Managed File Transfer (MFT) Software & Service Market Size, Share, Growth, and Industry Growth, By Type (System-centric File Transfer, People-centric File Transfer, and Extreme File Transfer), By Application (BFSI, Media & Entertainment, Retail, Manufacturing, Telecommunication, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Managed File Transfer Software and Service Market REPORT OVERVIEW

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The global managed file transfer (MFT) software & service market size was USD 1267 million in 2021 and market is projected to touch USD 2195.72 million by 2031, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period.

Managed file transfer (MFT) software & service is a software type that allows file transfer inside an organization or among various organizations. This method of file transfer is reliable, secure, fast, and transparent file exchange with additional features such as monitoring and tracking. The user can discover the data loss from a specific point and get the acknowledgment after completing the file transfer process. With the rising adoption of digitalization, organizations heavily depend on successfully transmitting digital files that bear critical information. It is a tool that offers secure and safe data transfer. 

Generally, there are three types of software that manage files: people-centric, system-centric, and extreme file transfer. The managed file transfer (MFT) software & service market is segregated into two segments based on its type and application. The steady adoption of advanced technology is expected to foster market growth. Rapid urbanization and rising per capita income are also anticipated to be other factors surging global market growth. Additionally, this transmission is reliable, quick, and secure to run the business process smoothly anytime. 

COVID-19 Impact: Steady Adoption of Technology Uplifted the Market During Lockdown

The managed file transfer (MFT) software & service market experienced benefits from the COVID-19 epidemic. Managed file transfer (MFT) software & service was adopted by businesses and governments to store data safely and information about people who have the coronavirus. The managed file transfer (MFT) software & service has the ability to digitally store a lot of COVID patient real-time data. It may also be able to shed light on the prevention and spread of the coronavirus. With the ability to capture extensive data, this technology can be effectively employed to reduce the danger of coronavirus transmission. The information gathered can also be used to create future COVID-19 prevention strategies.

LATEST TRENDS

"Growing Data Security Concern to Foster Major Market Growth"

The growing demand for data security as a response to the growth in the volume of personal data is expected to lead to a considerable increase in the global managed managed file transfer (MFT) software & service market share. Some of the other driving reasons include cost effectiveness, improved performance, and growth in the market for end users. The market is anticipated to be driven by the market's technical development, which over time, offers cost-effectiveness, increased accuracy, sustainability, improved quality, and operational safety. Additionally, a significant portion of users has been drawn to this technology by the integration of controlled file transfer software with iOS and android applications.

Managed File Transfer Software and Service Market Segmentation

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• By Type Analysis

By type, the market is segregated into people-centric file transfer, system-centric file transfer, and extreme file transfer

• By Application Analysis

Based on application, the market is classified into media & entertainment, BFSI, retail, telecommunication, manufacturing, and others.

The BFSI segment is expected to dominate the market due to the growing demand for safe and secure banking and other financial transactions.

DRIVING FACTORS

"Rising Government Regulations for Data Security to Propel Growth in The Market"

Rising government restrictions, growth in the requirement for data security due to an expansion in the consumer base, and dangers of cyberattacks or hacking in the present environment are some additional factors driving the development of managed file transfer software. The advantages it provides, such as its modular architecture, business applications, cost-effectiveness, enhanced folder management, built-in interfaces, and rise in the advanced technology adoption is forecasted to boost performance, are other major factors driving the market. pro2col managed file transfer, Global escape software enhanced file transfer (EFT), Go Anywhere MFT, active batch workload industrialization IBM MFT, escape organized file transfer server and covenant are some of the top managed file transfer programs available.

"Expanding Requirement for A Cloud-Based Solution to Propel Service Demand"

The market is anticipated to grow due to the rising demand for managed file transfer coupled with the growing use of cloud solutions for safely transferring and sharing various sorts of data. Due to factors like the rising demand for dependable and affordable managed file transfer solutions, the increasing digitization of workspaces, the rising need for high-performance managed file transfer solutions, the rising availability of affordable managed file transfer software, and technological advancements, the market is expected to experience significant growth. The expanding volume of sensitive data is expected to increase the demand for data security, which will drive market expansion. Some of the other driving reasons include cost effectiveness, improved performance, and growth in the market for end users.

RESTRAINING FACTORS

"Strong Competition and Lack of Awareness to Retard Market Growth"

The factors anticipated to affect the managed file transfer (MFT) software & service market growth include the presence of alternatives such as file sync and share services and the high number of businesses in the market, which is causing fierce competition in the space. Other challenges that may impede the market's growth include a lack of awareness and reliance on conventional technologies. The market is estimated to experience negative growth due to the recent covid-19 epidemic.

Managed File Transfer Software and Service Market REGIONAL INSIGHTS

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"North America to Dominate Due to The Presence of Various MFT Service Providers "

North America is expected to hold a major part of the market share owing to the strong presence of MFT service providers in the province. The growth of the region is also attributable to the rising demand for managed file transfer (MFT) software & service across various verticals such as retail, media & entertainment, BFSI, manufacturing, telecommunications, and other such industries. 

Europe is estimated to show significant growth in the global market due to the steady adoption of cloud-based services in the area, which is expected to cater to the needs of the government. The implementation of GDPR needs in various companies is also expected to surge the demand for managed file transfer (MFT) software & service.

Asia Pacific is anticipated to experience sizable managed file transfer (MFT) software & service market growth by virtue of the developing countries such as India, China, and Japan offering various lucrative growth opportunities to the global market. The expansion of the IT sector is an additional factor anticipated to foster growth in the region. 

KEY INDUSTRY PLAYERS

"Key Players Focusing on Reliable Technology Development to Grow in the Market"

Leading companies in the managed file transfer solution industry frequently launch new solutions. They hope to boost their company's revenue in this way. In order to increase their market shares, providers of managed file transfer solutions concentrate on developing innovative goods and services. Market participants are also concentrating on forming alliances with other technology companies in order to increase their footprint in areas where they are underrepresented.

List of Market Players Profiled

• IBM (U.S.)
• Axway (France)
• Saison Information Systems (Japan)
• OpenText(Hightail) (Canada)
• Broadcom (U.S.)
• Accellion (U.S.)
• GlobalSCAPE (U.S.)
• Primeur (Italy)
• Signiant (Canada)
• Ipswitch (U.S.)
• Micro Focus (U.K.)
• TIBCO (U.S.)
• Attunity (Israel)
• SSH (Tectia) (Finland)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.
• Significant players and their business offices are also covered in the article.