Cloud MFT (Managed File Transfer) Services Market
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What Will the Cloud MFT (Managed File Transfer) Services Industry Market Size Be by 2025?
In the last few years, there has been a significant increase in the size of the cloud MFT (managed file transfer) services market. The projected growth is from $2.46 billion in 2024 to $2.86 billion in 2025, with a compound annual growth rate (CAGR) of 16.4%. This substantial growth during the historic period is due to factors such as the need for automation and more efficient workflows, business continuity and disaster recovery necessities, the increasing volume and complexity of data, requirements for data accessibility and availability, as well as the need for integration with hybrid IT environments.
What’s the Long-Term Growth Forecast for the Cloud MFT (Managed File Transfer) Services Market Size Through 2029?
In the coming years, the cloud MFT (managed file transfer) services market is projected to experience accelerated expansion. By 2029, it is anticipated to reach a worth of $5.4 billion, growing at a compound annual growth rate (CAGR) of 17.2%. Factors contributing to this increase in the forecast period include cost improvements and decreased overheads, industry-specific compliance requirements, continuous business operations and catastrophe recovery measures, automated processes and better workflow efficiency, and an upsurge in data volume and complexity. Key trends anticipated during the forecast period comprises the demand for real-time data transfer, emphasis on user experience, an increase in remote collaborations, and integration with cutting-edge technologies.
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What Are the Key Growth Drivers Fueling the Cloud MFT (Managed File Transfer) Services Market Expansion?
The rise in cyber-attacks is anticipated to fuel the expansion of the market for cloud-managed file transfer (MFT) services. Cyber-attacks are defined as malevolent and considered moves by individuals or groups aiming to breach, inflict damage, or obtain unauthorized admittance to computer systems, networks, devices, or information. Cloud MFT services counter these threats by employing features such as encryption, access control, and security audits to guard against data leaks and unauthorized penetration. As an illustration, the 2023 ASD Cyber Threat Report from the Australian Signals Directorate, a federal agency based in Australia, noted in November 2023 that during the 2022-23 fiscal year, nearly 94,000 cybercrime reports were submitted to ReportCyber, indicating a 23% uptick from the previous year. This works out to a report every six minutes on average. As a result, the escalating incidents of cyber-attacks are stimulating the growth of the market for cloud-managed file transfer (MFT) services. Cloud MFT (Managed File Transfer) Services Market Driver: Cloud MFT(Managed File Transfer) Services Market
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What Are the Key Trends Driving Cloud MFT (Managed File Transfer) Services Market Growth?
Dominant entities in the market are making advancements in managed file transfer systems to provide added advantages to their customers. These enhancements improve the system’s capabilities through bug resolution, inclusion of new features, and performance improvements. For instance, Coviant Software, an American firm specializing in managed file transfer solutions, rolled out the Diplomat MFT v9.1 in June 2022. This upgrade to the platform offers several extra benefits such as data duplication, file synchronization, and support for sequential file transfers to numerous locations. Therefore, this solution is extremely beneficial for users who need to duplicate files, including website data, for easy distribution to authorized web farms and data centers.
How Is the Cloud MFT (Managed File Transfer) Services Market Segmented?
The cloud MFT (managed file transfer) services market covered in this report is segmented –
1) By Type: Public, Private, Hybrid
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By End Use: Government, Banking Financial Services And Insurance (BFSI), Retail, Manufacturing, Energy Utility, Information Technology (IT) And Telecommunication, Other End Users
Subsegments:
1) By Public: Public Cloud File Transfer Services, Multi-Tenant Public Cloud Solutions
2) By Private: Dedicated Private Cloud File Transfer Services, Single-Tenant Private Cloud Solutions
3) By Hybrid: Hybrid Cloud File Transfer Solutions, Multi-Cloud Integration Services
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Which Companies Are Leading the Charge in Cloud MFT (Managed File Transfer) Services Market Innovation?
Major companies operating in the cloud managed file transfer services market report are Amazon Web Services Inc., The International Business Machines Corporation, Oracle Corporation, Microsoft Azure, Broadcom Inc., Wipro Ltd., Lumen Technologies Inc., CA Technologies Limited, Citrix ShareFile is Citrix Systems Inc., Rackspace Technology Inc., Tibco Software Inc., Software AG, DigitalOcean Holdings Inc., Virtustream, Saison Information System Co. Ltd., Attunity, Open Text Corporation, Axway Software, Accellion Inc., South River Technologies Inc., Biscom Inc., Signiant Inc., Linoma Software, Hightail, Coviant Software LLC, FileCatalyst
Which Regions Are Leading the Global Cloud MFT (Managed File Transfer) Services Market in Revenue?
North America was the largest region in the cloud-managed file transfer (MFT) services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud mft (managed file transfer) services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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