamless collaboration. Federated File Sharing provides frictionless file sharing across multiple ownCloud servers while maintaining the security, control and attributes of the original server as set up by IT – and leaving the master file copy on the originating ownCloud server. By keeping your data on your own servers, you maintain full control of your data and are, therefore, not susceptible to the restrictions of the CLOUD Act or GDPR.
If you are not already using ownCloud, install the Enterprise App Bundle and get to know our enterprise functionalities for a free 30 days: https://marketplace.owncloud.com/enterprise-trial
