Cloud MFT Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cloud MFT Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cloud MFT Services market was valued at USD 939.45 million in 2020 and is expected to reach USD 1716.7 million by 2026 and work at a CAGR of 10.57% over the forecast period (2021-2026). 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.

Key Highlights

• The sharing of information is becoming more complex, with the 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, rising need to reduce costs of data exchange, increased awareness of risks associated with FTP, 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 the 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.

Key Market TrendsHybrid Cloud to Witness High Growth

• Hybrid cloud systems is a cloud computing environment, which uses both private and public cloud systems depending upon the workload and sensitivity. Organizations can depend on private cloud for sensitive and critical workloads and use public clouds with less sensitive workloads.
• 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 oversaw 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.
• The increasing information ruptures in segments, like government and BFSI, have boosted the need for information security in this region. Interest in MFT solution 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.

Competitive Landscape

The cloud MFT services market is moderately concentrated 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.

• June 2019 - Microsoft Corporation and Oracle Corporation announced a cloud interoperability partnership, enabling customers to migrate and run mission-critical enterprise workloads across Microsoft Azure and Oracle Cloud. Enterprises can now seamlessly connect Azure services, like Analytics and AI, to Oracle Cloud services, like Autonomous Database.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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