File sharing is an integral part of most business operations these days, whether it is carried out through the Web, email, or File Transfer Protocol. The task of managing all file transfers in business environments, where the senders and receivers may belong from different workplaces or even geographic locations, is not easy. It is often difficult to keep a track of when, what, and who sent anything, and who received it. Particularly in case of sensitive files it is essential to maintain a record of the entire data transfer process, to understand whether the file was securely sent to the intended recipient. To make this entire process hassle-free and secured, the managed file transfer software and services market comes in the picture.
A large number of factors contribute to make security a critical concern for organizations and lead to the rising demand for effective managed file transfer software and services. These are:
The rise in data security breaches on the global front and the increased volume of sensitive customer information being consistently transferred in the form of files
Larger sizes of files as a result of outsourcing, globalization, and digitization activities
The rising network of trading partners, compounding the already slow process of onboarding of files
The high rate of industry errors
Amalgamation of diverse file sharing applications owing to bring-your-own-device and work from home practices
As a result, the market for managed file transfer software and services has gained significant momentum over the past few years. According to a recent market research report published by Persistent Market Research, the global market for managed file transfer software and services had a valuation of US$1092.06 mn in 2014. The report projects that the market will expand at a 6.0% CAGR between 2015 and 2025 and reach US$2071.94 mn by 2025.
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Other than the abovementioned factors that have led to the increased demand for managed file transfer systems, the report mentions factors such as the rising number of customers opting for online banking facilities in the past decade in developed regions like Europe and North America and the rising threat of cyber-attacks in the banking and finance sector for the swift rise in demand for effective managed file transfer systems.
System-centric Software Most Popular Product-type; BFSI Leads to Highest Demand
Several types of managed file transfer software are offered by developers in the market, including people-centric, system-centric, and extreme file transfer types. Of these, the segment of system-centric file transfer software is likely to account for over 71% of the global market by 2025.
On the basis of managed file transfer services, the global managed file transfer software and services market can be segmented into maintenance, consulting, and integration and implementation. Of these, the segment of maintenance is projected to account for the highest share in the overall revenues generated by the market by 2025.
The key end-use industries of managed file transfer software and services include banking, financial service and insurance (BFSI), retail, telecom, manufacturing, media and entertainment, marketing and advertisement, government agencies, and energy and utility. Of these, the BFSI sector is currently the dominant end user of managed file transfer services and is expected to account for a share of 21.5% in the overall market by 2025.