PUBLISHER: The Business Research Company | PRODUCT CODE: 1426488
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426488
Cloud-managed file transfer (MFT) services encompass cloud-based solutions and platforms designed to enable organizations to securely and efficiently transfer files and data between different systems, users, or external partners. These services offer businesses a streamlined and secure means of sharing vital data, such as customer information, financial data, and intellectual property, without the need for complex infrastructure or manual processes.
The primary categories of cloud-managed file transfer (MFT) services are public cloud, private cloud, and hybrid cloud. Public cloud refers to a form of cloud computing where a third-party service provider delivers computing resources, including software applications, storage, and virtual machines, over the public internet, making them accessible to anyone seeking to use or acquire them. These services find application across various sectors, including large enterprises, small and medium-sized enterprises, government entities, banking and financial services, insurance (BFSI), retail, manufacturing, energy utilities, information technology (IT), telecommunications, and others.
The cloud-managed file transfer (MFT) services market research report is one of a series of new reports from The Business Research Company that provides cloud-managed file transfer (MFT) services market statistics, including cloud-managed file transfer (MFT) services industry global market size, regional shares, competitors with a cloud-managed file transfer (MFT) services market share, detailed cloud-managed file transfer (MFT) services market segments, market trends and opportunities, and any further data you may need to thrive in the cloud managed file transfer (MFT) services industry. This cloud-managed file transfer (MFT) services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 increase observed in the historical period can be attributed to the demand for automation and streamlined workflows, the emphasis on business continuity and disaster recovery, a rise in data volume and complexity, increased focus on data accessibility and availability, and 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 anticipated growth in the forecast period can be attributed to cost optimization and reduced overheads, compliance with industry-specific requirements, emphasis on business continuity and disaster recovery, increased automation and workflow efficiency, and the challenges posed by rising data volumes and complexity. Prominent trends expected in the forecast period involve a heightened demand for real-time data transfer, a focus on enhancing user experience, an increase in remote collaboration, and integration with advanced technologies.
The anticipated rise in cyber-attacks is poised to drive the growth of the cloud-managed file transfer (MFT) services market in the future. Cyber-attacks, involving malicious and deliberate actions to compromise, damage, or gain unauthorized access to computer systems, networks, devices, or data, have seen a notable increase. Cloud MFT services play a pivotal role in mitigating these threats by incorporating features such as encryption, access control, and security audits, effectively preventing data breaches and unauthorized access. As reported in November 2022 by the Australian Cyber Security Centre, the number of cybercrime reports in 2021-2022 reached 76,000, reflecting a nearly 13% increase from the previous financial year. Consequently, the growing incidents of cyber-attacks are a driving force behind the expansion of the cloud-managed file transfer (MFT) services market.
The heightened awareness of risks associated with the file transfer protocol (FTP) is expected to further fuel the growth of the cloud MFT services market. File Transfer Protocol (FTP), a standard network protocol for transferring files, has associated risks that organizations are becoming more conscious of. Cloud MFT services offer a secure, cost-effective, and convenient alternative to FTP, making them appealing for organizations aiming to safeguard sensitive data, comply with regulations, and ensure secure file transfers in an increasingly interconnected world. As indicated by ExtraHop Networks in August 2022, over 60% of organizations expose the SSH remote control protocol to the public internet, while 36% expose the insecure FTP protocol. Therefore, the increased awareness of FTP-related risks is a significant driver of the cloud MFT services market's growth.
Network bandwidth limitations are expected to pose a challenge to the market's growth in the foreseeable future. Network bandwidth limitations, reflecting the maximum capacity or speed at which data can be transmitted over a network connection, may impact the cloud-managed file transfer (MFT) industry by causing reduced data transfer speed, a suboptimal user experience, and potential data transfer failures. According to SolarWinds Corporation in 2023, a client device connected to a network using an 802.11b network adapter is unable to accept data transfers faster than 11 Mbps. Hence, network bandwidth limitations act as a hindrance to the growth of the cloud-managed file transfer (MFT) market.
Major players in the market are actively developing managed file transfer systems with added benefits for users, enhancing functionality through the incorporation of new features, bug fixes, and improved performance. For instance, Coviant Software, a US-based provider of managed file transfer solutions, launched Diplomat MFT v9.1 in June 2022. This update introduces various additional benefits such as data replication, file synchronization, and support for simultaneous file transfers to multiple destinations, catering to customers requiring efficient file replication for distribution purposes.
In March 2022, Files.com, a US-based managed file transfer automation and platform, acquired ExaVault for an undisclosed amount. Through this strategic acquisition, Files.com aims to enhance its offerings of enterprise-grade file transfer services, covering system-to-system, system-to-human, and human-to-system high-volume file automation and business-critical transfers. ExaVault, a US-based cloud file transfer services provider, contributes to Files.com's expanded capabilities in this domain.
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
North America was the largest region in the cloud-managed file transfer (MFT) services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud mft (managed file transfer) services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cloud mft (managed file transfer) services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The cloud-managed file transfer (MFT) services market includes revenues earned by entities by providing services such as cloud data migration, b2b file exchange, secure file sharing, monitoring, integration, and auditing. The market value includes the value of related goods sold by the service provider or included within the service offering. The cloud-managed file transfer (MFT) services market also includes sales of file transfer software, monitoring and reporting tools, compliance and governance tools that are used in providing cloud-managed file transfer (MFT) services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
Cloud MFT (Managed File Transfer) Services 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 cloud MFT (Managed File Transfer) services 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 cloud MFT (Managed File Transfer) services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cloud met (managed file transfer) services 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.