Global Cloud MFT Services Market - Segmented by Cloud Type (Public, Private, Hybrid), End-User Industry (BFSI, Retail, Government, Telecommunication, Manufacturing, Energy Utility), and Region - Growth, Trends, and Forecast (2018 - 2023)
The cloud MFT services market is expected to grow at a CAGR of 10.54% over the forecast period (2018 - 2023).The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Many factors such as globalization, virtualization, and digitalization are creating huge chunks of business data that needs to be exchanged or shared within or outside an organization. This sharing of information is becoming more complex, with the sizes of the files also increasing. Therefore, there is a need for secure and efficient file transfer solutions. The cloud-based MFT has been proven to be the mature solution for safe and secure file transfer, catering to the needs of businesses today. High information leaks, rising need to reduce costs of data exchange, increased awareness of risks associated with FTP, need for stronger governance and security, and the need for new financial reporting requirements are the key factors boosting the demand for cloud-based MFT services.
Increasing Need for Secure File Transfer to Primarily Drive the Market
Secure file transfer includes services such as enterprise file sync and share solutions, with the focus on security, compliance, integration, and ease of use. The complexity of enterprise operational environment and the growing need for additional security to follow regulatory compliance are encouraging companies to opt for these services. The introduction of cloud computing and increasing number of data breaches and cyber-attacks is driving the need for secure file transfer. The United States faces the highest number of data breaches and hence, organizations increasingly demand secure file transfer software.
Moreover, the incorporation of technologies, such as Big Data and IoT, will drive the demand for these solutions among large enterprise customers in the global market during the forecast period. The need for efficient transfer of documents of all sizes represents the core of any integration strategy. Cloud MFT provides highly secure data transfer channels for enterprises and addresses all the security vulnerabilities associated with Old FTP and HTTP systems.
Retail Sector to Significantly Drive the Market Growth
The retail sector is one of the major sectors using internet and mobile devices for their business operations and choosing cloud MFT to ensure changes in prices of products and connect to the customers across multiple channels. The enterprises in the retail sector engage with their customers mainly through advertisements. With increasing digital technological trends, penetration in the sector is growing, as are privacy and security concerns. The ever-changing customer needs are being met by multi-channel retail systems, and hence, secured file transfer has become very critical to have a competitive edge. PoS systems, back-end support systems, and customer support systems are very important touch points in multi-channel retailing. There has been a lot of data collected at these touch points, which needs to be kept confidential. These concerns are being addressed by cloud MFT services, and hence, retailers are emphasizing on the integration of these systems in their business operations.
North America to account for a Major Share
North America is expected to account for a significant market share, with the United States contributing most to it. The market in the United States is growing because it is home to some of the largest players in the market and is a pioneer in the adoption of advanced technologies like 3D printing, IoT, and Big data technologies. The deployment of cloud systems in every industry vertical has increased the end user need for solutions that let them easily and securely transfer files, without constraints regarding file size. There is an increased spending in the region on cloud MFT for B2B integration.
Key Developments in the Market