Managed File Transfer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Managed File Transfer Market is expected to register a healthy CAGR of over 28% during the forecast period (2021 - 2026). MFT is been widely considered as a faster and more transparent means of transferring heavy data across an organization or between two or more different organizations.

• Managed file transfer offers users with a modular design, in-built interfaces, business application connectors, and advanced managed folder capabilities. Furthermore, it can be integrated seamlessly with enterprise business processes and IT workflows.
• Managed file transfer helps organizations to eliminate security compliance, and governance shortcomings involved in information sharing, whether internal and external to them. Furthermore, the market is expected to be driven by opportunities such as the rising trend in application integration and cloud-based managed file transfer solutions.
• Data-sensitive sectors, such as financial institutions, banks, and defense institutes constantly seek maximum security and enhanced performance at reduced costs. This is effectively achieved by the implementation of appropriate MFT solutions, reaffirming the possibilities of market growth in the near future.

Key Market Trends

Cloud-based Deployment Model to Grow at a Significant Rate

• Cloud-based service model for the data storage under which digital data is stored in a logical set of pools is used to maintain, back up & manage the large data set and allow easy accessibility to users over any available network.
• With automation trends prominent in the region, it has become increasingly important for industries to look for solutions that can offer services to reduce infrastructure costs.
• The cloud-based solutions offer higher performance, along with the service levels anticipated, that help in catering the growing requirements, such as high availability, mixed workload management, near real-time data loads, and complex query execution. Hence, enterprises are availing the cloud-based model as an enhanced option for rapidly emerging file-sharing services across the business ecosystem.

North America is Expected to Hold the Largest Market Share

• Companies across the North America region are stepping into a new era of hybrid IT management system that combines public cloud, private cloud, and traditional IT. These organizations have implemented a hybrid cloud strategy as it is helping them to improve the way they run their business and deliver services to customers.
• Also, the increased electronic device penetration has resulted in high adoption of BYOD, which has forced companies to adopt cloud MFT services to address employee needs. Furthermore, the presence of prominent startups with an aggressive MFT policy, and freedom for employees has augmented the growth of the managed file transfer market.
• According to a Cisco study, US workers save an average of 81 minutes/ week by using their own devices. Almost half of all North American enterprises/workplaces had adopted MFT service in 2018, according to Avaya, a prominent technology company in the US.

Competitive Landscape

The managed file transfer market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the cloud-based services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.

• May 2019 - ProgressNEXT announced the latest release of its leading digital experience management platform, Progress Sitefinity 12. With this release, Progress has brought Sitefinity to the cloud and provides new levels of productivity, efficiency and faster time-to-market.
• February 2019 - Qlik and Attunity Ltd. announced that the two companies signed a definitive agreement under which Qlik will acquire Attunity. Under the terms of the agreement, Qlik will acquire all outstanding ordinary shares of Attunity for a total value of approximately USD 560 million. This acquisition will differentiate Qlik by providing an expanded breadth of enterprise data management capabilities and adds an experienced team of data professionals.

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