In current business environments, the security, transparency, and reliability of information transfer is a necessity, which was discretionary at one time. Today, what is needed is a medium that is compatible with major computing platforms and allows easy, secure, and cost-effective transfer of information across geographical boundaries.
Formerly shared over email, over the Web, or using file transfer protocol (FTP), today, file transfer happens over secure networks that have overcome loopholes of the various media used previously. Though cloud services such as Dropbox and Box are popular among many types of businesses, they are deficient to serve the needs of businesses bound by data security and privacy regulations. This is where secure managed file transfer solutions show utility for securing critical data and proprietary information.
Banking, Financial Services, and Insurance Sector Benefits Massively from Managed File Transfer Solutions
Managed file transfer (MFT) is an application that enables fast, secure, transparent, and reliable transfer of file/s within an organization or between organizations. Though developed over ordinary FTP networks, MFT products include mechanisms to satisfy a higher level of security protocol, as these are subject to strict regulatory compliances for information privacy.
MFT solutions are largely utilized by industries and businesses where data privacy is one of the major requisites to be satisfied by data exchange networks. For example, banks and financial institutions handle a large amount of confidential data that needs to be exchanged through ultra-secure networks. Hence, these organizations are giving a facelift to their data transfer protocols; installation of MFT solutions to prevent the risk of data loss at any stage of file transfer undertakings is one of them.
In the last decade, the number of customers that use online banking services for monetary transactions has increased in large numbers. Not only restricted to the developed regions of North America and Western Europe, these practices are increasingly becoming common in developing nations, where consumers are reaping the economic and convenience benefits of the technological advancements that have brought banking services at their doorstep. Consequently, the threat of cyber-attacks is also increasing, which necessitates the adoption of secure and reliable data transfer protocols, such as MFT.
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North America Dominates Global Market for MFT Solutions
Due to these reasons, the global MFT software and service market will expand at a CAGR of 6.0% from 2015 to 2025, according to a market study published by Persistence Market Research. As per the findings of the report, the major observations about the MFT software and service market as presented as follows:
Currently, banking, financial services, and insurance (BFSI) exhibits the highest demand for MFT software and services in comparison to other verticals that deploy MFT solutions. The BFSI vertical will account for a share of 21.50% in the global market by the end of 2025.
System-centric file transfer software will account for 71.5% of the global market by the end of 2025.
North America will account for a share of 50% in the global market by the end of 2025; the region will be followed by Western Europe and Asia Pacific.