Soaring MFT Deployment in BFSI Sector to Drive Global Managed File Transfer (MFT) Software and Service Market, North America to Remain Leading Region
VALLEY COTTAGE, NEW YORK , UNITED STATES, January 30, 2017 /EINPresswire.com/ — With rising usage of online banking and increasing concerns about critical data security, the demand for effective, reliable, and efficient data transfer will continue to gain traction. The global managed file transfer (MFT) software and service market registered the revenues worth 1.15 Bn in 2015, which may spike up to US$ 1.22 Bn by 2016 end.
With expansion of online banking, the threat of cyber-attacks, information and device theft, hacking, phishing, and other security-related issues will continue to emerge. The online banking realm is rapidly thriving in developed as well as developing economies, fuelling the market for managed file transfer. This is anticipated to remain a key factor pushing the market growth. Considered to be a faster, transparent, more reliable, and more secure alternative for intra as well as inter-organisational transfer of heavy confidential data, managed file transfer (MFT) software and services is being increasingly preferred since the recent past. This will remain a major driver to the MFT software and service market.
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In addition, banking, financial institutions, and defence organisations wherein safety, security, and privacy of information are of paramount, are also expected to fuel the demand for effective MFT solution deployment. Moreover, appropriate MFT solutions further aid in avoidance of loss of data during transfer, fostering the adoption by financial, defence, manufacturing, telecom, entertainment, and other sectors. Technological advancements in MFT software are likely to continue applications in several business verticals, eventually pushing the market for managed file transfer on a global level. Growing popularity and procurement of cloud-based MFT solutions is a current market trend, predicted to generate strong growth opportunities in near future.
On the basis of software, system-centric file transfer software segment is anticipated to dominate other two segments, including people-centric and extreme file transfer segments. The system-centric MFT segment will possibly account for over 62% share of the entire market revenues in 2016, followed by people-centric MFT segment, expected to witness nearly 4.0% of Y-o-Y growth in 2017 over 2016.
By service, the global managed file transfer software and service market will witness continued dominance of maintenance segment.
Based on end-user vertical, the market is currently witnessing the highest growth in the banking, financial services, and insurance (BFSI) sector. The demand from BFSI vertical is predicted to remain the highest, generating the maximum revenues to the global market. This growth is primarily attributed to the dynamically evolving BFSI sector and an exploding need for maintaining safety, security, and privacy of confidential data.
Geographically, the global market for MFT software and service is segmented into seven key regions. However, North America is foreseen to remain the dominant market owing to the maximum deployment of technically superior file transfer solutions in a large number of businesses. This region will contribute nearly 45% share to the market revenues in 2016, followed by Western Europe with over 26% share. APAC is expected to witness the fastest growth, followed by Latin America.
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IBM Corporation, Oracle Corporation, Wipro Limited, Aspera (an IBM company), Accellion, TIBCO, The Axway Inc., Software AG, CA Technologies Inc., GlobalSCAPE Inc., Signiant Inc., Hightail, SWIFT, and Micro Focus (Attachmate) are some of the key players operating in the global MFT software and service marketplace. A few other notable companies in the competitive landscape include Data Expedition, Saison Information Systems, FileCatalyst, Attunity (RepliWeb), and Primeur.
Long-term Outlook: The global managed file transfer software and service market is anticipated to expand at a moderate CAGR of 6% during 2016-2025. By 2025 end, the market will attain a value of around US$ 2.07 Bn.
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Source: EIN Presswire