Is Google Drive Sync going away?

Yes and no. The older tool (Google Drive for Mac/PC) is being replaced by Backup and Sync, which functions much the same way as the existing Google Drive for Mac/PC.

The earlier sync client, Drive for Mac/PC, will no longer be supported by Google as of December 11, 2017 and will be discontinued and cease to function as of March 12, 2018.

As another alternative as of September 26th, 2017, Google has made a new service called “Drive File Stream” available to G Suite (formerly Google Apps) customers.

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