Managed File Transfer (MFT) Software an Market
Managed file transfer (MFT) software and service market is anticipated to grow in the future, due to its increasing demand in the BFSI sector. Managed file transfer software allows various financial institutes to meet their regulatory compliance requirements for data security. This software also allows an audit trail at all points of the transfer process and helps organizations to protect data from cybercriminals. Numerous financial institutes are focusing on investing in technology to secure data. In 2018, the annual spending of top organizations, such as Equifax and Anthem, reached USD 1 billion. Thus, the managed file transfer (MFT) software and service market is anticipated to witness substantial growth over the forecast timeframe.
The rising demand for managed file transfer software and service in the manufacturing sector is fueling market development. Managed file transfer helps manufacturers to manage files through a centralized system and streamlines the transfer process. Manufacturers like John Deere, Hyundai, Sharp Electronics, Hydrite Chemical, etc. have already opted for managed file transfer solutions. With the rising investments by various manufacturers to automate data transfer processes, the managed file transfer (MFT) software and service market is expected to grow substantially over the upcoming years. However, the lack of awareness about the benefits of managed file transfer solutions may have an adverse effect on market growth. Alternatively, the increasing use of automation in the Asia Pacific region is anticipated to open new growth avenues for the market.
Based on component, the global managed file transfer (MFT) software and service market includes software and services. The software segment is projected to grow at notably over the estimated timeframe. This segment is further divided into people-centric file transfer, extreme-file transfer, and system-centric file transfer. On the basis of enterprise size, the global market includes small and medium enterprises (SMEs) and large enterprises. The large enterprises segment is estimated to hold a substantial market share in the future, owing to the regional expansion of various top companies in numerous sectors. By end-use industry, the market comprises BFSI, retail, IT and telecom, manufacturing, media and entertainment, and others.
North America is anticipated to make noteworthy contributions to the global managed file transfer (MFT) software and service market over the forecast timeframe, owing to the increasing investments in the IT and telecom sector. Europe is expected to grow considerably in the managed file transfer (MFT) software and service market, due to the rising software demand in the retail sector. Most of the retailers in Europe are focusing on investing in latest technologies to protect customer data and meet their requirements. The aim of using managed file transfer software and service in retail is to simplify and automate data movement.
Some major players of the global managed file transfer (MFT) software and service market are IBM Corporation, Software AG, Oracle Corporation, CA Technologies, Axway, Wipro Limited, Signiant, Swift File Transfer, OpenText Corporation, and Tibco Software.