Managed File Transfer Market Surges with Technological Advancements, Driven by Cybersecurity Concerns and Vendor Competition, Reaching $2.39 Billion in 2028

The managed file transfer market size has grown strongly in recent years. It will grow from $1.49 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to data security concerns, regulatory compliance, business process automation, globalization and remote workforce, data volume growth.

The managed file transfer market size is expected to see strong growth in the next few years. It will grow to $2.39 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to vendor competition and innovation, business continuity planning, focus on automation and efficiency, API integration and interoperability, cloud migration trends. Major trends in the forecast period include interoperability and integration frameworks, integration with workflow automation, enhanced security measures, cloud-based solutions adoption, managed services and outsourcing.

Market Overview -
Managed file transfer refers to a process to communicate securely and efficiently sensitive, compliance-protected, or high-volume files and data between people, partners, and organizations. It performs file transfers by employing encryption and compression techniques.

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Surge In Cyberattacks Propels Growth Of Managed File Transfer Market
Increased cyberattacks are driving the growth of the managed file transfer market going forward. Cyberattacks refer to unauthorized access to computer systems in order to steal, expose, change, disable, or destroy information. The use of managed file transfer (MFT) service can aid in offering improved security for the data of the companies, thus increasing the demand. For instance, according to the Internet Crime Report 2021 published by the Federal Bureau of Investigation (FBI) a US-based law enforcement agency, 791,790 cybercrime complaints have been received in 2020 in the US and this has increased to 847,376 cybercrime complaints in 2021. Therefore, the increased cyberattacks are driving the managed file transfer market forward.

Competitive Landscape -
Major companies operating in the managed file transfer market report are Raytheon Technologies Corporation, International Business Machines Corporation, Oracle Corporation, Wipro Limited, OpenText Corporation, Micro Focus International plc, Software AG, TIBCO Software Inc., QlikTech International AB, Progress Software Corporation, HelpSystems LLC, MOVEit, Axway Software, Limelight Networks, Acronis International GmbH, Ipswitch Inc., Accellion Inc., Globalscape, Kiteworks, Cleo Communications, Signiant Inc., DataMotion Inc., Thru Inc., Jscape LLC, Coviant Software, Biscom Inc., SFTPPlus, Copperfasten Technologies, SmartFile, FileCatalyst

Technological Advancement Drives Innovations In Managed File Transfer Market
Technological advancement is a key trend gaining popularity in the managed file transfer market. Major players operating in the market are developing Diplomat MFT v9.1 managed file transfer system that features additional benefits for their users. For Instance, in June 2022, Coviant Software, a US-based provider of managed file transfer solutions launched the Diplomat MFT v9.1. It is an update to its platform with various additional benefits such as data replication, file synchronization, and support for simultaneous file transfers to multiple destinations. This solution is therefore useful for customers who need to replicate files, including site content, for distribution to authorized web farms and throughout data centers with ease.

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Key Segments -
The managed file transfer market covered in this report is segmented -
1) By Service: Consulting and system integration, Support and maintenance
2) By Solution: Application-centric, People-centric, Ad-hoc
3) By Deployment type: Cloud, On-Premises
4) By Organization size: Small and Medium Enterprises (SMEs), Large enterprises
5) By End-user Industry: Information Technology And Telecommunication, Banking, Financial Services and Insurance (BFSI), Retail, Healthcare, Media and Entertainment, Other End-user Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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