Pune, India, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Integration Platform as a Service (IPaaS) Market: Key Insights
According to our new research study on “Integration Platform as a Service (IPaaS) Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Service Type, Deployment Type, Enterprise Size, Industry, and Geography,” the Integration Platform as a Service (IPaaS) Market Size is projected to reach US$ 8844.20 million by 2028 from US$ 2306.32 million in 2021; it is expected to grow at a CAGR of 21.2% during 2021–2028.
Integration Platform as a Service (IPaaS) Market: Competitive Landscape and Key Developments
Informatica; elastic.io; Software AG; Seeburger AG; Mulesoft, LLC; SAP SE; Oracle Corporation; SnapLogic.; IBM Corporation; Microsoft Corporation; and Boomi, Inc. are among the key market players in the global integration platform as a service (IPaaS) market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2021, Informatica announced a cloud platform that employs microservices and an AI engine to combine data management capabilities as well as to enable the integration of data and application programming interface (API).
In 2020, IBM Corporation and Infosys collaborated to introduce IBM public Cloud Services for aiding digital transformation for various enterprises. The collaboration aims to help enterprises—including those in highly regulated industries such as financial services, insurance, and healthcare—transition, modernize, and transform their operations by tapping into the security, open innovation, and enterprise capabilities of the IBM public cloud.
Growing demand for efficient methods for managing and developing enterprise applications, and increasing deployment of cloud-based solutions are among the primary forces driving the growth of the integration platform as a service (IPaaS) market. However, high initial investment requirements and interoperability concerns limit the market growth. The growing demand for a lean and faster integrated platform has resulted in an increased interest in IPaaS. Exponential progress in information technology and cloud computing also contribute to the integration platform as a service (IPaaS) market expansion.
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APAC held the second-largest share of the IPaaS market in 2020 and is also expected to register the highest CAGR during the forecast period. Australia, Singapore, Hong Kong, and South Korea have been the early countries to learn the competitive advantages of cloud leadership, which made them transform their businesses into digital firms. Enterprises in Sri Lanka, Cambodia, and Myanmar, on the other hand, are free of legacy technologies and can integrate them into cloud-first models. Thus, the increasing acceptance of cloud platforms across the industrial sector is boosting the growth of the integration platform as a service (IPaaS) market in APAC.
The work-from-home model has gained popularity amid the COVID-19 pandemic, and it has influenced enterprises to adopt cloud servers for ensuring the smooth functioning of business operations remotely. Thus, the rising adoption of cloud solutions and platforms across all organizations is boosting the demand for platform integration services.
In the coming years, various organizations are anticipated to adopt hybrid and multi-cloud systems due to their reluctance to depend on a single cloud vendor. According to IBM Corp., 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 into the private cloud and simultaneously uses 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 the business managers to opt multi-cloud and hybrid solutions to run the system effectively and efficiently. Moreover, these solutions are cost-effective and mitigate the risk of business loss. The hybrid model requires proper integration to ensure smooth business functioning over the period, which is contributing to the integration platform as a service (IPaaS) market growth.
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Integration Platform as a Service (IPaaS) market: Deployment Type Overview
Based on deployment type, the IPaaS market is segmented into public cloud, private cloud, and hybrid cloud. The public cloud segment held the largest market share in 2020. Public cloud is the most common type of cloud computing deployment. A third-party cloud service provider owns and operates the 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. Furthermore, it provides a wide range of data recovery options and infrastructures, such as hardware, operating systems, software, and middleware servers, to run applications across several platforms. Enterprises prefer to adopt the public cloud services as they are simple to implement.
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