Integration Platform as a Service Market Set for 27.5% CAGR Growth, Hitting USD $37.9 Billion by 2031 | AMR

According to a new report published by Allied Market Research, titled, "Integration Platform as a Service Market," The integration platform as a service market was valued at $3.4 billion in 2021, and is estimated to reach $37.9 billion by 2031, growing at a CAGR of 27.5% from 2022 to 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.

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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 the workforce and interoperability issues are expected to hamper the integration platform as a service market growth.

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.

Covid-19 scenario:

1. During the pandemic, several governments imposed strict travel restrictions and other regulations regarding lockdown. However, the industry was positively affected by the pandemic due to sudden adoption of work from home culture.

2. The remote working is expected to continue post-pandemic as well, which would create new opportunities in the future.

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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.

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.

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.

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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 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

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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