Managed File Transfer Software and Service Market Size
Managed file transfer is a category of software that enables the transfer of files inside the organization or between numerous organizations. This method is a fast, reliable, secure, and clear way of exchanging data with additional features such as tracking and monitoring. MFT delivers a more safe method of file transfer than usual file transfer protocol (FTP) and generally comprises an interface and functionality that enables visibility and control. As a result, one can determine the loss of data from a specific point and also obtain an acknowledgment after the effective completion of the file transfer process. With the introduction of digitalization, companies are becoming heavily dependent on the successful transmission of digital files bearing critical information. Protecting data in today’s exceedingly regulated and growing data landscape necessitates a proactive approach. It means evaluating your business’s current system of data management and security policies to certify that you meet current and imminent compliance regulations and mandates. It also means that you must diminish or eradicate system susceptibilities that are often a result of inadequate security practices and system inefficiencies. Therefore, this transmission should be secure, reliable, and fast to run the business process smoothly in real time. Demand for proficient and competent file transfer has been growing in the past couple of years. A parallel trend is estimated to grow over the next five to six years. Demand for Managed File Transfer (MFT) Software & Service is expected to be driven by growing demand from the banking sector and augmented spending on research and development.
There are three kinds of managed file transfer software, which comprise system-centric file transfer, extreme file transfer, and people-centric file transfer. Furthermore, the managed file transfer software and services market is allocated in terms of type and vertical. Based on the type, the managed file transfer software and services market is divided into software and services. Software is offered by market players in three different models, namely system-centric file transfer, people-centric file transfer, and extreme file transfer software. Services include consulting, implementation & integration, and maintenance services. The factors persuading the global managed file transfer software and services market are compulsory government protocols, growing demand from enterprises through diverse industry verticals, the augmented concern for safety and security, the growing globalization of businesses, and others. The advantages provided by managed file transfer over standard FTP, such as management of enormous data volumes and enhanced visibility over the file transfer process, are major factors anticipated to fuel the need for MFT software and services over the near future.
In the BFSI (banking, financial services, and insurance) industry, picking a managed file transfer solution is somewhat abridged as FTP alone is not enough to meet the necessary regulatory and acquiescence requirements. Companies convoluted in banking, finance, and insurance must validate that they can tackle personally identifiable information (PII) and especially financial transactions in a method that shields all sensitive data and allows complete traceability through country boundaries (given the worldwide nature of the financial processing system). MFT also offers efficiency and scalability benefits. It helps companies keep business processes in motion, even as their file transfer workflows grow in complexity, size, and volume. When stringent SLAs are in place, MFT keeps data moving, instead of being subdued by ineffectual, manual processes or an intransigent IT infrastructure.
Manual data transfer procedures are susceptible to manpower restrictions and subject to human error, making them incompetent and often undependable. Programming your data transfers can decrease or eradicate the need for manual file exchanges and free up your resources for more ground-breaking endeavors. Globalscape’s MFT solution, Enhanced File Transfer (EFT), features a file transfer scheduler that can automate data transfers, taking the manual file exchange burden off of distinct team members. System complications in a data transfer platform reasons more than just a little staff annoyance. It could be risking consumer’s business precious time and resources while setting you up for damaging security risks and downtimes.
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Global Managed File Transfer (MFT) Software and Service Market, By Solution (Application Centric, People-Centric, Ad-hoc), By Service (Consulting, System Integration, Support and Maintenance), By Deployment (On-premises, Cloud) - Forecast 2022Industry InsightAs COVID 19 fears are blowing up, Market Research Future finds in its study that the Global Managed File Transfer Software and Service Market 2020 might see a bright future and expand at a CAGR of approximately 11% during the forecast period 2016-2022.
Thus, through the study, MRFR predicted that that market might go high with USD 1750 million by the end of 2022.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2446Top Impacting FactorsManaged file transfer works as a type of software that allows the files to transfer in an organization or between multiple organizations.
Consequently, one can discover the loss of data from a precise point and also receive an acknowledgment after the successful completion of a file transfer process.
Thus, with the advent of digitalization, companies are becoming heavily dependent and active on the successful transmission of digital files having critical information.
A comparable trend is likely to continue during the next five to six years, thus creating many opportunities for the market to bring in.
In fact, during COVID-19 breakthrough, the market is witnessing steady growth as companies globally are using managed file transfer software and service in a dignified way to conduct businesses properly while on ‘work from home mode.’MRFR indicates promising growth prospects for the global managed file transfer software and service market with evolving factors such as the expanse of the online banking sector that has been motivating managed file transfer software and services demand.
Managed File Transfer (MFT) Software and Service MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Managed File Transfer (MFT) Software and Service Market.
The growth sectors of the Managed File Transfer (MFT) Software and Service Market are identified with precision for a better growth perspective.Managed File Transfer (MFT) Software and Service can be defined as a type of software which is used to provide secure internal, external and ad-hoc data transfers through a network.
The software and products are designed to help organizations meet the increasing demand for security, compliance and operational demands of moving information.The software is used for business automation, along with reporting and non-repudiation.
MFT solution helps to simplify management and ensure regulatory compliance while supporting all current security standards and methodology such as SSL encryption.The key drivers contributing to the growth of managed file transfer software and service market are online banking, increasing rates of device thefts, data hacking, innovation and acceptance of cloud technology.
