Market Highlights
During the forecast period of 2017 to 2023, the integration platform as a service market is estimated to showcase approximately 22% CAGR. The integration platform is a cloud service that provides a single platform to support many applications that consist of a combination of data sources, cloud-based applications, and others. Various organizations are interested in trying hybrid strategies as they are reluctant to use a single cloud vendor for data security. By 2021, 98% of organizations will shift to multiple hybrid clouds as they are cost-effective and improve performance. This system is improved technology, which could be a valuable system for any organization. The covid 19 cases made many businesses suffer due to huge losses, but as global companies experience a rise in revenue in cloud solutions and platforms in every organization, the integration platform as a service market was less affected by the pandemic. The growing real-time monitoring in business sectors the increasing implementation of the cloud-based application will propel the market's growth in the forecast period. Implementing an integration platform as a service into mobile phones, watches, tablets to detect alcohol, carbon dioxide, carbon monoxide, and other chemicals drives the market towards growth. Issues like interoperability may arise during implementation, which hinders the growth of the integration platform as a service market. Adapting hybrid cloud and large data integration creates new opportunities for the market players and interested organizations. The use of alternatives such as enterprise service bus technology is a huge challenge for the growth of the integration platform as a service market.
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Segmentation:
The integration platform as a service market is segmented into service type, organization size, deployment, vertical, and region. Based on the service type, the market is divided into data transformation, cloud service orchestration, data integration, API management, real-time monitoring and integration, business to business and cloud integration, training and consulting, application integration, and support and maintenance. The application integration segment increases the market's growth in the forecast period. The organization size segmentation is divided into SMEs and large enterprises, and both segments will contribute to the market's growth. Based on vertical, the integration platform as a service market is infuriated into healthcare, BFSI, education, government, manufacturing, media and entertainment, IT and telecommunication, and many others. Each segment of the market propels the market's growth in the forecast period.
Regional analysis
The integration platform as a service market is divided into North America, Europe, Asia Pacific, and other parts. The growing use of cloud-based applications and many market players increase the growth of the integration platform as a service market. North America consists of well-established infrastructure, and continuous adaptation to advanced technologies improves the market's growth in this region. The media and entertainment industry is also adapting to the market, which will improve the market's growth in the forecast period.
Industry news
Mulesoft says that it is latest any point updates allow enterprises to create and orchestrate the deployment of APIs of any origin in any environment architecture.
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Global Integration Platform as a Service Market Research Report: By Service Type (Cloud Service Orchestration, Data Transformation, API Management, Data Integration, Application Integration), Deployment, Organization Size, Vertical – Forecast till 2027
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According to research report "Integration Platform as a Service Market by Service (Cloud Service Orchestration, API Management, Application Integration, B2B and Cloud Integration, Data Integration), Deployment, Organization Size, Vertical, & Region - Global Forecast to 2021", The Integration Platform as a Service (iPaaS) market size is estimated to grow from USD 528.0 Million in 2016 to USD 2,998.3 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 41.5% during the forecast period.Browse 65 market data tables and 47 figures spread through 147 pages and in-depth TOC on “Integration Platform as a Service Market - Global Forecast to 2021"The demand for iPaaS is driven by factors such as the need for business agility, faster deployment, scalability, increasing awareness about iPaaS among enterprises, and reduced cost of ownership.
With the increase in adoption of cloud computing among enterprises, the iPaaS market is expected to gain major traction during the forecast period.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=134216323Cloud service orchestration service segment is expected to contribute the largest market shareThe cloud service orchestration segment offers enterprises the flexibility to scale up or scale down resource consumption depending on business requirements.
The major factors that have been driving the adoption of cloud service orchestration are flexibility, growing demand for optimum resources utilization, and increasing need for self-service provisioning.
The service provides additional benefits such as assistance in strategic decision making, improved productivity & performance, and decrease in business downtime & losses.Media and entertainment segment is projected to grow at the highest rate during the forecast periodThe iPaaS offers attractive solutions to media and entertainment enterprises to manage enormous volume of digital media and data generated across various applications, due to increase in video consumption.
The Small and Medium Enterprises (SMEs) and large enterprises operating in this vertical are rapidly getting inclined towards deploying cloud-based services to store and manage their business-critical data, which will drive the growth in this segment.North America is expected to contribute the largest market share, Asia-Pacific (APAC) to grow at the highest rateNorth America is expected to hold the largest market share and dominate the iPaaS market from 2016 to 2021, owing to the availability of technical expertise, large investments in research & development, early adoption of new & emerging technologies, and presence of a large number of players in this region.
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