According to a Future Market Insights (FMI) study, the managed file transfer (MFT) market will exceed US$ 1.7 billion in 2021 due to increased adoption in the BFSI and IT & Telecom industries. Managed file transfer is a type of software that allows file transfers both within and between businesses.
This method is thought to be a transparent method of data sharing with additional features such as tracking and monitoring. It is quick, safe, and dependable. Users can use the technology to detect data loss from a specific point in time and be notified when a file transfer is successful.
Businesses are becoming increasingly reliant on the successful transfer of digital files containing critical information as a result of digitization. As a result, they require secure, dependable, and timely transmissions to keep the real-time business process running smoothly. As a result, in recent years, there has been an increase in the demand for efficient and effective file transfer.
The global managed file transfer (MFT) market is expected to grow at a steady CAGR of around 10.0% over the forecast period, according to a revised report by Future Market Insights (FMI) (2021-2031). As long as there is a high demand for cost-effective file transfer technologies, the BFSI segment will emerge as a key end-user.
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Key Market Study Findings
- Between 2021 and 2031, the managed file transfer market will grow at a 10% CAGR due to rising demand for seamless file transfer between or within organisations.
- The market in the United States is expected to grow at an 8.2% CAGR through 2031, making it the dominant market in North America.
- Germany will emerge as a key market for MFT, accounting for more than one-fourth of European demand.
- China and Japan will emerge as key East Asian markets. While China is expected to account for a larger share, Japan is expected to grow at a faster rate.
- Rapid digitization will enable double-digit growth in India, propelling the market in South Asia to new heights.
Top players in the managed file transfer solution market use new product introduction as a key strategy. They intend to increase their business revenue by doing so. To increase their market share, managed file transfer solution providers are focusing on product/service innovation.
Some of the market’s leading companies include:
- Axway Inc.
- GlobalSCAPE, Inc.
- IBM Corporation
- Micro Focus
- Software AG
- Oracle Corporation
- Wipro Limited
- Signiant Inc.
- OpenText Corporation