New York, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Integration Platform-as-a-Service Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484266/?utm_source=GNW
The Integration Platform-as-a-Service Market size is expected to grow from USD 9.60 billion in 2023 to USD 43.42 billion by 2028, at a CAGR of 35.23% during the forecast period (2023-2028).
The rapidly increasing requirement for advanced systems in order to improve the overall process of development, management, and deployment of enterprise applications across the globe has been driving the market. Moreover, the recent advancements in the field of big data, cloud computing, and the Internet of Things within organizational processes have also driven the expansion of iPaaS solutions.
Key Highlights
The key significant players in the market landscape have put continuous efforts in order to enhance their platforms by the inclusion of API management, data hubs, b2b integration, and workflow automation, among others which is believed to be the next-generation integration technologies. Currently, the iPaaS vendors are aiming to position themselves in the enterprise application architecture.
Moreover, with the increasing considerations of crucial elements such as data-centric and IoT-focused integrations, real-time synchronization, and mobility, there is increased incorporation of cloud-based integration. Enterprises today are increasingly using CRM systems in order to integrate their customer service systems. However, there is still a gap in integrating these CRM systems with the ERP and BI/Analytics. The IPaaS solutions enable enterprises with a 360-degree view of their customers, help in gaining access to sensitive information as well as automate their business processes.
In November 2022, Qlik launched a cloud-based new data integration platform service that primarily brings together data from disparate sources in real time. Qlik Cloud Data Integration is mainly an enterprise integration platform as a service designed for use by data engineers who prepare and cultivate their organization’s data, especially for data-informed decision-making. The new integration platform as a service joins data cataloging and preparation capabilities in one place, allowing organizations to ready their data in real-time for analysis. The platform also consists of a set of services that mainly form a data fabric, which is the unification of those services to connect data sources to allow an organization to build a wholly new unified view of its data.
However, the high involvement of investment initially in terms of deploying IPaaS solutions could restrain the overall market’s growth throughout the forecast period.
The coronavirus pandemic affected the cloud industry, and hence multiple providers responded to this sudden surge in demand and rose interest in cloud infrastructure. Companies from multiple industries have now realized the benefits of cloud computing beyond the immediate need which was generated by the COVID-19 pandemic situation. Hence, they are well-indulged in bringing out a broad spectrum of cloud-based solutions and services.
Integration Platform-as-a-Service Market Trends
Retail & E-commerce to Witness Significant Growth
The rapid rise of e-commerce that is dealing in B2B and B2C platforms has demanded businesses to handle multiple areas such as online selling, placing orders, and inventory management, among others. The IPaaS solutions can provide a seamless e-commerce integration solution primarily to merge the back-end processes, ERP systems, and the website. Moreover, these integration tools also enable the free flow of data across front-end and back-end systems while significantly reducing IT outlays.
Moreover, these innovative integration tools have also enabled retailers to navigate their online marketplace to be linked up with their ERP solutions to their mobile and web sales portals without the usage of traditional legacy integration tools. For e-commerce organizations, an increasing need to improve their internal data conduits, or even if it is being established for the first time, IPaaS technology can prove to be an immensely powerful asset.
The E-commerce industry in this time of the coronavirus outbreak has been scaling upwards, primarily owing to the fact that millions of individuals across the globe have been adopting platforms such as Amazon to procure groceries, daily essentials, and medical supplies. This upward trend is expected to continue further, thereby driving the market during the forecast period.
In November 2022, Wipro Limited, a technology services and consulting company, declared new retail solutions especially built on the Microsoft Cloud and Cloud for Retail, and a whole new Retail Innovation Experience in Mountain View, California. This virtual, physical, and hybrid Experience would deepen collaboration between Wipro and Microsoft to further augment the delivery of new solutions that would allow retailers to grow and expand their business and build stronger customer relationships.
As per US Census Bureau, From July to September 2022, the total U.S. retail e-commerce sales amounted to around 266 billion U.S. dollars, marking a three-percent increase as compared to the previous quarter. This increase in the total U.S. retail e-commerce sales will drive the market’s overall growth rate significantly. Hence, it is expected to face a broad spectrum of growth opportunities throughout the forecast period.
North America is Expected to Witness Significant Growth
The North American region is expected to have significant growth during the forecast period, primarily owing to the presence of multiple industry players, coupled with the rapid adoption of cloud-based services among various organizations in the region. Multiple factors, such as the increased need for advanced integration services and the increased shift of workloads to the cloud environment, are also expected to drive the demand for IPaaS solutions.
Moreover, according to Cisco’s latest Visual Networking Index report, smart homes are expected to be one of the key drivers of IoT connectivity growth during the next few years. The company expects that around 50% of the total 28.5 billion device connections anticipated by 2022 will be IoT/machine-to-machine (M2M).
According to the US Centers for Medicare and Medicaid Services (CMS), healthcare spending in the United States is also projected to increase by 5.5% annually from 2017 through 2026. If the spending increases at this rate, by 2026, the healthcare spending is projected to reach USD 5.7 trillion, which indicates stronger competition among the healthcare providers, and this creates the need to embrace new technologies in order to sustain.
The rapid growth in cloud computing and big data analytics are also driving the demand for IPaaS solutions in the region. Moreover, the declining prices of servers have also increased the adoption of cloud computing businesses across the North American region, which is expected to fuel the demand for IPaas solutions over the forecast period.
In December 2022 - Impartner, headquartered in the United States, a channel management platform and partner relationship management (PRM) provider, partnered with iPaaS providers such as Syncari, Tray.io, and others to facilitate connections in a company’s ecosystem and eliminate inaccurate partner data. While Impartner has been a longstanding integrated partner with Microsoft Dynamics 365 and Salesforce, the new integrations bridge the gap between a company’s additional direct sales systems and Impartner PRM.
Integration Platform-as-a-Service Industry Overview
The Integration Platform-as-a-Service Market is highly competitive owing to the presence of multiple small and large vendors in the market operating in domestic and international markets. The market appears to be moderately concentrated, with the major players adopting strategies like product innovation and mergers and acquisitions in order to increase their solutions portfolio and expand their geographic reach. Some of the major players in the market are Dell Boomi, Inc., Informatica Corporation, and Mulesoft, among others.
In August 2022, Cloud Inventory, a provider of mobile-first inventory solutions, and Boomi, an intelligent connectivity and automation leader, announced an expanded partnership to provide faster, easier integration for customers. The partnership mainly empowers companies using any ERP platform to connect applications, data, people, and devices quickly. This enables optimizing key processes, including accounting, order management, inventory, and procurement.
In July 2022, TIBCO Software Inc., a provider of enterprise data, announced significant enhancements to TIBCO Cloud Integration, its industry-recognized iPaaS offering, powered by TIBCO Cloud. This expands the overall potential for integrating data, applications, and devices across various hybrid environments, helping customers grapple with a volatile business world to enhance business outcomes. TIBCO Cloud Integration also delivers remarkably faster automation of all the business processes and integration of digital assets across the enterprise. By speeding up and simplifying app development, businesses can respond to market trends faster, building a competitive advantage for customers.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06484266/?utm_source=GNW
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