Managed File Transfer (MFT) Software and Service Market: North America Anticipated to Dominate the Global Market Through 2025: Global Industry Analysis and Opportunity Assessment, 2016-2025
A better, more efficient, and reliable alternative to ad-hoc file transfer solutions, including HTTP and FTP, MFT (managed file transfer) is a software or service commonly used for secure data transfer management from one computer to another over Internet. It is widely considered a faster and more transparent means of transferring heavy data across an organisation or between two or more different organisations.
FMI indicates promising growth prospects for the global managed file transfer software and service market. The market is anticipated to witness moderate growth over an eight-year forecast period, 2016-2025. Up from a value of US$ 1,227.7 Mn estimated or 2016, the market size is expected to reach US$ 2,071.9 Bn by the end of 2025.
Thriving Online Banking Sector Fuels the Demand for MFT Software and Service
The expanse of online banking sector has been a primary factor propelling the demand for managed file transfer software and services. The past decade has seen a tremendous rise in the number of online banking customers eventually resulting in potential cyber-attacks. Banks and financial institutions are increasingly adopting MFT solutions since the past few years. The growth in adoption rate is attributed to burgeoning need for security of data and governance.
Secure Data Transfer Gains Traction in Data-sensitive Fields
Increasing rates of device theft, data hacking, frauds, and phishing attacks are rapidly boosting the need for safety and security of critically important financial data and other information. Data-sensitive sectors, such as financial institutions, banks, and defence institutes constantly seek the utmost security and enhanced performance at reduced costs. This is effectively achieved by the implementation of appropriate MFT solutions, reaffirming the possibilities of market growth in near future.
Innovation and Acceptance of Cloud Technology Provides Impetus
The advent of technology has brought in several benefits, coupled with secure data transfer. With growing applications of cloud-based MFT solutions and rising awareness about flexibility benefits of cloud-based file transfer, the market will gather momentum over the forecast period. A large number of SMEs and banks are increasingly investing in cloud-based managed file transfer solutions in order to achieve cost-effective maintenance and scalability. Affordable infrastructure associated with cloud-based on-premise MFT deployment is likely to create lucrative opportunities in market.
System-centric File Transfer Software Leads the Software Segment
Based on software, the global market for managed file transfer software and services is fragmented into three key segments i.e. system-centric file transfer, people-centric file transfer, and extreme file transfer. Over the forecast period, system-centric file transfer segment is projected to account for over half of the market share in terms of revenues.
Demand for Maintenance Gathers Highest Momentum in Service Segment
By service, the market has been segmented into implementation & integration service, consulting service, and maintenance service. Maintenance service segment is expected to dominate throughout the forecast period, with the highest revenue share.
BFSI Remains the Leading Vertical in Terms of MFT Procurement
On the basis of vertical, there are six key segments in the global MFT software and service market, viz. banking, financial service & insurance (BFSI), media & entertainment, retail, manufacturing, telecommunication, and others (government, energy & utility, and marketing & advertising). BFSI segment is however predicted to spearhead the market in terms of revenue share by 2025 end. This dominance is attributed to high data sensitivity and vulnerability to security breaches.
North America Continues to Lead Globally, Followed by Western Europe
Geographically, the global managed file transfer software and service market is classified into seven key regional markets, including North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East and Africa (MEA). North America is anticipated to continue dominance through to 2025 with over 40% market share, owing to rising investments in MFT solutions by a number of businesses seeking improved business process integration. Western Europe is estimated to be the second largest market with nearly 28% share by 2025 end. Asia Pacific will however emerge as the fastest growing market at a robust CAGR over 2016-2025, followed by Latin America. These two developing markets are identified to be the key determinants of the market growth in near future
Key Players Focus More on Alliance with Regional Companies
Some of the major companies competing in the global MFT software and service market landscape, include IBM Corporation, Aspera (an IBM company), Wipro Limited, Oracle Corporation, Accellion, The Axway Inc., TIBCO, Software AG, GlobalSCAPE Inc., CA Technologies Inc., Hightail, Signiant Inc., Micro Focus (Attachmate), SWIFT, Saison Information Systems, Primeur, Attunity (RepliWeb), FileCatalyst, and Data Expedition. Key players are concentrating on novel and custom product development, and acquisitions of regional players.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook