New York, US, June 09, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),” Global MFT Software and Service Market, By Solution, By Service (Consulting, System Integration, Support and Maintenance), By Deployment- Forecast 2030” to grow at a high CAGR of 10.2% and to reach USD 3.12 billion till 2030.
MFT Software and Service Market Overview
The global managed file transfer software and service market is growing rapidly. With advanced security and usability features, MFT platforms make it easier for organizations to securely and intuitively share sensitive files. Organizations routinely transferring financial and other sensitive data are concerned about data security, accessibility and compliance.
Report Scope:
| Report Metrics | Details |
| Market Size | 3.12 Billion |
| CAGR | 10.2% |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Solution, By Service |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | IBM Corporation (U.S.) Axway (U.K.), Ipswitch, Inc (U.S), Attunity Ltd (Israel), Accellion (U.S.), GlobalSCAPE, Inc (U.S.), OpenText (Canada), Coviant Software Corporation (U.S.), JSCAPE (U.S.), Saison Information Systems co.,ltd.(Japan) and Safe-T (Israel). |
| Key Market Opportunities | FTP software does not work with the growing data volume and also it does not allow visibility while transferring data and it becomes difficult to see where the data is hampered and leads to various problems and losses to businesses. |
| Key Market Drivers | The high need for security and compliance of moving information in a digital world can prompt the MFT software and service market growth. |
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MFT software provides IT teams, developers, and end-users with all the necessary tools to streamline their business operations. With a customer base spanning across the globe, enterprises need MFT software and services to automate high-volume file transfer processes and facilitate business-critical transfers between end-users, teams, organizations, and customers.
With businesses increasingly facing challenges related to access, security, and speed in terms of file transfers, sharing, and storage, the market demand is expected to rise in the years ahead. Augmenting demand for secured and automated managed file transfer (MFT) software that can be deployed on-premise as well as in the cloud drives the market growth. The market demand is growing due to rising file transfer activities in organizations that need reliable and automated file transfer while eliminating data errors, reducing costs, and making this process easier for IT and end-users.
Rising BPOs and KPOs provide more opportunities to market players. Augmenting demand for machine technologies and the market proliferation of smart devices increase the uptake of MFT solutions. Also, the media & entertainment industry provides a large impetus to the market growth with its wide file sharing and transfer requirements.
The growing use of MFT solutions to keep extensive track records in rapidly scaling media libraries and sharing content between remote sites influences the market value. The AI approach offering technological tools for tapping into the power and complexity has changed the way this software was designed.
Technological advancements, such as the emergence of AI-enabled solutions, are also helping the managed file transfer software and service market, providing unique and effective solutions. Healthcare professionals use MFT solutions to communicate more effectively, identify crucial data, and push the boundaries of health care forward while also saving enormous time.
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Industry Trends
As more enterprises need to create and share large sensitive content, the risk of data leaks grows, and along with it grows, the demand for solutions that can manage all sensitive data transfers. Also, the rising need for complete visibility and control during file sharing and transferring between users, systems, and customers, while ensuring the highest levels of security creates vast MFT software and service market opportunities.
Companies want to increase and maintain customer satisfaction to increase revenue growth. Integrating MFT solutions and services is the key to unlocking enormous digital advantages. The safe yet unencumbered movement of files in cloud-facing environments is also important for improving supply chains. However, supply chains are becoming the primary target for cybercriminals.
Organizations across industries are rapidly deploying MFT software and services market to secure supply chains against risk management. Adopting a robust MFT solution enables organizations to centralize, secure, and automate data exchanges while facilitating auditing & reporting and keeping sensitive data safe.
Enterprise service providers offer file transfers and cloud software as a service application for business applications and messaging service adapters requiring strategic planning to secure supply chains that are witnessing cyberattacks at an alarming rate. Extending DevSecOps with compliance support for native cloud assets to enable end-to-end management of on-premise, cloud, and a native cloud resource needs MFT software and services market.
Managed File Transfer Software and Service Market Segments
This market is segmented into solutions, services, deployments, and regions. The solution segment is sub-segmented into application-centric, people-centric, and ad-hoc. The service segment is sub-segmented into consulting, support & maintenance, and system integration services. The deployment segment is sub-segmented into on-premises and cloud-based. By region, the analysis is segmented into the Asia Pacific, Americas, MEA, Europe, and the rest of the world.
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Competitive Analysis
The global MFT software and service market appears fiercely competitive & fragmented due to the presence of several key players. Legacy file transfer platform providers plan to capture their customer base with a more affordable, cloud-native solution that leverages industry-leading automation.
These market players try to gain a competitive advantage through strategic partnership, acquisition, expansion, collaboration, and product & technology launches. They invest substantially in R&D to develop a technology that is completely on a different level compared to their competition.
For instance, on March 25, 2022, Files, a SaaS file transfer platform for file Integration & automation, announced the acquisition of ExaVault, a cloud file transfer software provider, to provide an automated, secure cloud platform. The acquisition is projected to produce the industry’s largest cloud-native files platform for B2B customers in small and mid-market businesses.
Players leading the global MFT software and service market include,
- Axway (UK)
- IBM Corporation (US)
- Attunity Ltd. (Israel)
- Ipswitch Inc. (US)
- GlobalSCAPE Inc. (US)
- Accellion (US)
- Coviant Software Corporation (US)
- OpenText (Canada)
- Saison Information System Co. Ltd. (Japan)
- JSCAPE (US)
- Safe-T (Israel)
- among others.
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Managed File Transfer Software and Service Market Regional Analysis
North America dominates the managed file transfer software and service market. Increasing digitization in various organizations across industries to increase the efficiency in working drives the market growth. Besides, the large base of industry players with a proven reputation for supporting customers through powerful solutions and exceptional service impacts the market growth positively.
The rising demand for more value-driven innovation that can offer a greater combination of world-class tools, expertise, and experience to spearhead product development efforts creates significant opportunities. With the early adoption and constant innovations in MFT platforms, the US and Canada account for sizable market shares.
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