Also, rapid digitization of the organizational processes across different sectors is boosting the overall growth of the market.
However, cyber security attack is a factor which is hindering the overall growth of the market.Managed File Transfer (MFT) Software and Service MarketFor the purpose of this study, Market Research Future has segmented the market of managed file transfer software and service t into solution, service and deployment.By Solution- Application centricPeople-centricAd-hocBy Service- Consulting,System IntegrationSupport and MaintenanceBy Deployment-On-premisesCloud-basedBy Region-North-AmericaEuropeAsia-PacificRoWOut of these, cloud based managed file transfer solutions accounted for the largest market share majorly due to the gaining traction among small and medium businesses as they face the challenge of affordability of the infrastructure required for an on-premises implementation.The key players of global managed file transfer software and service report include Axway (U.K.), IBM Corporation (U.S.) Attunity Ltd (Israel) , Ipswitch, Inc (U.S), GlobalSCAPE, Inc (U.S.), Accellion (U.S.), Coviant Software Corporation (U.S.), OpenText (Canada), Saison Information Systems co.,ltd.
Managed File Transfer Software and Service MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Managed File Transfer Software and Service Market.
The growth sectors of the Managed File Transfer Software and Service Market are identified with precision for a better growth perspective.Managed File Transfer (MFT) Software and Service can be defined as a type of software which is used to provide secure internal, external and ad-hoc data transfers through a network.
The software and products are designed to help organizations meet the increasing demand for security, compliance and operational demands of moving information.The software is used for business automation, along with reporting and non-repudiation.
MFT solution helps to simplify management and ensure regulatory compliance while supporting all current security standards and methodology such as SSL encryption.The key drivers contributing to the growth of managed file transfer software and service market are online banking, increasing rates of device thefts, data hacking, innovation and acceptance of cloud technology.
Also, rapid digitization of the organizational processes across different sectors is boosting the overall growth of the market.
However, cyber security attack is a factor which is hindering the overall growth of the market.Managed File Transfer (MFT) Software and Service MarketFor the purpose of this study, Market Research Future has segmented the market of managed file transfer software and service t into solution, service and deployment.By Solution- Application centricPeople-centricAd-hocBy Service- Consulting,System IntegrationSupport and MaintenanceBy Deployment-On-premisesCloud-basedBy Region-North-AmericaEuropeAsia-PacificRoWOut of these, cloud based managed file transfer solutions accounted for the largest market share majorly due to the gaining traction among small and medium businesses as they face the challenge of affordability of the infrastructure required for an on-premises implementation.The key players of global managed file transfer software and service report include Axway (U.K.), IBM Corporation (U.S.) Attunity Ltd (Israel) , Ipswitch, Inc (U.S), GlobalSCAPE, Inc (U.S.), Accellion (U.S.), Coviant Software Corporation (U.S.), OpenText (Canada), Saison Information Systems co.,ltd.
According to the Research Report Insights (RRI) report, the global market for MFT software and service market was valued at over US$ 1157 Million in 2015. In addition, the market is expected to reach US$ 2,071.94 Million by the end of 2025, expending at 6% CAGR.
MFT is a fast, reliable, transparent and secure mode of exchanging large and heavy information or intellectual property between or within organizations. Industries that require critical data privacy such as the banking and financial institutions incorporate MFT solution for safe operational workflow. In other words, MFT prevents leak or theft of confidential data. Business and organizations are rapidly adopting to MFT solutions in order to secure their digital or virtual working platforms.
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Presently, the global market for MFT software and service is growing due to the ever increasing number customer opting for online banking. Over the recent past, the banking system has witnessed immense advancement in technology, especially in developed regions such as Western Europe and North America. This, in turn, has led to higher vulnerability to cyber-attacks and raising concerns over data hacking. Moreover, superior advanced technology of MFT software compared to FTP is expected to fuel the overall market growth of MFT software and service
Based on verticals, the global market for MFT software and service has been segmented into media & entertainment, Banking, Financial Service & Insurance (BFSI), telecommunication, manufacturing, retail, and others (marketing & advertising, energy & utility, and government). Amongst these, the MFT in the banking, financial service & insurance segment is expected to witness a substantially higher demand from the other segments. By 2025, the segment is anticipated to account for over 21% share of the vertical segment in terms of value. RRI indicates that the segment is expected to witness a healthy CAGR over the forecast period.
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Based on software, the global market for MFT software and service is segmented into system-centric, extreme, people-centric file transfer. The system-centric file transfer is expected to be the leading segment and is anticipated to account for over 71% share of the market in terms of revenue by the end of 2025.
By service, the global market for MFT software and service segmented into maintenance, implementation & integration and consulting. Amongst these, the maintenance is expected to the largest segment of the market during the forecast period.
The report further provides analysis and insights about opportunities of the MFT software and service market in seven key regions namely North America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Latin America, Japan and the Middle East and Africa (MEA). Amongst these regions, North America is the most lucrative market for MFT software and service, accounting nearly 50% share of the overall market in terms of value, the other two key regions are Western Europe and Asia Pacific excluding Japan (APEJ).
Major players operating in the global market for MFT software and service include Signiant Inc., IBM Corporation, CA Technologies Inc., SWIFT, The Axway Inc., Oracle Corporation, Software AG, GlobalSCAPE Inc., Wipro Limited, and Micro Focus (Attachmate).
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