Integration Platform as a Service Market to Garner $37.9 Bn, Globally, by 2031 at 27.5% CAGR: Allied Market Research
Increase in importance of cloud real-time monitoring in business sectors and adoption of hybrid and multi-cloud infrastructure have boosted the growth of the global integration platform as a service market.
PORTLAND, Ore., Aug. 30, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Integration Platform as a Service Market by Service Type (API Management, B2B Integration, Data Integration, Cloud Integration, Application Integration, Others), by Component (Private, Hybrid, Public), by Enterprise Size (Large Enterprises, SMEs), by Industry Vertical (BFSI, Energy and Utilities, IT and Telecom, Government and Public Sector, Healthcare, Manufacturing, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global integration platform as a service industry accounted for $3.4 billion in 2021, and is expected to reach $37.9 billion by 2031, growing at a CAGR of 27.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Major determinants of the market growth
Increase in importance of cloud real-time monitoring in business sectors and adoption of hybrid and multi-cloud infrastructure have boosted the growth of the global integration platform as a service market. Moreover, sure in demand for streamline business process and surge in adoption of cloud services among SMEs would open new opportunities in the future.
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Covid-19 scenario:
- During the pandemic, several governments imposed strict travel restrictions and other regulations regarding lockdown. However, the industry was positively affected by the pandemic due to sudden adoption of work from home culture.
- The remote working is expected to continue post-pandemic as well, which would create new opportunities in the future.
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The API management segment dominated the market growth
By service type, the API management segment held the largest share in 2021, accounting for more than one-fourth of the global integration platform as a service market, as it offers various features such as API design studios and API analytics. The segment is expected to continue its growth throughout the forecast period. However, the application integration segment is expected to manifest the highest CAGR of 30.2% during the forecast period, as it helps in integrating various platforms to the applications for flexibility and efficiency.
The public segment to manifest the highest CAGR through 2031
By component, the public segment is projected to register the highest CAGR of 27.8% during the forecast period. Furthermore, the segment held the largest share in 2021, contributing to more than two-thirds of the global integration platform as a service industry, and is projected to maintain its leading position during the forecast period. This is owing to various benefits such as faster data accessibility, efficient resource utilization, and cost effectiveness.
The large enterprises segment held the lion's share
By enterprise size, the large enterprises segment dominated the market in terms of revenue in 2021, accounting for more than half of the global integration platform as a service market, due to increase in adoption of integration platform as a service software by various enterprises in BFSI and manufacturing. However, the SMEs segment would showcase the highest CAGR of 29.0% during the forecast period, due to surge in adoption of cloud-based IPaaS services, as it provides cost-effective and efficient solution for SMEs.
The retail segment to portray the highest CAGR by 2031
By industry vertical, the retail segment is anticipated to register the highest CAGR of 31.3% during the forecast period, as integration as a service provides better efficiency and customer satisfaction with integration of various complex workflows. However, the BFSI segment held the largest share in 2021, contributing to nearly one-fifth of the global integration platform as a service market, due to integration of many complex systems into single platform for ease of work and better efficiency.
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North America held the largest share
By region, the global integration platform as a service market across North America held the largest share in 2021, accounting for nearly two-fifths of the market, due to higher spending on IPaaS services in the region. However, the market across Asia-Pacific is expected to showcase the highest CAGR of 29.9% during the forecast period, owing to rise in proliferation of cloud and mobile technologies in the region.
Major market players
- Boomi Inc.
- Celigo
- DBSync
- elastic.io
- Flowgear
- Microsoft Corporation
- IBM Corporation Jitterbit Inc.
- Oracle Corporation
- SAP SE
- MuleSoft LLC
- Scribe Software Corporation
- Seeburger AG
- SnapLogic Inc.
- TIBCO Software Inc.
- Workato Inc.
- Zapier
The report analyzes these key players of the global integration platform as a service market. These players have adopted several strategies including expansion, partnerships, new product launches, and others to boost their market penetration and strengthen their foothold in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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