|Base Year Market Size
|USD XX Billion
|Forecast Year Market Size
|USD 1.5 Billion
|Fastest Growing Market
The managed transfer file market size was valued at USD 1 billion in 2019 and is expected to reach USD 1.5 billion by 2029, with a CAGR of 11.1% during the forecast period, 2020–2029.
Managed file transfer is a type of software that enables file transfers between enterprises. It is a secure, reliable, and transparent way of exchanging files, equipped with additional features, such as monitoring and tracking. This enables enterprises to detect the loss of specific information and acknowledgment after the completion of the file-transferring process. The advent of digitalization has compelled enterprises to rely on digital file transfer in order to run business operations smoothly, further driving market growth.
The surging number of cyber-attack cases, growing internet penetration, and increasing adoption of digitalization among several industry verticals drive the market growth. As per industry experts, in 2019, companies spent approximately USD 93 billion collectively on cybersecurity.
The people-centric segment holds the largest market share as it aids in controlling and mitigating human errors during file transfers. In the current scenario of the COVID-19 pandemic, the people-centric solution plays a pivotal role in protecting the data of file transfers from cyber-attacks. In 2017, Auxitec Ingénierie, a French leader in proximity engineering, adopted Accellion managed file transfer solution to securely and efficiently communicate with clients and partners.
The cloud segment dominates the managed file transfer market. It aids in reducing the infrastructure and maintenance costs and provides high security, 24/7 services, and scalability. It is witnessing a significant surge in demand, particularly SMEs, further driving the segment growth. In 2018, Peace health adopted Global Space Cloud-Managed File Transfer solution to securely and reliably transfer files within organizations.
The large enterprise segment holds the highest market share on account of the growing need for security for the transfer of sensitive files among the enterprises located at different locations. Furthermore, increasing cybersecurity due to heavy exchange of sensitive data among the organizations fosters the segment growth. In 2017, NASA adopted TIBCO managed file transfer solutions to safely transfer sensitive data.
The BFSI segment’s growth can be attributed to the surging adoption of digitalization, requiring high security to transfer sensitive information. Furthermore, growing need for cybersecurity due to increasing cyber-attacks and stringent government regulations on data security and privacy bolsters the market growth. For instance, in 2018, Allianz, a financial service company, adopted managed file transfer solutions to increase cybersecurity while transferring sensitive data.
Early Adoption of Latest Technology and Rising Cyber-Attacks Drives North America’s Market Growth
North America leads the managed file transfer market as the region is backed by the presence of giant IT companies offering managed file transfer solutions, such as IBM Corporation, Oracle, and Opentext Corporation, among others. The early adoption of the latest technology among the enterprises in the region provides an impetus to the market growth. Increasing cyber-attacks has surged the adoption of managed file transfer solutions across the region. For instance, in the U.S., the U.S. companies accounted approximately 38% incident of cyber-attack.
Asia-Pacific is the fastest growing region in the managed file transfer market on account of increasing investment of the enterprises in digitalization and growing threat of cyber-attacks in developing economies, such as India and China. The following figure shows the rise in cyber-attacks in India from 2010–2018.
|Accellion, Inc. Axway, Inc. Biscom, Inc. Cleo Communications, Inc. GlobalSCAPE, Inc. JSCAPE LLC Opentext Corporation Oracle Corporation Progress Software Corporation QlikTech International AB (Attunity Ltd.) Safe-T Group Ltd Saison Information Systems Co., Ltd. Seeburger AG Signiant, Inc. Software AG South River Technologies, Inc. Tibco Software, Inc. Wipro Limited
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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The COVID-19 pandemic has had drastic effects across all industrial sectors globally. However, the growth of managed file transfer has slightly increased amidst the pandemic on account of increasing business operations digitally. This enables enterprises to adopt managed file transfer to improve the cybersecurity and mitigate the risk of cyber threats and attacks. For instance, Google Mail detected about 18 million malware and phishing emails and over 240 million spam messages related to COVID-19 every day. This has compelled the enterprises to adopt managed file transfer solutions to improve cybersecurity.