Steady Growth Estimated for Global Managed File Transfer Software & Service Market| By |Abhishek Budholiya

While dealing with critical business transactions involving crucial information, choosing the right tool becomes imperative. Managed file transfer (MFT) works excellently with back-office integration. MFT offers elimination of human errors in tasks such as deduplication, process automation, transactional integrations, and data extraction. MFT retains its essentiality in an IT environment. It has become a crucial element for secure & effective management of data. MFT, a mature technology, currently is more important and relevant than ever.

Increasing Cyber-Attacks are driving the Demand for MFT Solutions

MFT is deemed as more transparent and faster means of heavy data transfer across an organisation, or, between organisations. Future Market Insights (FMI), in its report on the global managed file transfer software and service market, estimates a steady growth of the market. The market was evaluated at US$ 1,227.7 Mn in 2016, and is estimated to account for more than US$ 2000 Mn through 2025, according to FMI. The ever-expanding online banking sector is considered to be a primary factor in propelling the market growth. There has been a tremendous rise in cyber-attacks owing to the increased number of customers in online banking over the past decade. This has necessitated financial institutions and banks to adopt MFT solutions since recent past. Burgeoning need for governance and security of data is expected to drive the demand for MFT software & service in the near future.

MFT Solutions Prevent Hindrances Associated with Technical Glitches

The arrival of technology has provided several benefits, along with secure transfer of data. The market is expected to gain an uptick in the upcoming years, owing to rising awareness on flexibility advantages of cloud-based file transfer, and increasing applications of cloud-based managed file transfer solutions. For achieving cost-effective scalability and maintenance, numerous banks and SMEs are making huge investments on cloud-based MFT solutions. Lucrative opportunities are foreseen to be created, owing to affordable infrastructure related to on-premise cloud-based MFT deployment.

Various medical institutes and hospitals utilise MRIs and X-rays for diagnostic purposes. Technical glitches in these diagnostic studies tend to provide incorrect reports, which result in distorting patient-related data, impacting treatment process, and posing threats to patient’s life. This has led medical institutions to adopt MFTs for secure data transactions within the institutions, avoiding the hindrances related to technical glitches. Sharing or collaboration of patient’s data, between multiple organisations, on patient’s health records is another challenge faced significantly by medical institutions. The security of such data transferring is reinforced through implementation of managed file transfer solutions.

MFT Solutions enable Organisations in Appropriate Delivery of Information

Organisations focus on huge investments on R&D activities, for innovation and advancement of services and products in various industries. However, vulnerabilities and loopholes may be associated to database security of an organisation. By processing and routing such data via secured MFT solutions, organisations ensure delivery of vital research information to destined user, through proper data transference system. The shifts of various companies to adoption of MFT solutions for managing files and securing data conveniently is mainly attributed to cloud-based storage applications. In addition MFT solutions provide extreme, people-centric, and system-centric file transfers, enabling convenient file and data management as per requirements. Among the aforementioned file transfers, the system-centric file transfers are likely to hold dominance over the global managed file transfer software & service market in the near future.

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