Secure File Transfer Global Market Opportunities and Strategies to 2033

This report describes and explains the secure file transfer market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global secure file transfer market reached a value of nearly $2.2 billion in 2023, having grown at a compound annual growth rate (CAGR) of 8.6% since 2018. The market is expected to grow from $2.2 billion in 2023 to $3.3 billion in 2028 at a rate of 8%. The market is then expected to grow at a CAGR of 8.5% from 2028 and reach $4.9 billion in 2033.

Growth in the historic period resulted from the rising data safety concerns, increased internet penetration, increased smart device penetration. Factors that negatively affected growth in the historic period were lack of cybersecurity awareness, high costs.

Going forward, rising network assaults, increasing demand for cloud-based technologies, growing digitization, rising shift towards remote work will drive the growth. Factors that could hinder the growth of the secure file transfer market in the future include complexity of secure file transfer solution deployment, lack of technical expertise.

The secure file transfer market is segmented by type into business to business, accelerated transfer, ad hoc and other types. The business-to-business market was the largest segment of the secure file transfer market segmented by type, accounting for 39.8% or $886.5 million of the total in 2023. Going forward, the accelerated transfer segment is expected to be the fastest growing segment in the secure file transfer market segmented by type, at a CAGR of 9.8% during 2023-2028.

The secure file transfer market is segmented by deployment model into on-premises, cloud and hybrid. The cloud market was the largest segment of the secure file transfer market segmented by deployment model, accounting for 52.6% or $1.2 billion of the total in 2023. Going forward, the cloud segment is expected to be the fastest growing segment in the secure file transfer market segmented by deployment model, at a CAGR of 9.2% during 2023-2028.

The secure file transfer market is segmented by enterprise into small and medium and large. The large market was the largest segment of the secure file transfer market segmented by enterprise, accounting for 67.6% or $1.5 billion of the total in 2023. Going forward, the large segment is expected to be the fastest growing segment in the secure file transfer market segmented by enterprise, at a CAGR of 8.8% during 2023-2028.

The secure file transfer market is segmented by industry vertical into banking, financial services and insurance (BFSI), healthcare, manufacturing, logistics, retail, media and entertainment, IT and telecommunication, government and other industry verticals. The banking, financial services and insurance (BFSI) market was the largest segment of the secure file transfer market segmented by industry vertical, accounting for 24.4% or $543.9 million of the total in 2023. Going forward, the retail segment is expected to be the fastest growing segment in the secure file transfer market segmented by industry vertical, at a CAGR of 10.6% during 2023-2028.

North America was the largest region in the secure file transfer market, accounting for 37.3% or $831.2 million of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the secure file transfer market will be Asia Pacific and South America where growth will be at CAGRs of 10% and 9.8% respectively. These will be followed by Middle East and Africa where the markets are expected to grow at CAGRs of 9.4% and 9.2% respectively.

The global secure file transfer market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 33.9% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Axway India Private Limited was the largest competitor with a 8.2% share of the market, followed by Microsoft Corporation with 7.6%, International Business Machines Corporation (IBM) with 7.5%, Box Inc. with 4.8%, Progress Software Corporation with 1.8%, SolarWinds Worldwide LLC with 1.3%, BlackBerry Limited with 1.2%, Google LLC with 0.7%, Egnyte Inc. with 0.5% and Saison Information Systems Co Ltd. with 0.3%.

The top opportunities in the secure file transfer market segmented by type will arise in the business-to-business segment, which will gain $1.3 billion of global annual sales by 2028. The top opportunities in the secure file transfer market segmented by enterprise will arise in the large segment, which will gain $2.3 billion of global annual sales by 2028. The top opportunities in the secure file transfer market segmented by industry vertical will arise in the banking, financial services and insurance (BFSI) segment, which will gain $849.1 million of global annual sales by 2028. The secure file transfer market size will gain the most in USA at $270.3 million.

Market-trend-based strategies for the secure file transfer market include Innovating secure file transfer solutions with AI-powered advancements, transforming secure file transfer with blockchain-based private sharing services, fostering advanced file security solutions through strategic partnerships, enhancing data security through zero-trust file sharing technology, revolutionizing file sharing with mobile-friendly secure transfer solutions.

Player-adopted strategies in the secure file transfer market include focus on strategic partnerships to better serve the industry and to strengthen their position, focus on strengthening its operational capabilities through new product developments, focus on enhancing its business operations through strategic partnerships.

To take advantage of the opportunities, the analyst recommends secure file companies to focus on AI-powered innovations for enhanced secure file transfer, focus on blockchain-powered secure file sharing solutions, focus on zero-trust sharing technology for enhanced security, focus on business-to-business and accelerated transfer segments, focus on cloud-based solutions, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for advanced file security, provide competitively priced offerings, continue to use B2B promotions and focus on BFSI and retail segments.