The managed file transfer (MFT) market will surpass US$ 2 billion in 2023, according a study by Future Market Insights (FMI), because to rising adoption in the BFSI and IT Telecom sectors. A type of software called managed file transfer makes it easy to transmit files both within and across businesses.
This approach is regarded as a transparent data exchange approach with extra features like tracking and monitoring. It is quick, safe, and trustworthy. Users can make use of the technology to detect data loss going back a specific amount of time and to be informed when a file transfer is successful.
Businesses are depending more and more on the successful transfer of digital files containing vital information as a result of digitization. They therefore require safe, dependable, and swift transmissions to maintain the efficiency of the real-time business process. As a result, there has been a surge in recent years in the demand for efficient and effective file transfer.
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The global managed file transfer (MFT) market is anticipated to grow at a consistent CAGR of roughly 10.1% over the projected period (2023-2033), according to Future Market Insights' (FMI's) updated study. As long as the BFSI sector continues to demonstrate a high demand for cost-effective file transfer solutions, it will become a crucial end user.
Key Takeaways from Market Study
- Rising demand for seamless file transfer between or within organizations will enable growth in the managed file transfer market at a 10.1% CAGR between 2023 and 2033
- The market in the U.S. is projected to expand at a CAGR of 10.1% through 2031, emerging dominant in North America
- Germany will emerge as a key market for MFT, accounting for over one-fourth of demand registered in Europe
- China and Japan will emerge as key markets within East Asia. While China is expected to account for a higher share, Japan will exhibit growth at a higher pace
- Rapid digitization will enable double-digit growth in India, pushing the expansion of the market in South Asia
Impact of COVID-19 on Managed File Transfer Market
The COVID-19 epidemic has wreaked havoc on a number of businesses, including controlled file transmission. Many business and government organisations have made the switch to remote working, resulting in an increase in demand for controlled file transfer solutions.
The managed file transfer industry is expected to rise by 1.6X from 2019 to 2020, with a spike in demand due to the COVID-19 epidemic and the shift to a remote workforce. The change to remote working has resulted in a surge in demand for secure managed file transfer (MFT), managed file transfer cloud services, and remote management of secure file transfers for critical projects.
Automation in Enterprise Workflow Management Driving Market
Enterprises across various industry verticals are increasingly focusing on deploying managed file transfer software for creating automating enterprise workflow management. The application of managed file transfer solutions includes the generation of event-driven automation for performing specified tasks, which are generated on the enterprise domain, users, group level, or server level.
Enterprises are also using managed file transfer for automating different tasks such as assigning the expiration dates to files, scheduling file transfers, and other functions for deleting files, transferring and storing files, initiating event-driven actions, and sending notifications based on defined activities.
Market Segmentation by Category
Solution
- Software
- System-centric File Transfer
- People-centric File Transfer
- Extreme File Transfer
- Services
- Implementation Integration
- Consulting
- Support Maintenance
Industry
- BFSI
- Media Entertainment
- Retail
- Manufacturing
- Telecommunication
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa (MEA)
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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