It is projected that the managed file transfer service market will be worth US$2,689.0 Mn. By 2026, this predicts a growth rate of 9.3%.
The global managed file transfer software and services market is being driven by a number of factors, including mandatory government regulations, increasing business demand across numerous industry verticals, rising concerns about safety and security, increasing industry globalization, and others.
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The agility and cost optimization of cloud based services when integrated with the security of on-premise systems results in a powerful solution offering to effortlessly and securely move data in transit and data at rest between systems and people. Organizations are realizing the advantages of this healthy marriage of cloud and on-premise platforms especially for transferring large data sets and are adopting integrated MFT solutions to address their day-to-day data transfer needs.
What are Vendors Doing in the Managed File Transfer (MFT) Software and Services Market?
In order to meet the requirements of customers, vendors in the global managed file transfer software and services market are introducing new software and services backed by powerful SaaS based solutions. The rapid proliferation of the cloud has enabled vendors to optimize their offerings and provide more reliable and secure ways of data transfer within organizations. Current product releases in the managed file transfer software and services market ensure the highest security protocols that support prescribed policies and initiatives in cyber security.
Vendors are offering an amalgamation of on-premise and cloud solutions that leverage the flexibility and scalability of the cloud and the enhanced security offered by on-premise systems to provide an integrated solution that helps customers reduce infrastructure related costs and enhance operational efficiencies.
Cloud Deployments Offer Extended Benefits for Transferring Organizational Data
Cloud has permeated global business operations and organizations – industry and business size notwithstanding – are fast moving towards cloud based solutions to fully achieve true economies of scale. Cloud deployments for file transfer enable seamless transfer of enterprise data with increased accessibility to employees, business partners, clients, and other key stakeholders.
Data transfer through the cloud is a continuous service with rapid deployments ensuring speedy transfer and 24×7 data access. Managed file transfer solutions available in the global market offer various benefits to organizations such as automated exchange of data between systems and people, increased visibility into data movement, reduced dependency on legacy file transfer software and systems such as FTP, secure file sharing both within and outside the organization, and enhanced regulatory compliance.
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Global Market for Managed File Transfer Software and Services to Witness Significant Growth in the Coming Years
A new market intelligence published by Persistence Market Research forecasts a lucrative future for vendors in the global managed file transfer software and services market. Innovations in solution features and provision of robust services with superior SLAs have helped companies in this market to grow, thereby benefiting the global market.
Persistence Market Research analysis indicates that the global managed file transfer software and services market is projected to reach a valuation of US$ 2,689.0 Mn by the end of 2026, This reflects a growth rate of 9.3% by 2026. This growth is largely driven by increasing adoption of secure and efficient file transfer solutions across diverse industry verticals such as BFSI, telecommunications, etc.
Demystifying the Myths Surrounding Cloud Enabled Managed File Transfer Solutions
While cloud adoption has caught up on a big scale across global enterprises, there seems to be a little bit of hesitancy in moving fully to the cloud, especially in the case of data transfer deployments. One of the primary concerns pertains to the security of the data being transferred on the cloud. A cloud MFT solution offers maximum security and total control over the data transfer process by adding additional layers of governance and regulatory compliance for superior data protection.
Another common concern is regarding effective adherence to compliance. A cloud based MFT solution provided by a reliable and experienced vendor enables organizations to effectively meet the various statutory compliance mandates pertaining to sensitive enterprise data. Also, cloud MFT solutions can be fully customizable to suit the specific requirements of businesses and can bring in more flexibility and reliability in the deployment process.
“It is much easier and inexpensive to prevent breach of data than handle the consequences of an occurrence. Managed file transfer hosting providers lay a lot of emphasis on the security of data and infrastructure and take utmost care to secure their data centers. A reliable partner provides best-of-breed managed file transfer software and services that help organizations free up their internal resources and optimize costs to a great extent.”
Managed File Transfer Software & Services Market: Vendor Landscape
Some popular vendors contributing towards the managed file transfer software and services market are Axway Inc., IBM Corporation, Oracle Corporation, Software AG, CA Technologies Inc., GlobalSCAPE, Inc., Wipro Limited, Swift, Micro Focus International plc, and Signiant Inc.
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