The Integration Platform-as-a-Service Market is expected to register a CAGR of 26% during the forecast period (2021 - 2026).
Integration Platform-as-a-Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The rapidly increasing requirement of the 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 the organizational processes have also driven the expansion of iPaaS solutions.
- The 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, 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 e-commerce, real-time synchronization, and mobility, there is an increased incorporation of cloud-based integration. Additionally, the data-centric and IoT-focused integrations have also climbed up in the primary positions in the integration platform in order to meet the big data challenges.
- - Enterprises today are increasingly using the CRM systems in order to integrate their customer service systems. However, there is still a gap in the integration of these CRM systems with the ERP and BI/Analytics. The IPaaS solutions enable the enterprises with a 360-degree view of their customers, helps in gaining access to sensitive information as well as automate their business processes.
- In Nov 2019, RoboMQ, an IPaaS provider, announced the availability of ServiceNow as an API connector on its IPaaS platform. The partnership primarily provides the ServiceNow customers with an easy access to build and deploy integration workflows that can streamline and automate their business processes with other cloud, SaaS, and enterprise applications using the available API connectors within the Connect IPaaS.
- The coronavirus pandemic has affected the cloud industry and multiple providers are responding to this sudden surge in the demand and the rising interest for cloud infrastructure. Companies from multiple industries have now realized the benefits of cloud computing, beyond the the immediate need which is generated by the COVID-19.- View Full Report with TOC @ https://www.statzyreports.com/report/sr498869/integration-platform-as-a-service-market
Key Market Trends
Retail & E-commerce to Witness Significant Growth
- The rapid rise of e-commerce that is dealing in b2b and b2c platforms have demanded the businesses to handle multiple areas such as online selling, placing orders, 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 the retailers in navigating 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, the 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 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.
North America is Expected to Witness Significant Growth
- The North American region is expected to 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 the 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.
Competitive Landscape
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, Mulesoft, among others.
- May 2020 - Boomi, a Dell Technologies business, announced the integration with Amazon EventBridge and the company's platform, expanding its support for Event-Driven Architecture (EDA). Amazon's eventbridge is basically a serverless event bus that makes it easy to connect application data, integrate Software-as-a-Service applications, and Amazon Web Services (AWS) services.
- Jun 2020 - Informatica, the enterprise cloud data management solutions provider, introduced its new intelligence and automation capabilities to the its Cloud Native Data Management solution. The solutions is powered by the company's AI-powered CLAIRE engine. These capabilities will primarily enable organizations to see faster return on investments from the cloud data warehouse, data lake and lakehouse investments.
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