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As per the IndustryARC market research report, the managed file transfer software market size was observed at $4.79 billion as of 2018 incrementing at a CAGR of 6.31% during the forecast period 2018-2023. Analyst advocates that the managed file transfer software market size is expected to reach $6.46 billion by 2023. Growing prevalence of enterprise-based business is inducing exponential growth in the managed file transfer software market. Managing, storing, and manipulating digital files in an enterprise is an essential task for streamlining business requirements and operations. Companies shifting from the conventional file management system to the emerging digitalization platforms is proposed as one of the major reasons for the managed file transfer software market growth.
This report gives an in-depth assessment of the Global MFT Software market by type, application, and geography. The major category of the global MFT software based on application includes Banking, Financial Services and Insurance (BFSI), media and entertainment, manufacturing, and retail. The report is titled “Managed File Transfer Software Market: By Application (Banking, Financial Services and Insurance (BFSI), Media and Entertainment, Retail, Manufacturing, and Others); By Type (System-Centric File Transfer, People-Centric File Transfer, and Extreme File Transfer) and By Geography – Forecast (2018-2023).”The report covers Managed File Transfer Software Market size by type and Component, Managed File Transfer Software Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Managed File Transfer Software Market: Geographical Analysis and Leading Segments
By geography, North America is the most rewarding region in the global managed file transfer software market. The region harnessed revenues worth $451m till 2017 and is projected to reach $727m by 2023 growing at a CAGR of 8.27% through the forecast period. The United States is the leading country generating worth $344m in 2017. The regional dominance of the country is projected to hold its ground, reaching the market value of $574m by the year 2023 rising at a CAGR of 8.92% during the forecast period. Burgeoning demands from the region due to the persistently growing number of banking customers coupled with increasing cybercrime threats is boosting the managed file transfer software market growth.
Among end-user industries, the banking, financial service and insurance (BFSI) is the most fruitful segment in the global managed file transfer software market. The vertical generated revenues worth $130m in 2017. As per the analysts, the banking, financial service, and insurance are estimated to add $236m to the total managed file transfer software market by the year 2023 incrementing at a CAGR of 10.44% during the forecast period 2018-2023. BFSI is considered as the leading application due to the availability and circulation of highly sensitive data across various digital platforms. A greater emphasis is applied in these transfers as this data is vulnerable to security breaches such as phishing, whaling, and hacking activities.
Managed File Transfer Software Market Trends and Growth Drivers
· Widespread adoption of cloud computing technologies for managing file systems is responsible for the rapid growth in the global managed file transfer software market. Most of the existing and niche enterprises are inclining towards cloud deployment models for storing, manipulating, and transferring files across a standard platform. Hence, constant research and development in cloud computing technologies for achieving efficiency is further subjected to attract significant profits in the global managed file transfer software market.
· Data is being termed as fuel in the 21st century, According to Forbes, 2.5 quintillion bytes of data is generated every day. 90% of the total data in the world has been produced in the last two years, this is a result of the Internet. Moreover, the emerging concept of the Internet of Things is one of the primary drivers for data vaults. As per a report from Intel, the number of smart IoT enabled devices is estimated to explode from 2 billion devices in 2006 to 200 billion by 2020. The traditional file transfer protocols (FTP) servers are not equipped to handle a data growth this big, thus reliability on self-scalable managed file transfer software is growing exponentially. With such phenomenal growth prospects in terms of software-as-a-service, the adjacent managed file transfer software market is subjected to produce extraordinary profits in the near future.
· Integration of managed file transfer software with Android, Windows, and IOS applications is further attracting customers towards the MFT software. Better security, quality, safety, cost-effectiveness, and sustainability supported by the automation techniques have enhanced the operations and communications at the business-to-business level, encouraging traction in the managed file transfer software market growth.
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Managed File Transfer Software Market: Competitive Landscape
Some of the major key players involved in the managed file transfer software market intelligence report that are influencing the competitive landscape are Axway (U.S.), Saison Information Systems Co., Ltd. (Japan), Hightail, Inc. (U.S.), and CA Technologies (U.S.).
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Press Release Distributed by The Express Wire
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