Cloud MFT Services Market Insight
Businesses globally are experiencing greater demands for secure transfer of big data, and at the same time, availability of cloud computing for securely sharing document has grown exponentially. This in turn has pushed managed file transfer (MFT) in a greater demand among various business agendas. MFT is a long-standing, well accepted way for organizations to share business files point to point, quickly, reliably, and securely. MFT in the cloud is the secure and reliable transfer of data to, from and between clouds, regardless of size. As more organizations move their back-office processes to the cloud, and with the rise of big data and files moving at an increasing rate, managed file transfer is very clearly adapting to the cloud model.
Impact of COVID-19 on Cloud MFT Services Market:
- Zoom has turned out to be profitable product within Covid-19 technology impact. Interest for the video conferencing solution is surging during the crisis. In March, Zoom reported 200 million daily users, up from 10 million in December 2019.
- Organizations are adopting proactive steps by advising their staff and customers to be more vigilant and cautious especially in terms of malicious mail, links or documents related to the subject COVID-19. Organizations should ensure their detection and alerting capabilities are functional while keeping an eye on the impact of having many remote workers.
- Due to the COVID-19 pandemic, many employees working from home and students learning virtually, enterprise virtual private network (VPN) servers have now become a significant tools for companies/schools, and their security and availability will be a major focus going forward. There is a possibility that an organization’s unpreparedness will lead to security misconfiguration in VPNs thereby exposing sensitive information on the internet and also exposing the devices to Denial of Service (DoS) attacks. In addition to this, some users are utilizing personal computers to perform official duties which could also pose a great amount of risk to organizations.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Enterprise mobility, increasing penetration of digital technologies, and increasing need for secure file transfer are the primarily driving factors for the growth of cloud MFT services market. However, lack of visibility over file movement can hamper the growth of market. However, continuous innovations in cloud computing services is one of the opportunistic factors for the global market.
Increase in need for secure file transfer
Secure file transfer includes services such as enterprise file sync and share solutions, with the focus on security, compliance, integration, and ease of use. The complexity of enterprise operational environment and the growing need for additional security to follow regulatory compliance are encouraging companies to opt for these services. The introduction of cloud computing and increasing number of data breaches and cyber-attacks is driving the need for secure file transfer. The United states face the highest number of data breaches and hence, organizations increasingly demand secure file transfer software.
Moreover, the incorporation of technologies, such as big data and IoT, is estimated drive the demand for these solutions among large enterprise customers in the global market during the forecast period. The need for efficient transfer of documents of all sizes represents the core of any integration strategy. Cloud MFT provides highly secure data transfer channels for enterprises and addresses all the security vulnerabilities associated with old FTP and HTTP systems.
Lack of visibility over file movement
Both business and technical users inside and outside the company need visibility into what’s happening with their files. Also, this forces the company to respond reactively to problems caused by failures and errors. Vanson Bourne reports that the average FTP failure rate is 8%, which requires an average of 24 minutes to resolve—once someone discovers the failure. However, inefficiencies and delays caused by file transfer errors, in general, is much larger than this. The average time to correct errors, exceptions, and problems related to file transfers was between 4 and 5 hours, according to Aberdeen Group. During a time where speed and accuracy are paramount, these problems hurt relationships with customers and partners, slows down—even halts—business processes, and are significant barriers to generating revenue.
Key benefits of the report:
- This study presents the analytical depiction of the global cloud MFT services industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global cloud MFT services market share.
- The current market is quantitatively analyzed to highlight the global cloud MFT services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global cloud MFT services market analysis based on competitive intensity and how the competition will take shape in coming years.
Cloud MFT Services Market Report Highlights
By End User
By Enterprise Size
Key Market Players
IBM Corporation, Tibco Software, Axway Software, Saison Information System, Citrix ShareFile, Coviant Software, CA Technologies, Software AG, Wipro Ltd, Oracle Corporation