The advent of integration technologies and their ongoing evolution exhibits a disruptive impetus across multiple industrial verticals. However, such disruptions are turning out to be profitable for companies and organizations seeking to integrate their applications and business platforms. Cloud networking and cloud computing are being extensively exercised across several industrial domains. As such technologies are penetration beyond technology-based businesses, the need for integrating their functionalities is becoming crucial.
According to a recent report published by Transparency Market Research, factors as such are fuelling the adoption of Integration Platform as a Service (IPaaS) in the world. In the near future, IPaaS will be actively adopted by enterprises seeking to integrate data and on-premise applications for propelling business growth. By allowing users an effective connectivity across multiple applications, IPaaS platforms are enabling employees of an enterprise deploy such integrations without installing an additional hardware or software.
By the end of 2024, the global market for Integration Platform as a Service is estimated to reach US$ 1.2 valuation. The study anticipates that during the five-year forecast period, 2017-2022, the global IPaaS market will have soared robustly at a CAGR of 11.9%. The report also projects that North America will be the largest market for IPaaS in the immediate future.
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North America to Represent Leading Market for IPaaS
Key findings from the regional analysis availed in the report reveal that North America will be at the forefront of expansion of the global IPaaS market over the forecast period. By the end of 2024, North America’s IPaaS market is anticipated to worth nearly half a billion dollars. The report also anticipates considerable adoption of IPaaS in European markets. Through 2024, the IPaaS market in Europe is poised to soar at a CAGR of 11.4%. Although, the fastest adoption of IPaaS is likely to be recorded in the Asia-Pacific excluding Japan (APEJ) market. Over the forecast period, the APEJ IPaaS market is expected to grow vigorously at over 13% CAGR.
Healthcare and Education Industries to Exhibit Steadfast Adoption
Among the key industries, healthcare and education are anticipated to showcase a surging growth in terms of adoption of IPaaS solutions. Pharmaceutical companies are likely to implement IPaaS for boosting the efficiency of manufacturing applications and integrating production data with sales registries. Educational organizations are also anticipated to adopt these services and increase integration of learning processes with interactive devices and applications. The report also reveals that through 2024, the adoption of IPaaS will remain predominant in the IT & telecommunications industry.
With respect to end-users, large enterprises are anticipated to dominate the global IPaaS market, while small & medium enterprises will witness an impressive traction in terms of adopting IPaaS. On the basis of components, the global IPaaS market is bifurcated into software platforms and services, with the former segment representing higher share on global revenues. The report anticipates that adoption of IPaaS services is low at present, albeit, it will surge towards the end of 2024, considering the increasing complexities of implementing software platforms in the absence of proper deployment services.
The report has profiled leading IPaaS providers as key market players, which include IBM Corporation, Oracle Corporation, MuleSoft, Inc., Red Hat, Inc., Fujitsu Ltd., Microsoft Corp., SAP SE, Capgemini SE, Dell Inc., and TIBCO Software Inc. These companies are expected to remain active in the expansion of global IPaaS market through 2024.
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