Integration Platform as a Service Market Value to Surpass USD 37.9 Billion in 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.

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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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.

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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

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Key Findings of the Study:

• By service type, the API management segment accounted for the largest integration platform as a service market share in 2021.
• By deployment mode, on-premise segment generated highest revenue in 2021.
• By region, North America generated highest revenue in 2021.

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