Managed file transfer is a platform that allows organizations to exchange electronic data between systems and people in a secure way. The platform uses different methods to provide security to data transferred, it involves using data layer encryption to protect the content of data, and transport layer encryption to ensure secure transfer.
The importance of managed file transfer platforms is continuously increasing due to rising security concerns. Many players in the market are continuously working towards providing more secure platforms through product improvements. In January 2023, Axway announced the release of Q4 2022 Axway Managed File Transfer (MFT) with improved security related capabilities and better user experience.
The shift towards use of cloud and growing demand for more secure platforms to reduce the risk of cyber attacks is likely to drive the growth of this market. According to an article released in The Wire in March 2022, the Ministry of Electronics and Information Technology released a data which suggests 42 incidents of data leak and 142 incidents of data breach were observed in India in span of previous five years. Another article by World Economic Forum released in March 2023 suggests, around 1,774 cases of organizational data compromises were observed in 2022 which impacted 392 million people across the globe. These increasing incidents of cyber attacks and data breaches can create opportunities for the development of more secure MFT platforms.
Moreover, the COVID-19 pandemic has impacted how organizations operate. The need to work in remote environments to avoid direct human contact has encouraged people to increase the use of technology and shift to cloud based systems. As per a report published by IBM Corporation, in September 2020, 64% of businesses have shifted to more cloud-based business activities during the COVID-19 pandemic. This rising trend of adopting cloud-based systems can create further opportunities in this market. However, the lack of awareness and cost involved in adoption of such a technologically advanced solutions can hinder the growth of managed file transfer market.
Key players in the market are adopting strategies like developing new and improved products, mergers and acquisitions, partnerships, and expansion to strengthen their position in the market. In January 2020, GlobalSCAPE announced launch of Enhanced File Transfer 2020. The new solution provides additional security in the form of passcode-protected pickups and file expirations. Another software solution provider, BMC, in September 2022, announced a new platform for cloud data services and open-source integration. The launch of new products will help companies to strengthen their automation capabilities and add better products to their portfolio.
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