Unlocking Opportunities in Cloud MFT Services Market 2024: Size, Share, Growth, and Mergers and Acquisitions

The cloud mft (managed file transfer) services market size has grown rapidly in recent years. It will grow from $2.11 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to demand for automation and streamlined workflows, business continuity and disaster recovery, rise in data volume and complexity, data accessibility and availability, integration with hybrid it environments..

The cloud mft (managed file transfer) services market size is expected to see rapid growth in the next few years. It will grow to $4.56 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to cost optimization and reduced overheads, industry-specific compliance requirements, business continuity and disaster recovery, automation and workflow efficiency, rising data volumes and complexity.. Major trends in the forecast period include demand for real-time data transfer, focus on user experience, rise in remote collaboration, integration with advanced technologies..

Market Overview -
Cloud-managed file transfer (MFT) services refer to cloud-based solutions and platforms that allow organizations to transfer files and data securely and efficiently between different systems, users, or external partners. These services provide businesses with an efficient and secure way to share critical data, such as customer information, financial data, and intellectual property, without complex infrastructure or manual processes.

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Rising Cyberattacks Fuel Growth In The Cloud-Managed File Transfer (MFT) Services Market
The increasing incidents of cyber-attacks are expected to propel the growth of the cloud-managed file transfer (MFT) services market going forward. Cyber-attacks refer to malicious and deliberate actions by individuals or groups intending to compromise, damage, or gain unauthorized access to computer systems, networks, devices, or data. Cloud MFT services mitigate these threats with features like encryption, access control, and security audits to prevent data breaches and unauthorized access. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, the number of cybercrime reports received in 2021-2022 was 76,000, an increase of nearly 13% from the 2020-2021 financial year. Therefore, the increasing incidents of cyber-attacks are driving the growth of the cloud-managed file transfer (MFT) services market.

Competitive Landscape -
Major companies operating in the cloud mft (managed file transfer) services market report are Amazon Web Services Inc., The International Business Machines Corporation, Oracle Corporation, Microsoft Azure, Broadcom Inc., Wipro Ltd., Lumen Technologies Inc., CA Technologies Limited, Citrix ShareFile is Citrix Systems Inc., Rackspace Technology Inc., Tibco Software Inc., Software AG, DigitalOcean Holdings Inc., Virtustream, Saison Information System Co. Ltd., Attunity, Open Text Corporation, Axway Software, Accellion Inc., South River Technologies Inc., Biscom Inc., Signiant Inc., Linoma Software, Hightail, Coviant Software LLC, FileCatalyst

Increasing Focus On Product Innovations To Drive The Revenues
Major players operating in the market are developing managed file transfer system that features additional benefits for their users. This development improve its functionality by adding new features, fixing bugs, and improving performance. For Instance, in June 2022, Coviant Software, a US-based provider of managed file transfer solutions has 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 cloud mft (managed file transfer) services market covered in this report is segmented -
1) By Type: Public, Private, Hybrid
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By End Use: Government, Banking Financial Services And Insurance (BFSI), Retail, Manufacturing, Energy Utility, Information Technology (IT) And Telecommunication, Other End Users

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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