Published on: May 2022
_1653470113.jpg "At A 10% CAGR, Cloud Managed File Transfer Market 2022 Is Expected To Register A Significant Growth By Increasing Demand From End-user Industries")
The market overview of Cloud Managed File Transfer industry
The Managed File Transfer Market surpassed USD 1 billion in 2019 and is expected to increase at a CAGR of more than 10% between 2020 and 2026. A huge increase in the number of cyberattacks around the world is credited for the market's growth. With the surge in cyberattacks, businesses are turning to managed file transfer solutions to safely move and exchange diverse sorts of data. Managed file transfer systems encrypt sensitive data using integrated encryption techniques such as Open Pretty Good Privacy (PGP), Secure Sockets Layer (SSL), Secure Shell (SSH) and Advanced Encryption Standard (AES).
Why there is a need to enhance the cloud managed file transfer industry?
In the United States, people-centric file transfer is expected to develop rapidly.
The people-centric/ad hoc solution segment in the United States is expected to grow at a 10% annual rate through 2026, owing to the growing adoption of managed file transfer in the retail and manufacturing industries to support collaboration in various business processes across multiple geographic locations. Case management processes in many industries, such as social service cases and legal actions, are likewise fueled by people-centric managed file sharing. It also aids businesses in preventing and minimising human errors during file transfers. In addition, as a result of the COVID-19 pandemic, the demand for secure data transport via people-centric models is growing in order to protect data from hackers and developing cyber threats.
The acceptability of cloud-based solutions in the Netherlands will be boosted by rising market demand for cloud computing technologies
The benefits of cloud-based managed file transfer solutions, such as lower infrastructure and maintenance costs and scalability, are expected to propel the cloud deployment model in the managed file transfer market in the Netherlands to a CAGR of 15% until 2026. The growing use of cloud computing technologies by businesses around the country is also helping to propel the industry forward.
Due to the expanding industry requirement to transfer sensitive data between organisation branches located at different locations, major enterprises commanded more than 60% of the market share in China in 2019. Large companies can use managed file transfer systems to safely move essential data for business processes across many office locations. The demand for managed file transfer solutions will grow as cybersecurity hazards to critical company data become more prevalent. To obtain more control over file transfers, large companies are turning to cloud-based file transfer solutions.
Brazil's strict financial restrictions are boosting the market value of controlled file transfers
Because of the growing demand for a trustworthy and secure interchange of financial information, the BFSI market in Brazil is expected to develop at a CAGR of more than 15% by 2026. While transferring sensitive financial information, banking and other financial institutions require a high level of cybersecurity. The growing necessity to comply with various security rules on financial data would propel the market for managed file transfer solutions in the BFSI sector forward.
North America had the largest share of the market
Because of the increased demand for data governance and security in the region, the North American managed file transfer market gained over 35% of revenue share in 2019. Companies are deploying enhanced file transfer solutions as a result of increasing data breach occurrences while transferring sensitive data. Government officials in the region are enforcing rules and regulations that businesses must adhere to in order to protect client data. Managed file transfer solutions comply with a variety of standards and make it easier for small businesses with limited resources to compete.
The fundamental approach taken by leading market participants is the creation of novel solutions
To achieve a competitive advantage, market actors are focusing on innovative product development.
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