According to a study by Future Market Insights (FMI), the managed file transfer (MFT) market will surpass US$ 1.7 Bn in 2021 on the Back of increasing adoption in BFSI and IT & Telecom industries.
Rising adoption of cloud solution to securely transfer and share various types of data is expected to propel demand for managed file transfer over the coming years. The market is projected to witness significant growth due to factors such as growing need for reliable and cost-effective managed file transfer solutions, rise in digitizing the workspace, increasing demand for high-performance managed file transfer solutions, and rising availability of cost-effective managed file transfer software along with technological advancements.
The global managed file transfer (MFT) market is anticipated to grow from a valuation of US$1.6 Bn in 2020 to US$ to over US$4.5 Bn by 2031. In the past few years, managed file transfer have gained an enormous interest across the globe due to development of cloud based managed file transfer solutions.
The BFSI sector, telecommunication, and other industries have been exhibiting high demand for managed file transfer software and services for managing regular workflow. This is expected to contribute to revenue generation in the market over the forecast period. The market is projected to grow at a healthy CAGR of around 10.0% through 2031.
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Impact of COVID-19 on Managed File Transfer Market:
The COVID-19 pandemic outbreak has disrupted many industries, including the managed file transfer market. Many private, as well as government organizations, have transitioned to remote working, due to which there is a sudden surge in demand for managed file transfer solutions.
Market Segmentation by Category:
Some of the leading companies offering managed file transfer are Axway Inc., GlobalSCAPE, Inc., IBM Corporation, Micro Focus, Software AG, Oracle Corporation, Wipro Limited, CA Technologies Inc., Clearswift, Signiant Inc., OpenText Corporation, Coviant Software Corporation, Primeur, and others.
Solution
- Software
System-centric File Transfer
People-centric File Transfer
Extreme File Transfer
- Services
Implementation & Integration
Consulting
Support & Maintenance
Industry
BFSI
Media & Entertainment
Retail
Manufacturing
Telecommunication
Others
Region
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
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Key Questions Answered in Report
- What are the factors fuelling demand for managed file transfer solutions?
The rising demand for incorporation of artificial intelligence, cloud computing, business intelligence, and Managed File Transfer as-a-Service (MFTaaS) across organizations to streamline their operations will fuel the demand in managed file transfer market.
- What are the major challenges for managed file transfer solution providers?
Unsecure data access, high competition, lack of skilled resources to monitor the data transfer, along with infrastructural security issues, are challenges which might slow down the growth of the market.
- What are the major trends impacting the sales of managed file transfer solution?
Partnerships between managed file transfer vendors, and increasing demand from banking sector are surging the sales of managed file transfer solutions
- Which are some of the leading companies offering managed file transfer solution?
Some of the leading companies offering managed file transfer are Axway Inc., GlobalSCAPE, Inc., IBM Corporation, Micro Focus, Software AG, Oracle Corporation, Wipro Limited, CA Technologies Inc., Clearswift, Signiant Inc., OpenText Corporation, Coviant Software Corporation, Primeur, and others.
- Which region is expected to be at forefront of managed file transfer market?
Managed file transfer market are likely to witness high demand in South Asia & Pacific due to increasing application in countries such as India, Indonesia, Australia, and others.
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Key Takeaways from Market Study:
- Rising demand for seamless file transfer between or within organizations will enable growth in managed file transfer market at 10% CAGR between 2021 and 2031
- The market in the U.S. is projected to expand at a CAGR of 8.2% through 2031, emerging dominant in North America
- Germany will emerge as a key market for MFT, accounting for over one-fourth of demand registered in Europe
- China and Japan will emerge as key markets within East Asia. While China is expected to account for higher share, Japan will exhibit growth at a higher pace
- Rapid digitization will enable double-digit growth in India, pushing the expansion of the market in South Asia
“Key players are focusing on development and implementation of new solutions such as cloud computing technology and Managed File Transfer as-a-Service (MFTaaS) to offer secure file transfer features in businesses and across organizations,” says a Future Market Insights (FMI) analyst.