The global MFT software and service market was valued at US$ 1092.06 Mn in 2014.
New York, NY -- (SBWIRE) -- 02/23/2016 -- The influx of information and changing business needs have coaxed companies to streamline their data and find efficient methods of managing it. The growing need to make business operations smoother has forced enterprises to depend on a tried and tested method of file transfer. Evolving business demands also necessitate dependable data exchange for globally spread out teams that works seamlessly despite the high size of the data for completion of projects in due time.
Demands from Modern Enterprises Boosts MFT Software and Service Market
In light of these needs of modern-day business, the managed file transfer (MFT) software and service market has emerged a reliable and secure solution for critical file transfers. Managed file transfer software and services simplifies data sharing and business communities, and synchronizes systems to streamline the unstructured and structured processes used in a business.
MFT Software and Service Market to Reach US$2 bn by 2025
In recent years, the global managed file transfer software and service market has been experiencing a positive growth rate due to the rising number of online banking customers, especially in Western Europe and North America. To offer these customers a reliable solution for online banking, several players are adopting managed file transfer system. The biggest advantage these systems offer is the mitigation of cyber-attacks on bank accounts. This benefit is expected to propel the global managed file transfer software and service market considerably in the coming years. The global managed file transfer (MFT) software and service market stood at US$1.1 bn in 2014 and is expected to grow at a CAGR of 6.0% from 2015 to 2025 to reach a figure of more than US$2 bn by 2025.
The global managed file transfer software and service market is segmented on the basis of software, service, vertical, and region. The types of software sold in the global managed file transfer software and service market are system-centric file transfer, extreme file transfer, and people-centric file transfer. On the basis of services, this market is segmented into consulting service, maintenance service, and implementation and integration service. The global managed file transfer software and service market caters to verticals such as media and entertainment, retail, manufacturing, telecommunication, banking, financial service and insurance (BFSI), and others such as government, energy and utility, marketing and advertising). Geographically, this market is segmented into Latin America, North America, Western Europe, Eastern Europe, Japan, Asia Pacific, and the Middle East and Africa.
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North America to Dominate Global MFT Market
Research analysts predict that the system-centric file transfer segment is expected to hold a gigantic share of 71.5% in the overall managed file transfer software and service market by the end of 2025. Amongst the end-use industries, the banking, financial services, and insurance segment is expected witness a rapid growth rate as compared to other verticals. This segment is expected to account for a share of 21.50% in the global managed file transfer software and service market by the end of 2025. Regionally, North America is expected to dominate the global managed file transfer software and service market with a share of 50% in the global market. This regional segment will be closely followed by Asia Pacific excluding Japan and Western Europe.
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The important players in the global managed file transfer software and service market are The Axway Inc., Oracle Corporation, IBM Corporation, Software AG, Wipro Limited, GlobalSCAPE Inc., CA Technologies Inc., Signiant Inc, and SWIFT, Micro Focus (Attachmate).
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