Future of Managed File Transfer Software
The future of managed file transfer looks bright. According to some estimates, the global market for managed file transfer (MFT) software is growing at an annual rate of 10.2 percent and is expected to reach $3.12B by the end of 2030. The industry’s growth is concurrent with an increase in the number of regulations requiring security and privacy protections on consumer, financial, medical, and other sensitive data. As such protection grow more robust (and as the penalties for failing to comply grow more expensive), more and more companies are embracing the benefits of MFT software, such as the increased security and visibility during file transfers, automations that minimize the chance of human error, and the integral use of encryption and secure protocols like OpenPGP and SFTP to protect data at rest and in transit.
It also helps that secure managed file transfer software is a mature and trusted technology, easy to use, and a proven performer. These factors, along with a thriving global digital business ecosystem, are stimulating growth for MFT software worldwide.
Centralized Visibility for Secure File Transfers
Coviant Software’s Diplomat MFT family of products is one of the platforms contributing to the market’s growth. Diplomat MFT is a high performing managed file transfer offering that gives our customers a full suite of features to securely, reliably, and automatically handle all of their file transfer needs. And we give you real-time visibility and an easy-to-use user and administrator interface. Diplomat MFT also includes features such as:
- Easy workflow development, maintenance, and monitoring;
- Full audits on all transfers and system configuration;
- Delegated, role based administration;
- File archiving and retention;
- Enterprise workflow scheduler; and,
- Automatic job status alerts over chosen channels like email, Slack, and Teams.
These features are especially important for maintaining compliance with government regulations such as the California Consumer Privacy Act (CCPA), the EU’s General Data Protection Regulation (GDPR), HIPAA in the healthcare industry, and security standards like the Payment Card Industry Digital Security Standard (PCI-DSS). With more regulations expected, demand for MFT is certain to increase as organizations invest in the tools needed to protect financial and healthcare privacy, keep trade secrets secure, and avoid embarrassing data breaches.
Diplomat MFT is the only MFT Vendor to fully support TLS 1.3.
A cost-effective investment in Diplomat MFT can alleviate worries of regulatory violations and potential monetary losses due to inadequate secure file transfer. It can also eliminate the burden of developing and maintaining your own scripts for handling OpenPGP encryption, encryption key management, and unreliable file transfers via SFTP.
Diplomat MFT centralizes the entire process and workflow for you. That’s why one of our customers said:
– Ferris Rezvani, Experian Interactive
Simple Data and CyberSecurity
It’s probably not a coincidence that the MFT market is on the rise when you consider that security breaches have increased by 11% since 2018, and 67% since 2014, according to Accenture. Organizations that suffer a breach often look to invest in products that they realize, in hindsight, could have prevented the loss in the first place. That’s why, in case of an issue occurring during the file transfer process, Diplomat MFT gives users complete control of their files.
With one click, users are able to suspend secure file transfers if a PGP key, secure FTP account, or other network components are compromised. In fact, in most cases Diplomat MFT is able to spot and correct technical problems, or automatically suspend the transfer until the problem is mitigated. This level of real-time visibility of all secure file transfer jobs enables organizations to:
- Correct transient problems by automatically troubleshooting and re-attempting failed steps; and,
- Quickly notify you if a complex problem occurs during the secure file transfer process.
Inbound file transfers from business partners are also under protection with Diplomat MFT because the software can also be deployed at your business partner’s site. Thus, separate solutions for PGP encryption and secure file transfer are not required. There is no need to run the risk of possibly having outbound ePHI files reside outside the firewall on transport servers, such as FTP, web, or email servers since Diplomat MFT can manage file transfers in both directions.
Engineered for Your Needs
Managed file transfer software is a useful and potent technology that continues to prove its value as the business world becomes more interconnected. Diplomat MFT is engineered to meet your organization’s unique file transfer requirements, is easy to use, and is the best value in the industry. We’ve got the awards to prove it.
But don’t just take our word for it. See for yourself and Try Diplomat Managed File Transfer for free. Or schedule a demo so we can show you how it can save you time and money, while increasing security. It’s never too late to join the MFT trend, but we think you’d rather do it to help prevent a breach rather than because you suffered one.
Useful Articles & MFT Solutions
Automating, Securing, and Simplifying Secure File Managed Transfers
Automate PGP & SFTP
With our easy-to-use software, you can automate the PGP encryption and decryption process, ensuring that your files remain secure throughout the transfer process.
By automating critical elements of the secure file transfer management process, Diplomat MFT can play a vital role in your data privacy and information security program for managing PHI.
