ID: MRFR/ICT/8864-CR | November 2020 | Region: Global | 236 pages
Market Research Future (MRFR) predicts the Global File Sharing Market size to hit USD 4,033.0 million with a CAGR of 26.1% from 2020–2026 (forecast period). The global file sharing market is driven by developments in digital technology and the increasing adoption of BYOD. In addition, the increasing adoption of cloud-based services is an opportunity identified for this market.
COVID-19 has pushed many companies to digitally transform their workplaces and education in order to operate effectively. Companies depend on advanced technologies, such as cloud, AI, and IoT, to advance and rethink their business model for the future by speeding up digital transformation to stay ahead of their competition. Many businesses that were immune to the concept of a distributed workforce have been forced to operate from home so that work can still be completed while taking measures to stop the spread of the virus. As a result, the rising trends in digital workplaces and mobile workforce among businesses have become the driving forces behind the growth of the global file-sharing software industry.
Technological advancements to boost the market growth
As a result of technological advancements such as the introduction of secure cloud technologies, 5G, and Industry 4.0, the global market for file-sharing software is expected to expand rapidly. Many companies and individuals are moving toward the cloud. Cloud-based deployment provides easy access and file sharing capabilities across platforms and locations. The limiting factors like data theft, security concerns, and privacy, have been reduced as a result of these advancements. Hardware crashing of a computer system appears to be risky for users and, thus, data/files are shared over the Internet for safekeeping.
For example, in 2017, Box stated a USD 45 billion market opportunity for the file sync-and-share. The main factors behind this growth are the rise in users, data, and applications. Simultaneously, radical reductions in the cost of computing, networking, and storage have contributed to the introduction of cloud-based solutions. The demand for cloud-enabled, mobility-optimized enterprise file sync-and-share and scalable, secure content collaboration capabilities is likely to continue to increase rapidly. As a result, developments in digital technology are anticipated to propel the growth of the global market for file sharing during the forecast period.
The global file sharing industry has been segmented based on type, deployment, services, end-user, and vertical.
By type, the file sharing market has been divided into system native, client-server, peer-to-peer, and others.
By deployment, the global file sharing market has been divided into cloud and on-premises.
By services, the global file sharing market has been classified into managed service and professional service.
Based on end-users, the global file sharing market has been classified into enterprise users, individual users, and government.
By vertical, the global file sharing market has been classified into BFSI, healthcare, IT & telecommunication, education & research, media & entertainment, and others.
APAC to lead the global market
The Asia Pacific is a major market for file sharing software. The regional market is made up of a variety of developing and potential countries, including China, Japan, and India. These countries are seeing major advances in digitization, generating growth opportunities for file sharing software vendors.
North America to follow APAC
North America is the second-largest region in terms of market share in the global market for file sharing. The US is the main market for file sharing. The market is powered by the presence of a large number of providers of file sharing software and substantial investments by government and enterprise users.
The global file sharing market is expected to experience a high level of competition due to the growing concentration of vendors. Google Inc., Microsoft Corporation, Citrix File share Inc., Dropbox Inc., and IBM Corporation hold a large market share. These businesses concentrate on providing differentiated products with a view to gaining greater market share. Due to these factors, the rivalry between emerging players is strong and is expected to remain intense throughout the evaluation period. The level of competition is, therefore, expected to be high during the forecast period.
Notable players in the Global File Sharing Market are IBM Corporation (US), Alphabet Inc. (US), Owncloud GmbH (Germany), DropBox (US), Microsoft Corporation (US), BOX (US), Huddle (UK), Citrix Systems Inc. (US), Intralinks Holdings Inc. (US), Opendrive (US), Tresorit (Hungary), Onehub (US), Securedocs Inc. (US), Droplr (US), Wetransfer (Netherlands).
In October 2020, IBM announced its collaboration with Simple Cloud, a leading cloud-based platform for digital content production and management. This collaboration was aimed at enhancing the cloud services provided by SimpleCloud. SimpleCloud uses IBM's Aspera for high-speed file and data sharing.
In July 2019, Dropbox announced the launch of a new service—Dropbox Transfer. The aim of this service is to provide a safe and fast way to send many files up to 100 GB in size.
This research report examines crucial factors, constraints, and obstacles in the global file sharing market, regional and segment revenue forecasts, and assessments. The base year is 2020; the projection is 2020-2026. The segmentation of the market is described in the following manner.
Frequently Asked Questions (FAQ) :
Global File Sharing Market size can reach USD 4,033 million by 2026.
The global file sharing market is predicted to exhibit 26.1% CAGR from 2020 to 2026.
Adoption of cloud sharing services and BYOD by employees is one of the major drivers of the market.
BFSI is likely to lead in the global file sharing market.
North America is the most lucrative region in the global file sharing market.
IBM Corporation, Securedocs Inc., DropBox, Tresorit, Microsoft Corporation, Intralinks Holdings Inc., Onehub, Citrix Systems Inc., Huddle, Owncloud GmbH, Alphabet Inc., Wetransfer, Droplr, BOX, and Opendrive are the key players of the market.