Managed File Transfer Market – Snapshot
Managed file transfer is a file transfer solution which automates and secures file transfers. Managed file transfer solutions help enterprises to improve security and offers support to meet compliance requirements.
The driving factor for the growth of the managed file transfer market is the increased need to protect sensitive data among enterprises. Managed file transfer solutions provide a secure, audited method for automatically transferring information within and outside of the enterprise. Moreover, this solution can be deployed to the cloud, on-premise, and hybrid environment. As the file size increases, traditional solutions such as FTP (file transfer protocol) is unable to meet the requirements. Managed file transfer offers users with a modular design, in-built interfaces, business application connectors, and advanced managed folder capabilities. Furthermore, it can be integrated seamlessly with enterprise business processes and IT workflows. Managed file transfer solutions provide data security, file governance, file storage, and file integration, and translation solutions. Additionally, it is capable of offering solutions and services for any business model such as person-person, person-server, sever-server, and business to business.
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The global market for managed file transfer is segmented on the basis of deployment, solution, model, enterprise size, industry vertical, and region. Based on deployment, the market has been segmented into cloud, on-premise, and hybrid. In terms of solution, the market is bifurcated into software and professional services. The software solution is further divided into suite/integrated and standalone. The standalone solution is further divided into automated file transfer, file integration, file governance, security & encryption, translation, mobile file sharing and collaboration, file storage, advanced workflows, and others (file synchronization, file acceleration, etc.). Professional services are sub-segmented into installation and integration, and support and maintenance. Based on model, the market has been categorized into person-person, server-person, person-server, and business-business. In terms of enterprise size, the market is fragmented into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment is estimated to account for highest market share in 2018 due to early adoption of managed file transfer. However, the small & medium enterprises (SMEs) segment is projected to expand at the highest CAGR due to the growing need for efficient file transfer solutions. The market is segmented based on industry vertical into BFSI (Banking, Financial Services, and Insurance), IT and telecom, government, healthcare, logistics, education, retail, media and entertainment, manufacturing, energy and utility, and others (travel and hospitality, legal, construction, etc.).
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Geographically, the global managed file transfer market is divided into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America and Europe dominate the global managed file transfer market. This is due to rising concerns about file security. Moreover, government rules and regulations in various industries across these regions further boosts the growth of the market. These include, Payment Card Industry Data Security Standard (PCI-DSS) for the payment industry, and Health Insurance Portability and Accountability Act (HIPAA) for the healthcare industry in the U.S., and Europe. The market in the Asia Pacific region is expected to register the highest growth due to growth in digitalization and industrialization. The markets in Middle East & Africa and South Africa are anticipated to grow at a slow rate due to lack of awareness about managed file transfer solutions.
The global managed file transfer market is highly competitive. Innovations and acquisitions further increase the competitiveness of the market. For instance, in March 2015, Open Text Corporation launched a new version of managed file transfer which has capabilities for fast and secure transfer of files. The latest version of managed file transfer also provides better security and versatility to support the future of managed file transfer in EIM (enterprise information management).
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This report on the global managed file transfer market provides market revenue share analysis of various vital participants. Some of the key players profiled in the report include IBM Corporation, Tibco Software Inc., Oracle Corporation, Linoma Software, Ipswitch Inc., Open Text Corporation., GlobalSCAPE Inc., Attunity Ltd., Biscom Inc., Axway Software SA, JScape LLC, Seeburger AG, South River Technologies Inc., and Cleo Communications Inc.
The rise in number of cyberattacks is enforcing enterprises to adopt managed file transfer solutions in order to safely transfer and share different types of information. Managed file transfer solutions are typically used integrated encryption techniques such as Open Pretty Good Privacy (PGP), Secure Sockets Layer (SSL), Secure Shell (SSH) and Advanced Encryption Standard (AES) in order to securely transfer sensitive data by securely encrypting it.
Managed file transfer is an innovation stage that supports different security protocols, for example, TTPS, SFTP, FTPS, and automation capacities, to safely transfer different kinds of data inside and outside an endeavor. Managed file transfer solutions assist endeavors with supporting various regulations and guidelines, for example, Health Insurance Portability, Accountability Act (HIPAA), and EU General Data Protection Regulation (GDPR). These tough government regulations on data security and privacy will fuel the market income. The stage offers advantages, for example, visibility, announcing, logging, security, and tracking contrasted with conventional file transfer solutions.
People-focused managed file transfer is also helping to fuel the case management processes across several different industries such as social service cases and legal actions. It also aids companies to mitigate and control human errors while transferring files across networks. Also, because of the COVID-19 pandemic situation, there has been a growing need for safe data transfer over people-focused models is also rising to make sure protection of data from cyber attackers, hackers and constantly evolving cyber threats.
In China, large enterprises dominated around 60% managed file transfer market share in 2019 owing to growing demand to transfer sensitive data across enterprise branches located at different locations. Managed file transfer solutions enable large enterprises to securely transfer critical data for business processes across different office locations. Growing cybersecurity risks to sensitive business data will boost the market demand. Large enterprises are using different cloud-based file transfer solutions to gain more control over file transfers.
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