How to Automate FileZilla
Filezilla does not provide any way to automate file transfers, but you can import your FileZilla Site Manager data into Diplomat MFT to effortlessly automate your transfers.
Exchanging files with Workday with SFTP
Diplomat MFT can help you to automate your regular file transfers with workday, such as payroll and timesheet data. By automating your Workday transfers, you will save time on repeated manual processes and avoid the risk of human errors.
What are some trends that are impacting the future of the managed file transfer market?
Increased Adoption of Cloud-Based MFT:
Cloud-based MFT solutions were gaining popularity due to their scalability, flexibility, and cost-effectiveness. This trend was expected to continue as businesses sought to leverage cloud infrastructure.
Enhanced Security and Compliance:
With a growing emphasis on data security and compliance, MFT solutions were incorporating advanced encryption, access controls, and audit capabilities to meet stricter regulatory requirements.
Integration with Workflow Automation:
MFT systems were increasingly integrated with workflow automation tools to streamline end-to-end processes, enabling organizations to automate more complex tasks.
The ability to access and manage file transfers via mobile devices was becoming more important, reflecting the need for flexibility and remote work capabilities.
AI and Machine Learning Integration:
AI and machine learning technologies were being integrated into MFT solutions to improve predictive analytics, anomaly detection, and process optimization.
Many organizations were opting for hybrid MFT deployments, combining on-premises and cloud-based solutions to meet specific business and security requirements.
Managed Services and Outsourcing:
Managed services for MFT were on the rise, allowing businesses to offload the management and maintenance of their MFT solutions to third-party providers.
As businesses expanded globally, MFT solutions were being used to facilitate cross-border file transfers, currency conversions, and compliance with regional regulations.
The MFT market was witnessing vendor consolidation, with larger players acquiring smaller companies to expand their product offerings and customer base.
MFT vendors were developing industry-specific solutions tailored to the unique needs of sectors like healthcare, finance, and manufacturing.
Interoperability and Standards:
Efforts to establish interoperability standards and protocols for MFT were ongoing, making it easier for different systems to communicate and transfer files securely.
Rise of Edge Computing:
With the growth of edge computing, MFT was being adapted to support file transfers to and from edge devices, enabling real-time data processing at the edge of networks.
What are some tips for keeping up-to-date on the anticipated changes to the future of the managed file transfer industry?
To find up-to-date information on the Managed File Transfer (MFT) market, including predictions and trends for 2023 and beyond, you can follow these steps:
Look for recent industry reports and market research studies on MFT. Research firms like Gartner, Forrester, IDC, and MarketsandMarkets regularly publish reports on the state of the MFT market, future trends, and predictions.
News and Technology Websites:
Check technology news websites and blogs for articles and insights on the MFT market. Websites like TechCrunch, CIO, and ZDNet often cover industry trends and emerging technologies.
MFT Vendor Websites:
Visit the websites of leading MFT software vendors. Many of them publish whitepapers, case studies, and blog posts that provide information about current trends and predictions in the MFT space.
Industry Conferences and Webinars:
Attend industry conferences, webinars, and virtual events related to file transfer and data management. These events often feature expert speakers who discuss the latest trends and innovations.
LinkedIn and Professional Networks:
Join LinkedIn groups and professional networks related to file transfer, data security, and IT management. Engaging in discussions with industry professionals can provide valuable insights.
Consult Industry Experts:
Reach out to industry experts and consultants who specialize in MFT. They may offer consulting services or be willing to provide insights into the current market landscape.
MFT Software Vendor Demos and Trials:
Consider requesting product demos or trials from MFT software vendors. This will give you first-hand experience with their latest features and capabilities.
Market Analysis Reports:
Explore reports from financial and market analysis firms that cover the technology sector. These reports often include market trends and forecasts for specific technology segments, including MFT.
Blogs and Thought Leadership:
Follow blogs and thought leaders in the MFT space. Many experts share their opinions and insights on blogs, podcasts, and social media platforms.
Attend industry-related networking events and connect with professionals in the field. Conversations with peers can provide valuable real-world perspectives on market trends.
Consider joining professional associations related to data management, file transfer, or IT security. These associations often provide access to resources and events that focus on industry trends.
Some subscription-based services provide in-depth market analysis and trend reports. You may consider subscribing to such services for access to the latest information.
Remember that the MFT market is dynamic, and trends can change rapidly due to technological advancements, security concerns, and evolving business needs. By staying informed through various sources and engaging with industry experts, you can gain valuable insights into the current and future state of the MFT market.