LONDON, April 03, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Secure File Transfer Global Market Report 2024, the secure file transfer market has demonstrated robust growth in recent years, with the market size projected to increase from $2.08 billion in 2023 to $2.28 billion in 2024, at a compound annual growth rate (CAGR) of 10.0%.
Anticipated Surge in Market Size
The secure file transfer market is expected to continue its strong growth trajectory, reaching $3.26 billion by 2028, with a CAGR of 9.3%. This secure file transfer market growth is fueled by the increasing number of network assaults, posing a significant threat to cybersecurity. These network assaults, perpetrated by cybercriminals, exploit vulnerabilities in secure file transfer protocols to gain unauthorized access to sensitive data or introduce malicious software. With the average cost of a data breach worldwide rising to $4.45 million in 2023, organizations are compelled to increase security investments, driving the demand for secure file transfer solutions.
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Technological Advancements Driving Market Growth
Companies operating in the secure file transfer market are focusing on technological advancements to address cybersecurity concerns. Blockchain-based private file-sharing services, such as TransferChain Send, offer highly secure and private large file-sharing services powered by zero-knowledge, end-to-end encryption, and blockchain-based technology. These services ensure the confidentiality of files during transfer, making them invaluable for businesses and individuals seeking to safeguard their information.
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Market Segmentation and Concentration
The secure file transfer market is segmented by type, deployment model type, enterprise, and industry vertical. The large enterprise segment accounted for the largest share of the secure file transfer market in 2023, reflecting the market's concentration among prominent players. The top ten competitors, including Axway India Private Limited, Microsoft Corporation, and International Business Machines Corporation (IBM), accounted for a significant portion of the market, demonstrating the competitive landscape's consolidation.
In conclusion, the secure file transfer market is poised for continued growth driven by the increasing prevalence of network assaults and the need for robust cybersecurity measures. With technological advancements and market consolidation, the landscape offers opportunities for innovation and expansion.
Secure File Transfer Global Market Report 2024 by The Business Research Company provides insights on the secure file transfer market size, secure file transfer market segments, secure file transfer market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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