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Large-scale vendors are also focusing on acquiring security standards
such as integrated HIPAA and HITECH to tap the excellent growth
opportunities provided by cloud service segment. In the next few
years, cloud and hybrid services are expected to gain a dominant
share in the global MFT market, phasing out on-premise deployment
practices to a large extent.
Rising Prevalence
of Cybercrimes Drives MFT Adoption
Rising volumes of business critical data from industries such as
BFSI, defense, and telecommunications have made file transfer
networks vulnerable to data breaches and thefts. The rising number of
cybercrimes and the burgeoning need for centralizing critical data
are some of the key factors driving the need for effective file
transfer technologies and protocols. Conventional file exchange
methods such as e-mails and File Transfer Protocol (FTP) have no
longer remained viable options for managing sensitive files,
especially now as the ways of cybercrimes are improving at an
alarming rate.
Several government policies, mandating that sensitive data from
fields such as healthcare, BFSI, and defense be properly secured, are
also leading to an increased demand for effective MFT services and
solutions. Examples include the Payment Card Industry Data Security
Standard (PCI-DSS) for the payment industry and the Health Insurance
Portability and Accountability Act (HIPAA) for the healthcare
industry in the U.S.
Asia Pacific and
Latin America to Present Most Attractive Investment Options
Developing countries across Asia Pacific and Latin America provide
the much needed resources, raw materials, and growth opportunities to
several industries owing to rising spending power and development
across several sectors. As a result, Asia Pacific and Latin America
have seen the emergence and expansion of many industries in the past
few years. Sectors such as BFSI, telecommunication, defense, and IT
are on the verge of a digital makeover in these regions, becoming
increasingly exposed to incidences of cybercrimes.
This has highlighted the need for effective file transfer protocols
that can securely manage file transfer routes and mitigate chances of
undesired breakthroughs. Owing to these factors, the market for
managed file transfer will witness significant expansion in Asia
Pacific and Latin America from 2016 to 2024. The market will expand
at a 10.3% CAGR in Asia Pacific and a 9.2% CAGR in Latin America over
2016 to 2024.
The global market is expected to expand at a favorable 7.7% CAGR from
2016 to 2024, rising from a valuation of US$774.3 mn in 2014 to
US$1,637.3 mn by 2024. Owing to the highly sensitive form of data,
the BFSI and hospital segments will emerge as two of the most
lucrative application areas over the said period.
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