Integration Platform as a Service Market Worth $2.70 Billion By 2025
The global integration platform as a service (IPaaS) market size is expected to reach USD 2.705.8 million by 2025, according to a new report by Grand View Research, Inc. Rising need of advanced systems to improve the process of deploying, developing, and managing enterprise applications globally has been a major factor driving market growth. In addition, recent developments in big data, cloud computing, and Internet of Things (IoT) within organizations’ processes also paved the way for greater development of IPaaS solutions.
Integration Platform as a Service is an emerging technology where in the applications, process, data, and application programs are integrated. The integration enables enterprises to reduce the complexity of its operations and better connect to cloud services. The integrations also save the time by providing a common platform for various applications.
The technologies relevant and compatible with Integration flow development, API life cycle management have prevailed with prominence along with the integration of B2B and IoT services with cloud-based platforms. The IPaaS integrates all such industry services and its applications within a common platform. The services such as Internet of things (IoT) and Application Process Integration (API) with continuous increase in the number of users and vendors have resulted in accelerated growth of IPaaS market.
IPaaS hybrid segment was the largest deployment category in 2016 and is expected to maintain a comparatively low growth rate over the forecast period. It accounted for a share of 43% in 2016. Hybrid deployment module was the largest service category in 2016 and is expected to maintain a comparatively high growth rate over the forecast period.
Further key findings from the report suggest:
- The global integration platform as a service market was valued at 575 million in 2016 and is expected to grow at a CAGR of 18.9% from 2017 to 2024
- API life cycle management emerged as the largest service segment in 2016 and is estimated to generate revenue over USD 709 million by 2024
- Global IPaaS demand in Integration flow development and life cycle management tools was USD 75 million in 2016 and is anticipated to witness staggered growth over the next seven years
- The industry in Asia Pacific is projected to witness substantial growth over the next decade owing to various developments across major economies, especially in the Internet of Things (IoT) and big data. The regional market is expected to grow at a CAGR of 25% from 2017 to 2024
- Key players including Informatica, Dell Boomi, MuleSoft, and Snaplogic dominated the global enterprise governance, risk and compliance market while accounting for over 46% of the overall revenue in 2016