The Integration Platform as a Service Market size was USD 4.8 Billion in 2022 and it is anticipated to grow over USD 25.0 Billion by 2032, at a CAGR of over 16.6% during the forecast period.
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Integration platform as a service (iPaaS) is a cloud-based suite of tools, hosted by a third-party provider, that enables organizations to integrate, automate, and manage applications, business systems, and data that reside in different business environments, whether on-premises or in public or private clouds.
Key Drivers & Trends
It is anticipated that, in the coming years, various organizations will adopt hybrid and multi-cloud strategies, as these systems are trending in the relevant sectors. Organizations are expected to opt for these strategies as they are reluctant to depend on a single cloud vendor. According to IBM Corporation, 98% of organizations are planning to utilize multiple hybrid clouds by 2021. Hybrid cloud provides the benefits of both public and private clouds, by enhancing flexibility to work between both the cloud solutions. Further, it enables organizations to protect their confidential data by storing it in the private cloud and simultaneously using the public cloud for storing public data. The requirements of specific applications and functions will differ with the increase in specialized services. This, in turn, encourages business managers to opt for multi-cloud and hybrid solutions to run the system effectively and efficiently. Moreover, it is cost-effective, and it mitigates the risk of business loss. The adoption of hybrid cloud will also influence the integration platform as a service (IPaaS) market growth. The hybrid model will require proper integration to ensure smooth business functioning over time, thereby contributing to the market growth.
Key Restraints & Challenges
iPaaS offers a platform to integrate with applications, data, and process integration projects that involve cloud-based applications, APIs, and on-premises systems. However, such integrations are not possible with the existing traditional machines which are highly interoperable. The traditional applications that manage critical data such as consumer details and employee details are not interoperable with the latest cloud integration system, which requires the need to replace the existing system with the new updated system to integrate with iPaaS. These issues with interoperability make it difficult for enterprises to adopt iPaaS.
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Market Segments
The Integration Platform as a Service Market has been segmented into Deployment Model, Service Type, Organization Size, Industry Vertical, and Region. Based on the Deployment Model, the Integration Platform as a Service market is bifurcated into Public Cloud and Private Cloud. On the basis of Service Type, the market is segmented into API Management, B2B Integration, and Others. Based on Organization Size, the market is bifurcated into Large Enterprises and SMEs. Based on Industry Vertical, the Integration Platform as a Service market is segmented into BFSI, Energy and Utilities, Healthcare and Life Sciences, Manufacturing, and Others. Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Key Players
Some of the key players in the market are Boomi, LP (US), IBM Corporation (US), Informatica Inc. (US), Jitterbit (US), MuleSoft (Salesforce, Inc.) (US), SAP SE (Germany), SnapLogic Inc. (US), Software AG (Germany), TIBCO Software Inc. (Cloud Software Group, Inc.) (US), Workato, Inc. (US).
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Market Segments
By Deployment Model
- Public Cloud
- Private Cloud
By Service Type
- API Management
- B2B Integration
- Others
By Organization Size
- Large Enterprises
- SMEs
By Industry Vertical
- BFSI
- Energy and Utilities
- Healthcare and Life Sciences
- Manufacturing
- Others
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