Managed file transfer software is used to move data securely from one computer to another through a connectivity program. Compared to conventional file transfer software such as file transfer protocol (FTP) and hypertext transfer protocol (HTTP), managed file transfer (MFT) software offers better security. MFT also has other advantageous features such as performance monitoring, file transfer notification, auditability, and improved global visibility. The rise in the number of online banking customers in recent years has propelled the global managed file transfer software and services market.
According to research undertaken by Persistence Market Research, a leading market intelligence company, the global MFT software and services market was worth around US$1.1 bn at the end of 2015. Expanding at a CAGR of 6% between 2015 and 2025, the market is expected to rise to more than US$2 bn by 2025.
Need for Secure Transfer Protocol in BFSI Sector Drives MFT Software and Services Market
As mentioned before, the global market for managed file transfer software and services is rising primarily due to the increasing number of online banking transactions. Due to the convenience offered by internet and mobile banking, many consumers are moving from brick-and-mortar bank branches to smartphone-based banking applications. This has led to the need for a secure data transfer protocol. Since online transactions are inherently privacy-sensitive, security from cyber-attacks is a paramount concern.
Managed file transfer offers a fast as well as transparent medium of carrying out financial dealings in the BFSI sector. Accordingly, the BFSI sector accounts for more than a fifth of the global managed file transfer software and services market. Other major verticals that utilize MFT software are retail, telecommunication, manufacturing, media and entertainment, and others such as government and utilities and marketing.
First World Dominates Global MFT Software and Services Market
Due to the widespread availability of high-speed mobile broadband, North America and Western Europe have the highest number of online banking customers. These regions have been at the forefront of updating their infrastructural framework with technological upgrades, which has led to managed file transfer software becoming a widely utilized file transfer protocol. North America is expected to account for close to 50% of the global market for managed file transfer software and services, followed by Western Europe.
Following these two giants, though, the regional segment of Asia Pacific (excluding Japan) is expected to witness growing demand for managed file transfer software and services over the coming years. The rising number of mobile internet users in highly populous and developing countries such as China and India has led to the initiation of MFT software as the gold standard. The high number of citizens in these two countries still not connected to the internet presents a massive opportunity for mobile broadband and, by consequence, MFT companies operating in the region.
System-centric File Transfer Software, Maintenance Services Lead Global Market
Among the various types of MFT software, system-centric MFT leads people-centric and extreme file transfer software. The former is expected to account for a massive 71.5% of the global market by the end of 2025 on the basis of revenue.
Within services, maintenance services lead the revenue charts and are expected to remain dominant through the forecast period. Other services provided by players in the global MFT software and services market include implementation and integration, and consulting.
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