Integration Platform as a Service Market Worth $13.9 Billion by 2026 – Report by MarketsandMarkets™
/EIN News/ — Chicago, Sept. 26, 2022 (GLOBE NEWSWIRE) — The Integration Platform as a Service Market The size is expected to grow from USD 3.7 billion in 2021 to USD 13.9 billion by 2026, at a compound annual growth rate (CAGR) of 30.3% during the forecast period, according to a new report from MarketsandMarkets™. IPaaS is rapidly gaining acceptance around the world by large enterprises as well as medium and small businesses due to various benefits, growing adoption of automation and digitization and increasing adoption BYOD. The presence of many iPaaS vendors has made the market competitive. Many emerging players with niche and differentiated offerings for target customers have come to the fore.
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As more consumers and businesses integrate web and mobile applications into their daily routines, businesses are discovering valuable new uses for previously isolated data sources. APIs (application programming interfaces) are tools that allow companies to use this data by inspiring innovative developers to create new business opportunities and improve existing products, systems and operations. APIs are a method of integrating business systems and are often the vehicle that enables iPaaS solutions. API management is the process of overseeing and managing these APIs throughout their lifecycle, from design, release, documentation, analysis, and beyond. Solutions that manage the full API lifecycle provide a way to build and deploy the API as well as the ability to govern, secure, and manage those APIs. API management solutions ensure that APIs are visible across the organization and that each API is properly secured, as well as maintained and troubleshoot when errors occur. These solutions also provide a way to easily access and discover APIs across the organization to reuse for other projects. API management solutions offer various features such as API design studios, API analysis, can act as an API gateway and even API stores.
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The reason for the high adoption of public cloud among cloud storage providers is the ease of access and faster deployment. The public cloud deployment model offers various advantages to businesses, such as scalability, reliability, flexibility, and remote access. It is more preferred by companies that have fewer regulatory hurdles and are willing to outsource their storage facilities in whole or in part. The main concern with the public cloud is data security, due to which many companies are turning to private and hybrid cloud storage solutions. However, public cloud is expected to hold the largest market share in the iPaaS market. This is the most common type of cloud computing deployment. A third-party cloud service provider owns and operates cloud resources (such as servers and storage) distributed over the Internet. A cloud provider owns and manages all hardware, software, and other supporting infrastructure in a public cloud. Additionally, it provides a wide range of data recovery options and infrastructure, such as hardware, operating systems, software, and middleware servers, to run applications on multiple platforms. Businesses prefer to adopt public cloud services because they are simple to implement.
|Market size available for years||2016-2026|
|Base year considered||2020|
|Forecast units||Value (USD million)|
|Segments Covered||Service type, deployment model, organization size, verticals and regions|
|Estimated annual market size||$3.7 billion in 2021|
|Forecast Year Market Size||$13.9 billion by 2026|
|CAGR for the forecast period||30.3%|
|Regions covered||North America, Europe, APAC, MEA and Latin America|
|Companies covered||Informatica Inc. (US), Boomi Inc. (US), SAP SE (Germany), Oracle Corporation (US), MuleSoft LLC (US), Jitterbit Inc. (US), Workato Inc. (USA), SnapLogic Inc. (USA), Software AG (Germany), IBM Corporation (USA), Microsoft Corporation (USA), Tibco (USA), Celigo (USA), United States) and Zapier (United States).|
Profitability is an important factor for SMEs, as they always have tight budgets, which leaves them with limited means to market themselves and gain visibility. The fiercely competitive market scenario has encouraged SMBs to invest in IPaaS solutions to reach their desired target audience. Implementing cloud storage would lead to increased revenue, desired outcomes, and improved business efficiency for SMBs. However, SMEs face challenges in managing capital, hiring a skilled workforce, and scalability. To overcome these challenges, SMBs are adopting the pay-as-you-go model to manage IT costs and improve flexibility and scalability. SMBs are adopting iPaaS solutions to improve business performance, make informed decisions, and manage the entire onboarding process at lower cost. Small businesses will take an enterprise-ready approach when looking for an ideal iPaaS solution.
The BFSI industry is booming with technological advancements that are revolutionizing the user experience for customers and businesses. BFSI has disrupted the market with new apps and innovations to such an extent that individuals are using a bunch of apps to manage their finances. It can automate routine data entry, enable SaaS and on-premises systems to share data, and automate workflows between systems for increased efficiency and productivity. The BFSI sector offers substantial opportunities for the growth of the iPaaS market due to the complex integration between cloud services and on-premises systems. Banks are investing in iPaaS as a key enabler to centrally manage all integrated processes and improve profitability to support their business strategies. Companies such as Dell Boomi, Oracle, IBM and Informatica are the major players in this vertical.
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APAC is expected to experience the fastest growth rate in the coming years. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to register the highest CAGR during the forecast period. Additionally, IT spending in organizations in the region is gradually increasing, which is expected to drive an increase in iPaaS adoption. . This growth is driven by increasing adoption of cloud and mobility trends in China, Australia and New Zealand (ANZ), India and Japan. Government initiatives to promote digital infrastructure are also driving iPaaS adoption in the region. The APAC region is expected to have major traction towards iPaaS modules due to growing demand for local manufacturing and high energy demand. The growing proliferation of cloud and mobile technologies and changing work dynamics have driven adoption in verticals, such as manufacturing, energy and utilities, retail, and consumer goods. , BFSI and iPaaS telecommunications in countries such as China, Japan, Singapore and Australia. Companies such as Boomi, SAP, Oracle, Microsoft, and IBM are the key players focusing on the APAC iPaaS market.
Asia-Pacific’s rapid growth rate is attributed to the fact that the region is home to many SMEs, which are heavily involved in the development and adoption of iPaaS. China is one of the largest e-commerce markets in the world. Industry expansion is an important driver for the adoption of iPaaS solutions. The rapid rise of e-commerce that deals with both B2B and B2C platforms has required businesses to manage several areas such as online selling, order placement, and inventory management among others. IPaaS solutions can provide a seamless e-commerce integration solution to merge back-end processes, ERP systems, and website. Additionally, these integration tools enable the free flow of data between front-end and back-end systems while dramatically reducing IT expenses.
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