New York, Aug. 04, 2022 (GLOBE NEWSWIRE) — As per recent studies, the overall size of smartphone users in 2022 is expected to topple approximately 6.750 billion worldwide; which is roughly 84.47 percent of the world’s population. In total, around 7.30 billion people worldwide, i.e., 92.22 percent of the world’s population own smart and feature phones. Additionally, the launch of smartphone applications is accelerating across the globe, which resulted in the release of over 91,000 apps in June 2022, and around 135,0000 new android apps in May 2019.
Research Nester has published a detailed market report on ‘Global MFTPaaS Market’ for the forecast period, i.e., 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
In the year 2021, roughly 4.11 people, which translates to over 65% of the global population, are expected to be online. Since 2019, the total number of internet users toppled above 18% which amounts to about 900 million individuals. The global MFTPaaS market is estimated to grow at a CAGR of ~16% during the forecast period. The growth of the market can be attributed to the increasing usage of internet and internet-based services and applications. MFTPaaS or managed file transfer platform-as-a-service offers a secure and managed end-to-end data transfer gateway. The market is estimated to expand as a result of both the increasing need for secure data transfer over the internet and the expanding usage of cloud computing technology. The expanding use of cloud computing and multi-cloud functionality is also anticipated to promote market expansion during the forecast period. For instance, in 2021, revenue from cloud computing exceeded USD 390 billion. MFTPaaS is synonymous with advances in cloud infrastructure to expedite file transfer and offset the challenges posed by legacy file transfer methods, thereby helping cloud economy improve with reduced maintenance and infrastructure costs.
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Further, the development of the ICT sector has significantly boosted GDP growth, worker productivity, and other aspects of economies around the world. The production of goods and services by the ICT industry also promotes economic growth and development. The World Data Bank reports that between 2014 and 2020, the global exports of ICT products climbed from 11.4 percent to 14.3 percent of total exports of goods. Hence, the rising technological advancement and growing ICT sectors are estimated to propel the global MFTPaaS market growth outlook over the forecast period. Moreover, the rising investment in the research and development sector across the globe is anticipated to boost the market growth over the ensuing years. Research studies claim that since 2000, the amount spent globally on research & development has increased by more than three times in real terms, from roughly USD 680 billion to almost USD 2.4 trillion in 2019.
On the basis of geographical analysis, the global MFTPaaS market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimated to hold a significant share and grow at the highest CAGR during the forecast period. The growth of the market can be attributed to the increasing adoption of technology, including cloud computing and the internet of things (IoT), in developing nations. Additionally, it is anticipated that rising investments in technological advancement, especially cloud services, in nations mainly, China and India are anticipated to accelerate market expansion over the forthcoming years. For instance, along with the USA, China is responsible for over 72% of all blockchain-related patents, more than 49% of global IoT investment, and higher than 80% of the global market for public cloud computing services.
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Moreover, the market in North America is estimated to gain the largest market share throughout the forecast period. In light of the increasing use of cutting-edge technologies and growing Bring Your Own Phone (BYOP) trend in workplaces in nations including Canada and the United States, the North American market is predicted to obtain the highest market share over the forecast period. It was observed that with more than 300 million smartphone users in the US as of 2021, this country has one of the largest smartphone markets in the world. Additionally, the presence of significant market competitors in the area and the accessibility of cutting-edge technology are predicted to drive market expansion during the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global MFTPaaS market is segmented by installation into on-premise and cloud-based. Out of these, the cloud-based segment is estimated to hold the largest market share over the forecast period owing to the increasing usage of cloud computing and the reliance of many end-user sectors on cloud-based databases. Additionally, a lot of big businesses use cloud computing technologies to access and transfer huge amounts of data, which is predicted to accelerate market growth during the forecast period. Moreover, to increase their customer base in the worldwide market, major key players have adopted a variety of organic and inorganic techniques. They invest millions of dollars in product development and research to meet the demands of the MFTPaaS industry, which is predicted to boost the segment growth over the forecast period. For instance, the collaboration between Infosys and IBM to speed up digital transformation for businesses using IBM public cloud in March 2020, enabled organizations to adapt to changing business needs.
Further, the global MFTPaaS market is segmented by the end-user into BFSI, retail, manufacturing, energy & utility, IT & telecommunication, and others. Among these, the BFSI (banking, financial services, and insurance) segment is anticipated to experience significant expansion throughout the projected period as a result of the industry’s extensive use of sensitive data, rising demand for the data’s secure transport, and growing BFSI sector across the globe. As per the estimation India Investment Grid, the BFSI industry in India is estimated to be worth approximately USD 1 trillion and is expected to grow to become the third-largest by 2025.
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The global MFTPaaS market is also segmented on the basis of type.
Global MFTPaaS Market, Segmentation by Type
- System-Centric File Transfer
- People-Centric File Transfer
- Extreme File Transfer
Some of the prominent key players and their company profiling mentioned in the global MFTPaaS market research report include International Business Machines Corporation, Teradata Corporation, Oracle Corporation, Axway Software, Citrix Systems, Kiteworks Inc., Wipro Limited, Saison Information Systems Co. Ltd., TIBCO Software Inc., Hewlett Packard Enterprise, and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.
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