Cloud MFT Services Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.04 Billion |
| Market Size (2029) | USD 3.22 Billion |
| CAGR (2024 - 2029) | 9.59 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cloud MFT Services Market Analysis
The Cloud MFT Services Market size is estimated at USD 2.04 billion in 2024, and is expected to reach USD 3.22 billion by 2029, growing at a CAGR of 9.59% during the forecast period (2024-2029).
Various factors, such as globalization, virtualization, and digitalization, are creating a huge volume of business data that needs to be exchanged or shared within or outside an organization, which is driving the market forward.
- A few key market growth drivers for cloud MFT services are expanding cloud computing services and fierce corporate competition. The cloud MFT services market is increasing due to ongoing innovation and the deployment of cutting-edge technologies. In addition, it has been noted recently that most businesses are implementing advanced enterprise software for business transformation. To secure enterprise data, companies are also embracing new data transport technologies. Such elements are stifling the global market for cloud MFT services.
- The sharing of information is becoming more complex, with file sizes also increasing. Therefore, there is an increasing demand for secure and efficient file transfer solutions. The cloud-based MFT has been proven to be a good solution for safe and secure file transfer, catering to the needs of businesses today.
- High information leaks across enterprises, the rising need to reduce costs of data exchange, increased awareness of risks associated with FTP, the need for stronger governance and security, and the need for new financial reporting requirements are some of the key factors boosting the demand for cloud-based MFT services.
- The increasing need for secure, consistent, and compliant file transfer solutions for the smooth operations of organizations is considered as the major driver for this market. Considering an MNC, having globally-dispersed teams depend on fast and secure data exchange irrespective of the data size in order to allow project collaboration in real-time. This dependency raises the need for cloud MFT services, thus driving the market.
- The COVID-19 epidemic was a significant game changer for this necessary storage and support, even if cloud-based business solutions have long played an essential part in the corporate sector. Workers were sent home in large numbers as the virus spread, and social withdrawal became the norm. This new telecommuting army caused a huge increase in demand for cloud-based file transmission, storage, and security solutions. Businesses that needed help managing a predominantly remote workforce realized the unexpected rise in demand for cloud MFT services was problematic.
Cloud MFT Services Market Trends
Hybrid Cloud to Witness High Growth
- A hybrid cloud system is a cloud computing environment that uses both private and public cloud systems depending upon the workload and sensitivity. Organizations can depend on private clouds for sensitive and critical workloads and use public clouds with less sensitive workloads.
- Further, using a hybrid environment to store secure backups of critical data in a location that is less susceptible to natural catastrophes, power outages, or other factors that lead to server downtime. Most cloud computing solutions run distant servers across various regions, so a company can relax knowing its data is accessible and secure in another location, even if one site goes down.
- In addition, public clouds are cost-effective and offer more flexibility. Hence, hybrid systems are preferred by many organizations mostly because of these advantages. As enterprises only pay for the public cloud whenever they use it, therefore, they can depend on a private cloud during normal operations and can use public clouds during a spike in computing power requirements. All these advantages are driving organizations to opt for hybrid cloud solutions, hence driving the market.
- Moreover, increasing episodes of cybercrimes through hacking, malware infection, phishing, and information spillages, among others, have made a requirement for security crucial amid these document exchange forms.
North America Occupies the Largest Market Share
- The North American region is expected to hold the highest market share. North America is seen as a significant business sector for overseeing record exchange arrangements, as a large number of key players are headquartered in this region. The interest in cloud-based MFT solutions keeps on developing in this region with rising area-specific compliances.
- According to a global cloud services assessment, 70% of all IT infrastructure will be cloud-based within two to three years. Typical businesses experience a 12% post-migration decrease in IT infrastructure costs.
- The increasing information ruptures in segments, like government and BFSI, have boosted the need for information security in this region. Interest in MFT solutions is expected to further rise, owing to the development of the Internet of Things (IoT), which is relied upon to produce a gigantic measure of information to be exchanged among gadgets and associations.
- Moreover, the market in the United States is growing because it is home to some of the largest players in the market and is a pioneer in the adoption of advanced technologies, like 3D printing, IoT, and Big data technologies.
Cloud MFT Services Industry Overview
The cloud MFT services market is semi-consolidated, with the major players adopting strategies, like product and technological innovations and mergers and acquisitions, to stay ahead of the competition. Some of the key players in the market are IBM Corporation, CA Technologies, Inc., and Oracle Corporation, among others.
In May 2023, IBM Corporation has Announced Launch of IBM Hybrid Cloud Mesh inorder to help the Enterprises Regain Control of their Multicloud Infrastructure, where In order to enable modern enterprises to operate their infrastructure through hybrid multicloud and heterogeneous environments, the Hybrid Cloud system is designed for automation of processes, management and observability in application connectivity across public and private clouds.
In September 2022, Numerous new features and integrations will be included in Control-M 21 that will reinforce an organization's orchestration architecture, boost operational effectiveness, and enhance internal customer self-service and collaboration.
Cloud MFT Services Market Leaders
IBM Corporation
Broadcom Inc. (CA Technologies Inc.)
