Integration Platform as a Service Market Size Estimated to Reach $37.9 Billion by 2031

Integration Platform as a Service (iPaaS) is a suite of cloud services enabling development, execution, and governance of integration flows connecting any combination of on premises and cloud-based processes, services, applications, and data within individual or across multiple organizations.

Furthermore, the key factors that drive the integration platform as a service market trend include adoption of hybrid and multi-cloud infrastructure and the surge in importance of cloud real-time monitoring in business sectors. However, factors such as technological skill gaps in workforce and interoperability issues are expected to hamper the integration platform as a service market growth.

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On the contrary, rise in demand for streamline business process and growth in cloud adoption among SMEs are expected to offer remunerative opportunities for the expansion during the integration platform as a service market forecast.

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.

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.

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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.

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.

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 Integration platform as a service industry has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a slight downfall in 2020. This is attributed to the implementation of lockdown by governments in majority of the countries and the shutdown of travel across the world to prevent the transmission of virus. IPAAS Market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various organizations have initiated a work-from-home culture for their employees, which is creating demand for the cloud-based IPaaS to manage critical information of organizations, thus creating lucrative opportunity for the market expansion during the forecast period. Moreover, the remote working culture during COVID as positively impacted integration platform as service market due to adoption of IPaaS technology by various verticals such as BFSI, manufacturing and retail.

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 helps determine the business performance, operating segments, product portfolio, and developments by every market player.

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