Managed File Transfer Market Size, Share, and Industry Analysis, By Solution (Application-centric, People-centric, and Ad-hoc), By Deployment (On-premises and Cloud), By Enterprise Type (Large Enterprises and SMEs), By Industry (BFSI, IT & Telecom, Government, Retail, Healthcare, Manufacturing, and Others), and Regional Forecast, 2024-2032

Managed File Transfer (MFT) is a technology platform that helps enterprises share and exchange electronic data between systems and people, within or outside the enterprise, with applicable regulations. The increasing significance of data protection and privacy regulations is expected to increase the demand for managed file transfer solutions. Laws, including the CCPA in the U.S., the DPA 2018 in the U.K., and GDPR in the European Union, have set new standards for data privacy and security, forcing companies to adopt MFT solutions that are efficient and also compliant with these and many other stringent state, regional, and industry regulations and standards.

Organizations globally are witnessing a spike in cyber-attacks. According to IBM’s Cost of Data Breach Report 2023, the global average cost of data breaches was around USD 4.45 million in 2023. File transfers have become a prime target for cyber-attacks, and due to this, organizations are increasingly adopting cloud-based MFT solutions for secure and reliable file transfer processes.

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Cloud-based MFT is gaining popularity. As per Axway’s 2022 Open Everything Strategy Survey, around 41% of companies use hybrid cloud for their MFT strategy, with 33% leveraging managed cloud services as a part of this strategy.

Segmentation

Key Insights

The report covers the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by the Key Players


• Impact of Generative AI on the Global Managed File Transfer Market


• Consolidated SWOT Analysis of Key Players

Analysis by Industry

Various industries, including BFSI, IT & Telecom, government, retail & e-commerce, healthcare, manufacturing, and others, use managed File Transfer. The government sector is estimated to dominate the market as guaranteeing the security of the files in the public sector is very critical, as well as assuring any information from citizens is protected. As per IBM’s report, the average data breach cost in the public sector was around USD 2.07 million. Globally, there are around 90,000 government entities, according to census data. Adoption of a robust MFT solution helps government agencies to exchange data between departments for securing passports, voter registrations, or military personnel records and others, as MFT solution offers advantages including administrative control, security via multiple file transfer protocols, easy usability, automation, and flexibility.

Healthcare is estimated to grow with the highest CAGR during the forecast period. Healthcare organizations exchange huge medical images and patient records daily, and under strict HIPAA regulations, patient privacy is a must. Due to this, healthcare organizations are increasingly adopting MFT solutions to ensure efficient file transfer.

Regional Analysis

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The global managed file transfer market is distributed into five regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific. As of 2023, a significant share of the market was held by North America due to increasing digitalization among enterprises in the region. As per Research by Fortune Business Insights, the digital transformation market in North America is expected to surpass USD 1.7 Tr by 2026. The adoption of MFT solutions is increasing among enterprises in the region due to government rules and regulations in various industries across the region. As the number of cyber incidents and data breaches is increasing in countries, users who regularly transfer personal, financial, or other sensitive data and are concerned about accessibility, data security, and compliance are likely to increase their investment in MFT solutions. For instance, in 2021, in the U.S., about 817 data compromise incidents were identified, impacting about 53.35 million individuals, as per the Identity Theft Resource Center.  Therefore, the above factors contribute to the growth of the region's market.

Asia Pacific is estimated to showcase the highest CAGR during the forecast period owing to technological advancement and the growing e-commerce sector. E-commerce with several platforms and marketplaces facilitates online transactions, and the exchange of data between buyers, sellers, and service providers is increasing the demand for MFT solutions.

The distribution of the global managed file transfer market by region of origin is as follows:

• North America – 36%


• South America – 11%


• Europe – 23%


• Middle East & Africa – 10%


• Asia Pacific – 20%

Key Players Covered

The key players in this market include Axway, Biscom, Inc., QlikTech International AB, OpenText Corporation, Tibco Software, and Accellion, Inc.

Key Industry Developments

• January 2024: Concord Technologies, a workflow automation solution provider, acquired Biscom, Inc., an on-premise enterprise fax and secure file transfer solution provider, to provide mission-critical document processing and automation capabilities.


• June 2022: Axway launched Axway Managed File Transfer, which is made available in both Amazon Web Services Cloud and Microsoft Azure.