This has resulted in reduced cost and agility among Sun Trust’s team to commercialize products and services faster. For instance, Sun Trust gives the security of customer data and compliance as a primary priority and, therefore, employs multiple solutions from Box Inc. Most of the BFSI players are investing in EFSS for developing mission-critical banking solutions for risk assessment and mitigation in the business prospects preventing least data breaches. This has created a demand for unified applications within the overall organization. The capital-intensive financial institutions generally have multiple lines of businesses, which led to several disconnected technology solutions into the functions. Also, according to IGEL, Europe has been witnessing the cultural shock of moving to WFH more than the United States because six out of 10 people in Europe have never worked from home.īFSI to Account for the Significant Market Share As a result of the WFH onslaught, IGEL has been witnessing stepped-up sales, providing tens of thousands of seats in the past several weeks for IGEL’s Linux OS connected to VMware, Citrix Systems, Microsoft, and Amazon, along with unprecedented demand for its UD Pocket offering. This has significantly driven the demand for solutions offering safer enterprise file access, synchronization, and sharing. Further, the outbreak of the COVID-19 pandemic virus across the world is anticipated to augment the demand for enterprise file synchronization and sharing, especially among the IT and telecom sectors, due to the feasibility of employees’ work from home. Europe had the highest adoption rate for cloud services, according to the data published by Bitglass at 84% in 2018. For instance, according to Spiceworks, State of IT Report, 2018, 50% of European organizations expect to spend more on hosted/cloud-based services compared to 2017. Therefore, many organizations have been switching to cloud-based integrated solutions from on-premise models. Cloud-based integration eliminates the need to maintain numerous on-premise and cloud-based information silos and enables authorized users to access business information across geographic locations. Increasing demand for cloud-based integration drives the market. Also, a survey conducted by IBM India among CIOs, CMOs, CTOs, and other decision-makers across various verticals indicated that about 57% of enterprises had been planning to invest in BYOD and mobile technology for their companies, while 67.4% expressed personal interest in owning this technology. According to Cisco, BYOD-favoring companies annually save USD 350 per employee. File sharing and synchronization tools have become an essential productivity-enabling resource for increasingly mobile information workers, driven by the BYOD policy. The growing trends of the mobile workforce and digital workplace have been driving the market’s growth positively. Increasing adoption of BYOD Policy is driving the market. A few companies have been launching new products offering file sharing and synchronization for remote access to capture the trend for remote access of large file assets. The status quo for the remote workforce is to access the files through low-resolution proxies or by having to download multiple files that can be of large sizes. New York, J(GLOBE NEWSWIRE) - announces the release of the report "Enterprise File Synchronization and Sharing (EFSS) Market - Growth, Trends, Forecasts (2020 - 2025)".
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