According to the latest market report published by Persistence Market Research, titled “Global Market Study on Managed File Transfer (MFT) Software and Service: Driven by Advanced Features over FTP (Traditional File Transfer Protocol)” the MFT software and service market is estimated to be valued at US$ 1157.18 Mn by the end of 2015 and is anticipated to expand at a CAGR of 6.0% from 2015 to 2025, to account for US$ 2,071.94 Mn by 2025.
Managed file transfer (MFT) is a service or software that is utilized for managing secure data transfer from a computer to another computer via a network such as the internet. Managed file transfer software is marketed to software enterprises as a substitute to the ad-hoc file transfer solutions including HTTP, FTP, and others. This is because MFT presents a greater level of control and security as compared to FTP. In a business environment, activities of file transfer take place during the majority of the day. A number of times, these transfers are accompanied with high-volume file transfers with extremely large files along with systems and users spread across a wide geographic area. Hence, the MFT services availed by enterprises are very fast for sharing even huge volumes of data across all key open platforms. The file transfer platform servers utilized for MFT comprise a wide range of authentication and security options and no file may enter or leave without the approval of the server for carrying out the transmission. The file transfer platform servers can also automate the whole process of receiving and sending files.
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Technology Advancement to Propel MFT Service Market
The increasing demand for a digital supply chain has resulted in enhanced security due to increase in data volume. This is the reason why big enterprises have adopted MFT solutions and services. This factor will boost the growth prospects of the MFT service market in the coming years. Additionally, the rise of advanced technology has also fuelled the MFT service market. On the other hand, the absence of awareness amongst end users particularly, in emerging regions such as Latin America and APEJ, may impede the growth of the managed file transfer service market in the coming years.
Auditability and End-to-End- Security of MFT Service to Boost MFT Service Market
MFT is used across a number of verticals such as the retail sector, the government sector, the manufacturing sector, the energy utility sector, banking, media and the entertainment sector, the telecommunication sector, and the financial service and insurance (BFSI) sector. MFT comprises a number of features such as non-repudiation, reporting, auditability, automation of file transfer-related activities and processes, global visibility, performance metrics/monitoring, and end-to-end security. MFT applications can be availed on both software-as-a-service (SaaS) and on-premises licensed software packages. A number of these applications are made for enterprise use and others are made to be sold to individual consumers.
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North America Emerges as the Biggest MFT Service Market
On the basis of geography, the MFT service market is segmented into Latin America, North America, Western Europe, Japan, Eastern Europe, the Middle East and Africa (MEA), and Asia Pacific Excluding Japan (APEJ). Amongst these regions, North America is currently dominating the market for MFT services and is trailed by Western Europe. On the other hand, APEJ is predicted to bring in big opportunities for major players operating in the MFT service market in the forthcoming future.
Saison Information System Co. Ltd., IBM Corp., Axway Inc., CA Technology Inc., Accellion Inc., Oracle Corp., and Software AG, among others, are the prime players dominant in the market.
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