Digitalization Of Business Environment, COVID-19 Spikes Demand For SFT Solutions & Adherence To Regulatory Compliance
DUBLIN, Feb. 18, 2021 /PRNewswire/ — The “Secure File Transfer – Global Outlook and Forecast 2020-2025” report has been added to ResearchAndMarkets.com’s offering.
The secure file transfer market by revenue is expected to grow at a CAGR of approx. 10% during the period 2020-2025.
The global market has majorly been affected by the outbreak of the COVID-19 pandemic. The demand for secure file transfer solutions has increased with the increase in remote working. Organizations in sectors such as IT, healthcare, BFSI, education sectors have increased online-based business operations with employees working from home.
Hence, the increase in remote working has increased the adoption of secure file transfer solutions, which help to prevent data leakages and information breaches. The adoption rate was high among education institutions during Q1 and Q2 2020 owing to the COVID-19 pandemic, resulting in the closure of schools and colleges. Moreover, the incorporation of new technologies such as big data and IoT is expected to drive application of secure file transfer solutions.
Global Secure File Transfer Market Segmentation
This research report includes a detailed segmentation by deployment model, enterprises, end-user, geography. The hybrid deployment model market is expected to reach $1.26 billion by 2025. The increasing use of SaaS applications in the enterprise environment is likely to make hybrid solutions easily integrated and quickly deployable. The shift from on-premises service providers to hybrid services is a major driver, contributing to the growth of hybrid solutions. A high level of compliance and security is another key factor responsible for the growth of the segment.
The increase in data volumes is prompting small and medium enterprises (SME) to adopt secure file transfer protocols with added security and integration features. Secure file services are likely to continue their dominance due to the growth of SMEs operating in retail, logistics, entertainment, real estate, and IT sectors. SMEs are likely to grow higher than large enterprises because of the growth in IT driving business growth through integrated communication and collaboration platforms at reduced operational expenditure. Government regulations and data privacy laws are expected to play a vital role in the deployment of file-sharing services in SMEs during the forecast period.
Healthcare, BFSI, legal services, and retail, media, and entertainment end-users are likely to emerge as the major contributors to the market by 2025.
The increased operational expenditure and initiatives toward the green environment are aiding the growth of the secure file transfer market. The automation of secure file transfer solutions aids in improving efficiency and supporting HIPAA regulatory requirements. On average, around 40% of information leaked in the healthcare sector is via employee mishandling of information. Hence, these solutions are likely to prevent information leakages and breaches, which is expected to increase the demand in the healthcare sector.
INSIGHTS BY GEOGRAPHY
North America comprises several Fortune 500 organizations, which operate across the US and Canada and require secure platforms for collaborations. Several SMEs are signing up for cloud-based and hybrid secure file transfer solutions due to security restrictions, increase in business data processing needs, mobility enablement, and compliance requirements.
The market is growing due to the increase in cloud-based communication and collaboration platforms. Large enterprises in the region are the major contributors to the growth of secure file transfer solutions. Large enterprises are likely to migrate to hybrid solution providers in the next five years. Financial and healthcare industries are the major contributors to the adoption of secure and compliant solutions.
INSIGHTS BY VENDORS
The increased focus to improve security, compliance, integration, and ease of use is increasing the demand for foolproof secure file transfer systems. Most vendors provide HIPPA, SOX, PCI DSS, and GDPR complaint solutions in the market. Vendors are aiming to enhance security of solutions due to the rise in cyber intrusions. The global secure file transfer market is highly competitive because of the presence of vendors such as Microsoft, Google, IBM, and Citrix. However, other pure-play and content management providers have also strengthened their presence in the market in the last few years.
KEY QUESTIONS ANSWERED
- What are the expected revenue growth and growth rate for the market during the forecast period?
- What is the growth projection of the hybrid secure file transfer segment?
- Who are the leading players in the secure file transfer market?
- Which region is likely to lead the secure file transfer market by revenue?
- What is the impact of the COVID-19 pandemic on the secure file transfer market share?
- Saison Information Systems (HULFT)
Other Prominent Vendors
- ArcESB International
- Amazon Web Services
- Befine Solutions AG (Cryptshare)
- Coviant Software
- Egress Software Technologies
- Open Text
- South River Technologies
- Thru Inc.
- Vandyke Software
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
8 Market Opportunities & Trends
8.1 Higher Adoption Of Cloud-Based Collaboration Platforms
8.2 Growth In Data Volumes
8.3 Automation & End-To-End Monitoring Of File Transfer
9 Market Enablers
9.1 Digitalization Of Business Environment
9.2 COVID-19 Spikes Demand For SFT Solutions
9.3 Adherence To Regulatory Compliance
10 Market Restraints
10.1 Lack Of Awareness
10.2 Existence Of Unsecured And Traditional File Transfer Solutions
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis
12 Deployment Model
12.1 Market Snapshot & Growth Engine
12.2 On-Premises Secure File Transfer
12.3 Cloud-Based Secure File Transfer
12.4 Hybrid Secure File Transfer
13.1 Market Snapshot & Growth Engine
13.3 Large Enterprises
14.1 Market Snapshot & Growth Engine
14.2 Banking, Financial Services, And Insurance (BFSI)
14.3 Healthcare Sector
14.4 Legal Sector
14.5 Retail, Media, And Entertainment Sector
14.6 Manufacturing, Transportation And Logistics Sector
14.7 Government Agencies
14.8 Education Sector
14.9 Other Sectors
15.1 Market Snapshot & Growth Engine
For more information about this report visit https://www.researchandmarkets.com/r/u19tud
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets