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Bridging Silos: Global Market Insights on Data Integration 2024
Data Integration Market
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According to The Business Research Company's, The data integration market size has grown rapidly in recent years. It will grow from $12.97 billion in 2023 to $14.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to globalization and distributed data sources, focus on data quality and master data management, adoption of self-service data integration, increased complexity of it environments, data warehousing evolution..
The data integration market size is expected to see rapid growth in the next few years. It will grow to $22.26 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to evolving industry-specific requirements, focus on customer satisfaction and experience, global regulatory and governance considerations, continuous improvement and analytics focus, alignment with devops practices, compliance with data privacy regulations, edge computing integration, focus on customer experience and insights, real-time data integration, diversity of data sources.. Major trends in the forecast period include vendor consolidation and platform offerings, globalization and data integration challenges, event-driven architecture, focus on data privacy and security, containerization and microservices architecture..
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Market Drivers and Trends:
The rise in big data technologies is expected to propel the data integration market. Big data technologies are rising due to the need for handling extensive, random, and high-velocity data and enabling decision-makers to limit risks, discover new insights and improve decision-making. This rise in big data technologies will create a huge demand for data integration as it is an essential part of big data technologies and a crucial step before analysing big data for insights. The data integration combines data in a simple and unified manner that helps for easy analysis of data during the use of big data technologies. For instance, in December 2022, according to Capgemini, a French based information technology company, 27% of business executives say their company's Big Data initiatives are profitable. Therefore, the rise in big data technologies will drive the data integration market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
International Business Machines Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, SAS Institute Inc., ServiceNow Inc., Hewlett Packard Enterprise Company (HPE), BMC Software Inc., Broadcom Inc. (formerly CA Technologies), Cherwell Software LLC, Ivanti Inc., Axios Systems plc, Citrix Systems Inc., Hornbill Systems Limited, EasyVista Inc., Micro Focus International plc, Atlassian Corporation Plc, Alemba Limited, SysAid Technologies Ltd., Freshworks Inc., SolarWinds Corporation, Zendesk Inc., Agiloft Inc., TOPdesk International B. V., HappyFox Inc., Zoho Corporation Pvt. Ltd., Google Cloud Dataflow, Amazon Web Services (AWS) Glue, Informatica PowerCenter, Talend Open Studio
Data Integration Market 2024 Key Insights:
• The data integration market size is expected to see rapid growth in the next few years. It will grow to $22.26 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Big Data Technologies' Surge Fuels Accelerated Growth In The Data Integration Market
• Rapid Technological Advancements Transforming The Data Integration Market Landscape
• North America was the largest region in the data integration market in 2023
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