The Integration Platform-as-a-Service Market size is expected to grow from 3.7 billion in 2021 to USD 13.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 30.3% during the forecast period, according to a new report by MarketsandMarkets™. IPaaS is rapidly gaining acceptance globally by large enterprises as well as mid-sized enterprises and small enterprises due to various benefits, growing adoption of automation and digitalization and the increase in adoption of BYOD. The presence of many iPaaS providers has made the market competitive. Many emerging players providing niche and differentiated offerings for target customers have come to the forefront.
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As a growing number of consumers and businesses incorporate web and mobile apps into their daily routines, businesses are discovering valuable new uses for previously isolated data sources. APIs (application programming interfaces) are tools that allow businesses to put that data to use by inspiring innovative developers to create new business opportunities and improve existing products, systems, and operations. APIs are a method for integrating enterprise systems and are often the vehicle that enables iPaaS solutions. API management is the process of overseeing and managing those APIs across their lifecycle, from designing, publishing, documenting, analyzing, and beyond. Solutions that manage the full API lifecycle provide a means of creating and deploying the API as well as the ability to govern, secure, and manage those APIs. API management solutions ensure visibility into APIs across the organization and that each API is secured properly, as well as serviced and troubleshot when errors arise. These solutions also provide a way for APIs to be easily accessed and discovered across the organization to be reused for other projects. API management solutions offer various features such as API design studios, API analytics, can serve as an API gateway, and even API stores.
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The reason for the high adoption of public cloud among cloud storage providers is the ease of access and faster deployment. The public cloud deployment model offers various benefits to the enterprises, such as scalability, reliability, flexibility, and remote location access. It is more preferred by the enterprises that have fewer regulatory hurdles and are willing to outsource their storage facilities either fully or partially. The major concern with the public cloud is data security, due to which many enterprises are shifting to private and hybrid cloud storage solutions. However, the public cloud is expected to hold the largest market share in the iPaaS market. It 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 public cloud services as they are simple to implement.
Cost-effectiveness is an important factor for SMEs, as they always have tight budgets, leaving them with limited ways to market themselves and gain visibility. The intensely competitive market scenario has encouraged SMEs to invest in IPaaS solutions to reach their desired target audience. The implementation of cloud storage would result in increased revenue, desired outcomes, and improved business efficiency for SMEs. However, SMEs face challenges in managing capital, hiring a skilled workforce, and scalability. To overcome these challenges, SMEs adopt the pay-as-you-go model to manage IT costs and improve flexibility and scalability. SMEs adopt iPaaS solutions to improve business performance, informed decision-making, and manage the overall integration process at a reduced cost. Small businesses will take a fit-to-business scale approach when looking for an ideal iPaaS solution.
The BFSI industry has been booming with technological advancements revolutionizing the user experience for customers and businesses. BFSI has been disrupting the market with new applications and innovations to a point where individuals are using a bunch of applications to manage their finances. It can automate routine data entry, enable SaaS and on-premises systems to share data, and automate workflows between systems for greater efficiency and productivity. The BFSI sector provides substantial opportunities for the growth of the iPaaS market due to the complex integration between cloud services and on-premises systems. Banks are investing in iPaaS as a key enabler of centralized management of all integrated processes and improved cost efficiencies to support their business strategies. Companies such as Dell Boomi, Oracle, IBM, and Informatica are the major players in this vertical.
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APAC is projected to witness the fastest growth rate in the coming years. APAC has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of iPaaS. . This growth is driven by the rising adoption of cloud and mobility trends in China, Australia and New Zealand (ANZ), India, and Japan. Government initiatives to promote the digital infrastructure are also driving the adoption of iPaaS in the region. The APAC region is expected to have major traction toward iPaaS modules due to the rising demand for local manufacturing and high energy demand. The increasing proliferation of cloud and mobile technologies and changing work dynamics have led to the adoption across verticals, such as manufacturing, energy and utilities, retail and consumer goods, BFSI, and telecommunications of iPaaS in countries such as China, Japan, Singapore, and Australia. Companies such as Boomi, SAP, Oracle, Microsoft, and IBM are the top players focusing on serving the APAC iPaaS market.
Asia Pacific’s rapid growth rate is attributed to the region being home to many SMEs, which are highly involved in the development and adoption of iPaaS. China is one of the largest e-commerce markets in the world. The expansion in the sector is a significant driver for the adoption of iPaaS solutions. 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. IPaaS solutions can provide a seamless e-commerce integration solution to merge the back-end processes, ERP systems, and the website. Moreover, these integration tools enable the free flow of data across front-end and back-end systems while significantly reducing IT outlays.
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Content Source: https://www.globenewswire.com/en/news-release/2022/09/26/2522718/0/en/Integration-Platform-as-a-Service-Market-Worth-13-9-Billion-By-2026-Report-by-MarketsandMarkets.html
