According to the Research Report Insights (RRI) report, the global market for MFT software and service market was valued at over US$ 1157 Million in 2015. In addition, the market is expected to reach US$ 2,071.94 Million by the end of 2025, expending at 6% CAGR.
MFT is a fast, reliable, transparent and secure mode of exchanging large and heavy information or intellectual property between or within organizations. Industries that require critical data privacy such as the banking and financial institutions incorporate MFT solution for safe operational workflow. In other words, MFT prevents leak or theft of confidential data. Business and organizations are rapidly adopting to MFT solutions in order to secure their digital or virtual working platforms.
Presently, the global market for MFT software and service is growing due to the ever increasing number customer opting for online banking. Over the recent past, the banking system has witnessed immense advancement in technology, especially in developed regions such as Western Europe and North America. This, in turn, has led to higher vulnerability to cyber-attacks and raising concerns over data hacking. Moreover, superior advanced technology of MFT software compared to FTP is expected to fuel the overall market growth of MFT software and service
Based on verticals, the global market for MFT software and service has been segmented into media & entertainment, Banking, Financial Service & Insurance (BFSI), telecommunication, manufacturing, retail, and others (marketing & advertising, energy & utility, and government). Amongst these, the MFT in the banking, financial service & insurance segment is expected to witness a substantially higher demand from the other segments. By 2025, the segment is anticipated to account for over 21% share of the vertical segment in terms of value. RRI indicates that the segment is expected to witness a healthy CAGR over the forecast period.
Based on software, the global market for MFT software and service is segmented into system-centric, extreme, people-centric file transfer. The system-centric file transfer is expected to be the leading segment and is anticipated to account for over 71% share of the market in terms of revenue by the end of 2025.
By service, the global market for MFT software and service segmented into maintenance, implementation & integration and consulting. Amongst these, the maintenance is expected to the largest segment of the market during the forecast period.
The report further provides analysis and insights about opportunities of the MFT software and service market in seven key regions namely North America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Latin America, Japan and the Middle East and Africa (MEA). Amongst these regions, North America is the most lucrative market for MFT software and service, accounting nearly 50% share of the overall market in terms of value, the other two key regions are Western Europe and Asia Pacific excluding Japan (APEJ).
Major players operating in the global market for MFT software and service include Signiant Inc., IBM Corporation, CA Technologies Inc., SWIFT, The Axway Inc., Oracle Corporation, Software AG, GlobalSCAPE Inc., Wipro Limited, and Micro Focus (Attachmate).