Digitization, mobilization, globalization, and virtualization are bringing about a major change in the way many operations are executed, communications take place, and enterprises work. These changes are also churning out vast volumes of data, which is transferred across enterprise and even global boundaries. Maintaining the safety of critical business data while it is being transferred across diverse digital paths has made it imperative for organizations to have reliable file transfer solutions and mechanism in place. Managed file transfer (MFT) has come ahead as a viable alternative to conventional file transfer ways such as e-mails and File Transfer Protocol (FTP). TMR findings state that the global MFT market will exhibit a favorable 7.7% CAGR from 2017 to 2024 as companies increasingly embrace this file transfer mechanism. The market is expected to rise from a valuation of US$975.8 million in 2017 to US$1,637.3 million by 2024.
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BFSI Sector Leads the Way
The highly critical nature of data in the BFSI segment is vulnerable to security breaches such as hacking and phishing attacks, theft of storage devices, and employee frauds. Thus the BFSI industry has traditionally remained a major procurer of efficient MFT solutions, representing a dominant 20.8% of the global MFT market in 2017. Recent incidents such as the loss of HSBC Bank compact discs containing sensitive consumer information and the loss of back-up tapes of Zurich Insurance’s U.K. branch have affirmed the need for effective MFT solutions in the BFSI sector. The sector will continue to be a major driver for the market and represent over 21% in the global market by 2024.
Cloud-based Deployment Gathers Momentum
Known to provide excellent security to data, on-premise deployment has traditionally been the most preferred way of deploying MFT solutions, especially across data sensitive fields such as BFSI and defense. On-premise deployment presently holds the largest share in the global MFT market. The segment is projected to remain a major contributor to the overall revenues of the market in the future years as well, owing majorly to revenues generated from maintenance and after sales services.
However, cloud-based deployment is expected to emerge as the most preferred MFT deployment methods from 2017 to 2024. The rising awareness regarding cost and flexibility benefits of cloud-based deployment services, and the rapid enhancement being achieved in the field of data security are granting cloud-based deployment services an upper hand. The hybrid mode of deployment, allowing combined benefits of cloud and on-premise deployment modes, will also witness huge demand from small- and medium-sized companies over the said period.
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Set to revolutionize the MFT market dynamics, cloud-based deployment will expand at the highest, 9.0% CAGR and hybrid deployment will expand at an 8.7% CAGR from 2017 to 2024. On-premise deployment will achieve the least traction, and will exhibit a 6.8% CAGR over the same period.
Developing Economies to be Key Determinants of Success for Managed File Transfer Technology
Rapid digitization of organizational processes across developing parts of Asia Pacific and Latin America has highlighted the need for effective safety mechanisms governing the digital file transfer routes and are thus driving the increased demand for MFT systems and solutions. Digitization is especially rampant in government organizations and the banking sector in Latin America and Asia Pacific. In response to this trend, major MFT vendors are aligning their strategies towards these regions and are expected to earn a major share in revenues from sales of services and solutions in these regions over 2017 to 2024. The MFT market in Asia Pacific is expected to expand at the fastest CAGR of 10.3% over the said period. The MFT market in Latin America will witness growth at the second-highest pace, a 9.2% CAGR over 2017 to 2024.
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Companies such as Biscom Inc. are targeting niche segments such as small- and medium-sized enterprises by developing customized solutions that cater to the specific needs of these companies. Leading international players such as IBM are fostering their MFT businesses by forming alliances with regional companies and venturing in the cloud-based products and services field.
In the highly competitive market, large vendors will benefit from the acquisition of dedicated regional companies. Smaller companies will have to focus on product development and alliances with regional end users.