Managed File Transfer Market Size By Component (Solution [Application-centric, People-centric/Ad-Hoc], Service [Consulting & Integration, Support & Maintenance]), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprise, SMEs), By Application (IT & Telecom, BFSI, Healthcare, Retail, Manufacturing), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
The Managed File Transfer market is anticipated to be driven by growing adoption of cloud computing technology and rising demand from the BFSI, healthcare, retail sectors, among others. Managed File Transfer is a technology platform that allows enterprises to exchange electronic data among people and system in a more secured way in order to meet compliance needs. The following data movements can be external or internal to an organization and further contain numerous kinds, which includes sensitive and high-volume data.
Managed file transfer provides a safer method for transferring of files in comparison to file transfer protocol. It comprises of an interface as well as functionality enabling visibility and control, and helps businesses in accomplishing various data-related goals. The software helps with the secure management of different kinds of sensitive data and also helps enhance data privacy. Regardless of whether it is patient or employee information, credit card data, or proprietary data, Managed File Transfer limits endpoints which are at risk when data is moving.
MFT also provides efficiency and scalability benefits, and helps meet compliance requirements as well. The compliance requirements set forth by HIPAA (Health Insurance Portability and Accountability Act), EU General Data Protection Regulation, SOX (Sarbanes-Oxley Act), and PCI DSS, among others, all need security-supporting processes and policies which MFT software can help facilitate.
Consequently, organizations tend to choose MFT software for their data sharing operations because of the above-mentioned objectives, which helps in achieving their business goals in a secure manner.
Managed file transfer market is bifurcated in terms of component, deployment model, organization size, application, and regional landscape.
Based on component, the managed file transfer market is classified into solution and service. The service segment is further categorized into support & maintenance, and consulting & integration. Among these, consulting and integration segment held a market share of over 80% in 2019 due to increasing demand to integrate managed file transfer solution to existing enterprise network infrastructure.
In terms of application, the overall managed file transfer market is segmented into manufacturing, retail, healthcare, BFSI, IT & telecom, and others. The retail segment will witness a CAGR more than 10% over the forecast timeframe due to growing demand for improving the file transfer across the entire supply chain. Manufacturing application segment will also witness a CAGR of more than 10% over the projected time period because of the rising need to transfer large data across different production facilities.
From a regional frame of reference, Latin America is likely to witness a market share of above 15% by the end of the analysis period due to the growing adoption of cloud computing technology in the region.
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