Increasing Adoption of Cloud-based Managed Files Transfer (MFT) Solutions to Augment Growth of Global Managed Files Transfer Market
With the rising demand for dual endpoint managed file transfer (MFT) solutions from consumers, the global managed files transfer market is expected to witness rapid growth in the coming years. The implementation of MFT solutions on receiver and sender ends is likely to provide a surfeit of high proficiency solutions for data MFT systems. The adoption of high competence MFT systems by emerging nations owing to the rise in digitization is expected to boost the demand for MFT solutions in the coming years. As a result of these factors, the global managed files transfer market is projected to grow at a steady pace in the future.
According to a report published by Transparency Market Research, the global managed files transfer market is expected to expand at a 7.7% CAGR from 2016 to 2024. North America is expected to lead the global managed files transfer market with a market worth US$366.31 mn by the end of2016.
How is the increasing adoption of cloud-based MFT solutions likely to help MFT solution providers in gaining more clients?
Vendors operating in the global managed files transfer market are focusing on capitalizing the opportunity that they are likely to gain from the adoption of cloud based over on-premise MFT solutions by leading clients. The implementation of on-premise MFT solutions requires large initial investments, thus making it difficult for many companies to afford it. Cloud-based MFT solutions are known to provide flexible and high speed data transferring services at a low cost. As a result, 60% users of MFT solutions are preferring the use of cloud-based platforms over on-premise platforms. However, the fact that cloud-based MFT solutions are prone to online attacks has impelled manufacturers to focus on innovation and product development to gain more clients.
For instance, on 4th August 2016, a leading IT solutions provider company, Ipswitch announced the launch of a new enhanced MFT security system model named MOVEit 2016. The new Ipswitch MOVEit 2016 model provides high security and submissive external and internal file transfers. It is also reported that the new MOVEit model will automate workflow and generate reports automatically with no data loss. Product enhancements of this nature are likely to help MFT solution providers in gaining more clients and maintain a high competitive rivalry in the market.
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Which regions are likely to provide vendors of MFT solutions with lucrative growth opportunities?
Owing to the rise in cybercrimes in the region, Asia Pacific is expected to witness an upsurge in the adoption of MFT solutions. The rising awareness among companies regarding the benefits of MFT solutions in fighting cyber-attacks has impelled numerous companies to implement MFT solutions in their systems. The demand for MFT solutions is significantly high in countries such as China and India due to the increase in digitization. Vendors of MFT solutions can expect to gain growth in Europe and North America as well as a result of government initiatives to adopt MFT systems and the need to secure critical bank data and digital identities of customers.
The key players in the global managed file transfer market are providing clients with hybrid solutions and are also focused on the provision of two opposing and key options for clients. The leading companies in the global managed file transfer market are IBM Corporation, Axway Software SA, GlobalSCAPE, Inc., and Oracle Corporation.