The benefits of cloud storage are leading to widespread industry adoption

MOUNTAIN VIEW, Calif. — (BUSINESS WIRE) — February 27, 2024 — The Architecture, Engineering, and Construction (AEC) industry within the Egnyte ecosystem is experiencing a significant evolution in its data management landscape, according to the 2024 AEC Data Insights Report from Egnyte. The report highlights the dynamic shifts Egnyte is seeing in data storage, security, and collaborative practices adopted by industry professionals.

This year’s trends report highlights the exponential growth in the AEC industry’s transition from local storage to cloud storage and collaboration solutions. The data storage requirements of the companies surveyed grew at an average compounded annual growth rate of 50.3%. This rapid growth trend began during the pandemic, but as companies started to see the benefits of the cloud, growth has maintained that pace. Transitioning to the cloud allows companies to leverage technology integrations, artificial intelligence, and real-time collaboration and meet strict regulatory requirements, such as the Cybersecurity Maturity Model Compliance (CMMC) in the United States and the Building Safety Act in the United Kingdom.

The 2024 Data Insights Report dives into the AEC industry’s data usage trends to better understand how companies engage with data in Egnyte’s cloud. Some of the key highlights include:

• A Surge in Active Collaboration: Users across all segments increase active collaboration by 10.5x as they become familiar with cloud collaboration. However, the construction industry leads the category by far with a 29x increase in active collaboration over time.
• Compounding Data Storage Growth: Data storage requirements have risen from an average of 3.34 terabytes in 2018 to 25.64 terabytes in 2023, representing a compound annual growth rate of 50.3%.
• High-Severity Governance Issues: The construction sector accounts for 60% of recurring IT issues in the AEC industry that could harm a company’s infrastructure or productivity, likely due to the larger number of stakeholders and possibly to less stringent governance protocols.

“The insights we gleaned from this year’s report reflect the conversations we have with AEC firms on a daily basis. Companies are relying more heavily on digital collaboration to get the job done - a trend that shows no signs of slowing down,” said Ronen Vengosh, senior vice president of Industry Solutions at Egnyte. “Their increased reliance on cloud collaboration and file storage coupled with the high frequency of cybersecurity threats these firms encounter highlights the need for secure, reliable cloud collaboration solutions.”

Egnyte’s Data Insights Report examines the data usage patterns of over 4,000 companies across the AEC industry to gain valuable insights into how companies rely on cloud collaboration now and anticipate how those needs will evolve. Findings are based on data from Egnyte’s customer base, which spans firms representing every stage of the AEC project lifecycle.

To download a copy of the report, click here. For more information on this year’s report findings, please register for our free webinar on February 27, 2024, at 2:00 pm EST.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240227557947/en/

Walker Sands, egnyte-pr@walkersands.com