PUBLISHER: The Business Research Company | PRODUCT CODE: 1414558
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414558
“Secure File Transfer Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on secure file transfer market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for secure file transfer? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The secure file transfer market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Secure file transfer data sharing technology involves employing encryption and security measures to protect data while it is in transit. This technology ensures the safety of data during its transfer by utilizing methods such as encoding, verification, access restrictions, and auditing. It is particularly crucial for sharing files within or between enterprises, providing a secure environment for the exchange of sensitive information.
The primary types of secure file transfer include business-to-business (B2B), accelerated transfer, ad hoc, and others. In a business-to-business (B2B) transaction, which can also be referred to as a B-to-B transaction, data is securely transferred between businesses. These secure file transfer solutions cater to both small and medium enterprises as well as large enterprises, and they are deployed in various models, such as on-premise, cloud-based, and hybrid setups. This technology finds applications across diverse industries, including banking, financial services, and insurance (BFSI), healthcare, manufacturing, logistics, retail, media and entertainment, IT and telecommunications, government, and others.
The secure file transfer market research report is one of a series of new reports from The Business Research Company that provides secure file transfer market statistics, including secure file transfer industry global market size, regional shares, competitors with a secure file transfer market share, detailed secure file transfer market segments, market trends and opportunities, and any further data you may need to thrive in the secure file transfer industry. This secure file transfer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The secure file transfer market size has grown strongly in recent years. It will grow from $2.08 billion in 2023 to $2.28 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The expansion observed in the preceding period can be ascribed to heightened concerns regarding data security, a surge in the need for automation, the impact of globalization and increased data exchange, occurrences of data breaches, and the incorporation of cloud services.
The secure file transfer market size is expected to see strong growth in the next few years. It will grow to $3.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated expansion in the upcoming period is driven by escalating cybersecurity threats, the rising prevalence of IoT devices, the integration of cloud and hybrid solutions, the upsurge in data transfers, and a heightened emphasis on user authentication and access control. Key trends expected in the forecast period encompass the integration of blockchain in security measures, AI-powered threat detection, end-to-end encryption solutions, secure transfer mechanisms tailored for mobile devices, and the adoption of zero-trust security frameworks.
The increasing demand for cloud-based technologies is expected to drive the growth of the secure file transfer market in the future. Cloud-based file transfer solutions play a crucial role in ensuring secure information transfer by providing encryption, access control, and other security features. These solutions often include features for secure file sharing and collaboration, enabling users to exchange files while maintaining control over access. For example, a survey report from O'Reilly Media Inc., a US-based publishing platform, published in December 2021, revealed that approximately 90% of surveyed companies utilize cloud computing, indicating a slight uptick from the previous year's 88%. Among respondents, 75% were employed by cloud-using companies across various industries, with software, retail & e-commerce, and finance & banking sectors being particularly proactive. The preference for public cloud usage stood at 67%, followed by private cloud (45%) and traditionally managed on-premises infrastructure (55%). As a result, the growing demand for cloud-based technologies is a key driver behind the expansion of the secure file transfer market.
The increasing prevalence of cybersecurity threats is also expected to contribute to the growth of the secure file transfer market. Cybersecurity threats encompass the rising quantity and sophistication of cyberattacks, dangers, and vulnerabilities that individuals, businesses, and governments face in the digital age. Secure file transfer methods play a crucial role in mitigating the risks associated with cyber threats, including interception, unauthorized access, data manipulation, and malware infiltration. For instance, a statement from AAG IT Services, a US-based cybersecurity company, in December 2023, highlighted an 81% increase in cyberattacks in Australia between July 2021 and June 2022. Additionally, attacks on financial websites surged by more than 200% in 2022, as per the latest cybercrime statistics. Consequently, the escalating cybersecurity threats act as a driving force behind the secure file transfer market.
Technological innovations stand out as key trends gaining prominence in the secure file transfer market, with companies in the sector actively embracing new technologies to maintain their competitive positions. For example, in January 2023, FileCloud, a US-based company specializing in file sharing, synchronization, and backup solutions, introduced zero-trust file-sharing technology. This innovative approach ensures data protection within the environment through the use of Zip file structures and password protection, achieving a Zero Trust model. Users can specify a Zero Trust password, creating a sharing link to a file or folder, and unauthorized access is prevented without this password, whether through a direct link or in the event of a breach.
Major players in the secure file transfer market are also integrating cutting-edge technologies such as blockchain to enhance security and drive market revenues. A blockchain-powered Data Marketplace, exemplified by Nokia, a Finland-based multinational consumer electronics corporation, refers to an online platform where participants securely buy, sell, or exchange data using blockchain technology. Nokia's blockchain-powered Data Marketplace, launched in May 2021, ensures a reliable and decentralized infrastructure that guarantees efficiency, security, privacy, and compliance with laws. This innovative service facilitates data exchanges between customers or business ecosystem players, allowing organizations and CSPs to create their own data marketplaces for secure transactions and data monetization through private blockchain.
In February 2023, Redwood Software Inc., a software development company headquartered in the Netherlands, completed the acquisition of Cerberus FTP for an undisclosed sum. This strategic move significantly bolstered Redwood's leadership position, expanding its capabilities to deliver secure file transfer solutions that ensure the trustworthy and legally compliant transfer of vital business data across the entire technological ecosystem of an enterprise. The acquisition further underscored Redwood's unwavering commitment to customer satisfaction and a continuous focus on product innovation. Notably, Cerberus FTP, the US-based company acquired by Redwood, is specifically dedicated to meeting the demands of customers seeking secure file-sharing solutions.
Major companies operating in the secure file transfer market report are Accellion Inc., Axway India Private Limited, Box Inc., Citrix Systems Inc., Egnyte Inc., Google LLC, GlobalSCAPE Inc., International Business Machines Corporation (IBM), Microsoft Corporation, Progress Software Corporation, Attunity Ltd., Coviant Software LLC, Saison Information Systems Co Ltd., BlackBerry Limited, Biscom Inc., Ipswitch Inc., CTERA Networks Ltd., HelpSystems LLC, Hightail Inc., Huddle, Seeburger AG, SolarWinds Worldwide LLC, South River Technologies Inc., Cleo Communications Inc., Cornerstone Technology S.A., DataMotion Inc., FileCatalyst, FileZilla, Flux Corporation, JSCAPE, Leapfile Inc., Linoma Software
North America was the largest region in the secure file transfer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global secure file transfer market report during the forecast period. The regions covered in the secure file transfer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the secure file transfer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The secure file transfer market includes revenues earned by entities through encryption, authentication, and data protection services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.