Oracle Corporation
Citrix ShareFile
Software AG
*Disclaimer: Major Players sorted in no particular order
Cloud MFT Services Market News
- May 2023 : IBM has announced it has acquired Polar Security, an IBM Security Guardium will provide safety teams with a secure data security platform covering all types of data in any location that stores it, via SaaS, on premises and public cloud environments by integrating Polar Security's DSPM technology.
- December 2022: Enterprises may now store their mainframe data anywhere they desire, including the Cloud, thanks to a new solution made available today by Broadcom Inc. This company develops corporate software for critical infrastructure. With the help of Broadcom's CA 1 Flexible Storage solution, users may achieve significant cost savings and ransomware protection while storing mainframe data in safe, affordable mainframe solutions for hybrid IT environments.
- October 2022: Oracle unveiled Oracle Alloy, a new cloud infrastructure platform that enables service providers, integrators, independent software suppliers (ISVs), and other businesses like financial institutions or telecom providers to provide new cloud services for their clients.
Cloud MFT Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Market Definition and Scope
1.2 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Stakeholder Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Introduction to Market Drivers and Restraints
5.2 Market Drivers
5.2.1 Increased demand for Hybrid Cloud services
5.2.2 Increasing Need for Secure File Transfer
5.2.3 Need for Reducing Data Transfer Costs and Maintain Corporate Agility
5.3 Market Restraints
5.3.1 Heavy Dependence on Legacy FTPS and Stiff Competition from Competitors
5.4 Impact of Covid-19 on Overall Market
6. KEY TECHNOLOGY INVESTMENTS
6.1 Cloud Technology
6.2 Artificial Intelligence
6.3 Cyber Security
6.4 Digital Services
7. MARKET SEGMENTATION
7.1 By Cloud Type
7.1.1 Public
7.1.2 Private
7.1.3 Hybrid
7.2 By End-user Industry
7.2.1 Government
7.2.2 Retail
7.2.3 Manufacturing
7.2.4 Energy Utility
7.2.5 Telecommunication
7.2.6 BFSI
7.2.7 Other End-user Industries
7.3 Geography
7.3.1 North America
7.3.1.1 United States
7.3.1.2 Canada
7.3.2 Europe
7.3.2.1 Germany
7.3.2.2 UK
7.3.2.3 France
7.3.2.4 Spain
7.3.2.5 Rest of Europe
7.3.3 Asia-Pacific
7.3.3.1 China
7.3.3.2 Japan
7.3.3.3 India
7.3.3.4 Australia
7.3.3.5 Rest of Asia-Pacific
7.3.4 Latin America
7.3.4.1 Brazil
7.3.4.2 Mexico
7.3.4.3 Argentina
7.3.4.4 Rest of Latin America
7.3.5 Middle East and Africa
7.3.5.1 UAE
7.3.5.2 Saudi Arabia
7.3.5.3 South Africa
7.3.5.4 Rest of Middle East and Africa
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 IBM Corporation
8.1.2 Axway Software
8.1.3 Citrix ShareFile
8.1.4 Ipswitch File Transfer
8.1.5 Tibco Software
8.1.6 Hightail
8.1.7 Saison Information System Co., Ltd
8.1.8 Broadcom Inc. (CA Technologies Inc.)
8.1.9 Oracle Corporation
8.1.10 Accellion, Inc.
8.1.11 Software AG
- *List Not Exhaustive
9. INVESTMENT ANALYSIS
10. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cloud MFT Services Industry Segmentation
Managed file transfer (MFT) in the cloud is a way for organizations to share business files point to point, quickly, reliably, and securely to and from clouds, regardless of their size.
The cloud MFT services market is segmented by cloud type (public, private, and hybrid), end-user industry (BFSI, retail, government, and telecommunication), and geography (North America (United States, Canada), Europe (Germany, United Kingdom, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia Pacific), and Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Cloud Type | |
| Public | |
| Private | |
| Hybrid |
| By End-user Industry | |
| Government | |
| Retail | |
| Manufacturing | |
| Energy Utility | |
| Telecommunication | |
| BFSI | |
| Other End-user Industries |
| Geography | |||||||
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Cloud MFT Services Market Research FAQs
How big is the Cloud MFT Services Market?
The Cloud MFT Services Market size is expected to reach USD 2.04 billion in 2024 and grow at a CAGR of 9.59% to reach USD 3.22 billion by 2029.
What is the current Cloud MFT Services Market size?
In 2024, the Cloud MFT Services Market size is expected to reach USD 2.04 billion.
Who are the key players in Cloud MFT Services Market?
IBM Corporation, Broadcom Inc. (CA Technologies Inc.), Oracle Corporation, Citrix ShareFile and Software AG are the major companies operating in the Cloud MFT Services Market.
Which is the fastest growing region in Cloud MFT Services Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cloud MFT Services Market?
In 2024, the North America accounts for the largest market share in Cloud MFT Services Market.
What years does this Cloud MFT Services Market cover, and what was the market size in 2023?
In 2023, the Cloud MFT Services Market size was estimated at USD 1.86 billion. The report covers the Cloud MFT Services Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cloud MFT Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cloud MFT Services Industry Report
Statistics for the 2024 Cloud MFT Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cloud MFT Services analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
