Managed File Transfer Market size worth over $3bn by 2026
Published Date: June 19, 2020 Authors: Preeti Wadhwani, Smriti Loomba
Managed File Transfer Market size is set to surpass USD 3 billion by 2026, according to a new research report by Global Market Insights, Inc.
Managed file transfer is a solution that includes the safe and secured management of content that is shared or transferred across enterprises. Managed file transfer tools assist organizations in monitoring and governing electronic data across various operations such as through email, shared cloud storage, and integrated applications. This helps organizations to secure their critical data and compete effectively in a dynamic market.
Increasing incidents of data thefts during file sharing to propel the uptake of managed file transfer solutions
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The managed file transfer market has witnessed significant adoption of application-centric solutions, which is attributed to rising cybersecurity risks during traditional file transfer methods such as FTP and emails. Application-centric managed file transfer tools ensure that there are no failed file transfers along with improving regulatory compliance. This also leads to reduced data breaches and increased market competitiveness. In addition, rising technology megatrends including big data, AI, and IoT require premium file transfer speeds, creating new market expansion opportunities for managed file transfer solutions.
Rising concerns over data security across industries to drive on-premise segment market growth
The on-premise segment dominated around 65% of the managed file transfer market revenues in 2019. The majority of B2B digital communications involve highly sensitive information, which requires a secure gateway to avoid data theft. This has pressurized enterprises to adopt on-premise managed file transfer tools for added security and enhanced data control. In addition, organizations are reluctant to rely solely on data security provided by cloud platforms. Consequently, enterprises are increasingly adopting on-premise managed file transfer systems to manage & eliminate data security vulnerabilities.
Browse key industry insights spread across 250 pages with 414 market data tables and 25 figures & charts from the report, “Managed File Transfer Market Size By Component (Solution [Application-Centric, People-Centric/Ad-Hoc], Service [Consulting & Integration, Support & Maintenance]), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Application (IT & Telecom, BFSI, Healthcare, Retail, Manufacturing)” in detail along with the table of contents:
Increasing demand for cloud-based file transfer solutions among SMEs to augment market outlook
The SME segment is poised to register gains at over 17% through 2026. The exponential volumes of data and increasing adoption of IoT across SMEs have proliferated the demand for secured file sharing. SMEs are also at a greater risk of data theft and data privacy violations during file transfer due to lack of sophisticated cybersecurity tools. This has forced SMEs to opt for affordable cloud-based file transfer solutions to maintain market competitiveness. Rising trends of outsourcing file transfer requirements through third-party services are expected to further spur the market growth.
Secure file transfer over encrypted networks will surge the managed file transfer market across the IT & telecom industry
The IT & telecom sector accounted for over 30% global market share in 2019 due to increasing pressure on telecom operators to comply with data privacy laws while sharing confidential customer data. Regulations, such as the Sarbanes Oxley Act and Non-Bank Financial Services Rule, have made data privacy compliance mandatory. Managed file transfer tools are helping IT & telecom enterprises to achieve robust data security and securely share & transfer their electronic assets through encrypted network channels.
Stringent GDPR mandates on data privacy compliance for European enterprises will trigger regional market growth
The Europe managed file transfer market is slated to hold 13% revenue share by 2026. The enforcement of the EU General Data Protection Regulation (GDPR), since May 2018, made secure data exchange mandatory by law. It was estimated that nearly 30% of the European enterprises were still not GDPR-compliant, which could attract hefty penalties.
Major focus on R&D activities to develop new solutions will augment market share
The managed file transfer industry has witnessed several new product launches by major vendors to amplify their market presence. For instance, in April 2020, AWS released AWS Transfer for FTPS and AWS Transfer for FTP, expanding its platform support to three of the most commonly used data transfer protocols. Similarly, in September 2019, IBM launched IBM Aspera with next-generation cloud technologies for high-speed file and big data transfer. This was a part of the company’s strategy to shift toward containerized architecture in anticipation of increasing data growth across its platform.
Some of the key players operating in the managed file transfer market include are Accellion, Inc., Axway Inc., Biscom Inc., Cleo Communications Inc., GlobalSCAPE Inc., IBM Corporation, JSCAPE LLC, Opentext Corporation, Oracle Corporation, Progress Software Corporation, QlikTech International AB (Attunity Ltd.), Safe-T Group Ltd, Saison Information Systems Co., Ltd., Seeburger AG, Signiant Inc., Software AG, South River Technologies Inc., Tibco Software Inc. and Wipro Limited.
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