NEW YORK, June 26, 2017 (GLOBE NEWSWIRE) — According to a new research report “Global Integration Platform as a Service (iPaaS) Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights By Service Type (Cloud Service Orchestration, Application Integration, Application Programming Interface Management, Real-Time Monitoring and Integration, Training and Consulting, Data Transformation and Support & Maintenance), By Deployment Type (Hybrid Cloud, Private Cloud and Public Cloud), By Organization Size (Large Enterprises and Small & Medium Enterprises), By Industry Vertical (BFSI, Telecommunications, Healthcare and Life Sciences, Government and Public Sector, Manufacturing, Media and Entertainment, Education, Consumer Goods and Retail, and Others)” published by P&S Market Research, the global iPaaS market is projected to reach $4,054 million by 2022, growing at a CAGR of 40.4% during 2017 – 2022.
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As per the research, the global iPaaS market has been growing in double-digits. iPaaS is a cloud integration platform that integrates application and databases. It can also be defined as a set of cloud based suit, which helps in enabling end-users to develop, manage, govern and integrate application and services as a single, integrated infrastructure. The increasing demand across various end-use industries including telecommunication, BFSI, manufacturing, healthcare & life sciences, education, consumer goods & retail, government & public sector and media & entertainment coupled with growing awareness about iPaaS among enterprises, is likely to spearhead the growth of the global iPaaS market. In addition, with rising BYOD trend coupled with growing data traffic is further expected to drive the demand of iPaaS across the globe.
Telecommunication contributes with highest revenue to the iPaaS market, while BFSI, healthcare and life sciences, government and public sector, manufacturing, media and entertainment, consumer goods and retail and education are the other major types of iPaaS.
Geographically, North America has been the largest market for iPaaS and Asia-Pacific has been the fastest growing regional market. The market in the region is also expected to grow at rapid pace during the forecast period. The U.S. stands as the largest market globally, whereas the market in India has been growing at highest pace.
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iPaaS enables the business organizations to gain adaptability, flexibility and balance. Business agility refers to distinctive qualities of organizations to allow them to respond rapidly to the changes in the internal and external environment without losing the vision of the enterprise. With rising competition, the companies are focusing towards innovation and technological advancement to reduce the inaccurate, or obsolete information, which is driving the need for iPaaS among business organizations.
The research states that the global iPaaS market is moderately competitive, with players investing heavily in innovation and research & development for the enhancement in their wired and wireless communication to increase their market share. Some of the key players operating in the global iPaaS market are Informatica, Boomi Inc., MuleSoft, Inc., SnapLogic, Inc., Celigo, Inc., Jitterbit, Inc., IBM Corporation, Oracle Corporation, DBSync Ltd and Scribe Software Corporation.
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