According to a study by Future Market Insights (FMI), the managed file transfer (MFT) market will surpass US$ 1.7 Bn in 2021 on the Back of increasing adoption in BFSI and IT & Telecom industries.
Managed file transfer is a type of software that allows the transfer of files within an organization or between multiple organizations. This method is a fast, secure, and reliable and it is considered a transparent way of exchanging files with additional features such as tracking and monitoring. The technology allows users to discover the loss of data from a specific point and receive an acknowledgement after successful completion of a file transfer process.
With the advent of digitalization, companies are becoming heavily dependent on the successful transmission of digital files bearing critical information. Hence, they need these transmissions to be secure, reliable, and quick to run the business process smoothly in real time. Driven by this, the demand for efficient and effective file transfer has been increasing in the past few years.
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As per the revised report by Future Market Insights (FMI), the global managed file transfer (MFT) market is expected to expand at steady CAGR of around 10.0% over the forecast period (2021-2031). The BFSI segment will emerge as a key end user as it continues exhibiting high demand for cost-effect technologies for file transfer.
Key Takeaways from Market Study
- Rising demand for seamless file transfer between or within organizations will enable growth in managed file transfer market at 10% CAGR between 2021 and 2031
- The market in the U.S. is projected to expand at a CAGR of 8.2% 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 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 pandemic outbreak has disrupted many industries, including the managed file transfer market. Many private, as well as government organizations, have transitioned to remote working, due to which there is a sudden surge in demand for managed file transfer solutions.
Managed file transfer market is estimated to grow by 1.6X from 2019-2020 and would see a surge in demand amid the COVID-19 outbreak, as remote workforce becomes the new norm. This paradigm shift to remote working has created a huge demand for secure managed file transfer (MFT), managed file transfer cloud service, and remotely manage secure file transfers for important projects.
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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 include the generation of an 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 file, transfer, and storing files, initiating event-driven actions, and sending notifications based on defined activities.
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