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 2016 to 2024 as companies increasingly embrace this file transfer mechanism. The market is expected to rise from a valuation of US$774.3 mn in 2014 to US$1,637.3 mn by 2024.
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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 20.82% of the global MFT market in 2015.
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.
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 2016 to 2024. On-premise deployment will achieve the least traction, and will exhibit a 6.8% CAGR over the same period.
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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 2016 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 2016 to 2024.SOURCE satPRnews https://www.satprnews.com/