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 form of software that File transfers possible both within and between enterprises.
This method is thought to be a transparent way of sharing data with additional features like tracking and monitoring. It is rapid, secure, and dependable. Users may utilise the technology to identify data loss from a certain point in time and receive a notification when a file transfer is successful.
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As a result of digitization, businesses are becoming increasingly reliant on the successful transfer of digital files carrying critical information. As a result, they need secure, trustworthy, and quick transmissions to keep the real-time business process going properly. As a result, the need for efficient and effective file transfer has increased in recent years.
As per the revised report by Future Market Insights (FMI), the global managed file transfer (MFT) market is expected to expand at a 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 the managed file transfer market at a 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 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.
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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 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.
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