Dubai, UAE, Nov. 10, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Kings Research, the global Integrated Platform as a Service (iPaaS) Market revenue to reach USD 6.68 billion in 2022 and is projected to register a valuation of USD 61.67 billion by 2030, exhibiting a robust CAGR of 32.47% from 2023 to 2030. A key factor driving market growth is the increasing popularity of real-time cloud monitoring in enterprises as a service for network security and performance. The rising adoption of cloud-based integration solutions among businesses that allow for the smooth integration of various systems and applications is expected to fuel market growth.
As businesses continue to recognize the importance of integrating various systems and data sources to obtain a single perspective of the business, a persistent trend that encourages IPaaS adoption is the increased focus on digital transformation. Additionally, the expansion of cloud services and the surge in demand for banking, finance, and insurance (BFSI) are fostering the industry as manufacturers offer online marketplaces for pre-built adapters and integration procedures for data mapping models.
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Competitive Landscape
Significant players in the global integrated platform as a service (iPaaS) industry are concentrating on a number of key business strategies, including partnerships, mergers and acquisitions, product developments, and joint ventures, to diversify their product offerings. For instance, in February 2023, SEW acquired 3Insys, a company specializing in IT-OT integration for the energy and power industry. This acquisition enhanced SEW's capacity to offer comprehensive digital solutions for customers and the workforce, particularly addressing utilities and their critical infrastructure needs.
Key players involved in the integrated platform as a service (iPaaS) market include:
- Amdocs
- Boomi, LP
- Celigo, Inc.
- Jitterbit
- Microsoft Corporation
- Murata Manufacturing Co., Ltd.
- Oracle Corporation
- QlikTech International AB
- Salesforce, Inc.
- IBM Corporation
- KEMET Corporation
- SAP SE
- VIRTUOSO PARTNERS Limited
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Trending Now: SAP recognized as a Leader in the 2023 Gartner Magic Quadrant for IpaaS
In the Gartner Magic Quadrant for Integrated Platform as a Service (iPaaS) for 2023, SAP has been positioned as a Leader. SAP has been designated as a Leader in this study for the third time in a row.
Vendors are assessed according to their ability to execute and the completeness of their vision in the Gartner Magic Quadrant for iPaaS. SAP was honored for its clear understanding of iPaaS and its capacity to implement that understanding into practice.
Market Segmentation
By Vertical
- IT & Telecom
- BFSI
- Consumer Goods & Retail
- Education
- Healthcare & Lifesciences
- Government
- Others
Growing Adoption of IPaaS in IT & Telecom Sector to Aid Integrated Platform as a Service (iPaaS) Market Growth
Based on vertical, the IT and telecom segment is expected to lead the integrated platform as a service (iPaaS) market in the upcoming years, accounting for a valuation of USD 16.92 billion by 2030. The IT & telecommunications industry extensively utilizes iPaaS across its diverse domains. In recent years, the sector has developed distinctive and effective knowledge management technologies in order to improve the flow of information in a cutthroat environment due to the rising number of internet users and the exponentially growing volume of data.
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By Service
- API Management
- Data Integration
- Real Time Monitoring & Integration
- Data Transformation
Increased Emphasis on Enterprise System Integration by API Management to Spur Market Expansion
In terms of service, the API management segment is expected to dominate the integrated platform as a service (iPaaS) market, accruing a valuation of USD 27.79 billion by 2030. This growth is driven by a growing emphasis on integrating enterprise systems, making it a frequently used strategy to enable iPaaS solutions. API management goes beyond establishing and maintaining APIs; it also facilitates data processing, event handling, reliable data delivery in various forms and speeds, acts as a data hub, and supports process integration and automation. Many large organizations have chosen comprehensive iPaaS solutions to provide all necessary features on a single platform.
Rising Cloud Computing Adoption to Support Integrated Platform as a Service Market Expansion
The market for iPaaS is being driven by the increased usage of cloud services, which allow for better scalability and flexibility when integrating various applications and data sources. iPaaS solutions are made to render integration processes simpler and more automated, making it easier for businesses to connect and manage diverse systems and data. Additionally, compared to conventional on-premises integration solutions, iPaaS solutions' cloud-based delivery approach enables more economical and effective integration. Cloud computing generally boosts the demand for iPaaS solutions as more businesses concentrate on integrating their systems and data into the cloud.
The need for integrated platform as a service is rising as real-time cloud monitoring becomes increasingly significant in several businesses. Real-time monitoring is used by businesses to keep a check on network activity, enhance security, and promptly identify and address issues, which is driving market expansion.
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Presence of Key Manufacturers in North America to Spur Integrated Platform as a Service (iPaaS) Market Progress
North America is poised to experience the fastest growth in the integrated platform as a service (IPaaS) market with a CAGR of 30.01% over 2023-2030. This dominance is primarily attributed to the presence of major industry players and the widespread use of cloud services by numerous organizations. Furthermore, several factors such as the rising demand for advanced integration services and the migration of workloads to the cloud are expected to fuel the adoption of iPaaS solutions. The burgeoning field of big data analytics is further contributing to the increasing demand for iPaaS solutions in the region.
Availability of Stable Internet Access in APAC to Provide Lucrative Market Growth Opportunities
Asia Pacific is expected to continue leading the global Integrated Platform as a Service (iPaaS) market, generating a valuation of USD 20.5 billion by 2030. The need for businesses to be adaptable as well as the availability of stable internet access and cloud infrastructure are further fueling the regional market expansion. Market vendors across the region are concentrating on ways to streamline their businesses and cut expenses, and iPaaS suppliers are emerging as a viable option to assist in achieving these objectives. Market vendors are expanding their operations into different nations and regions since it is simpler to run operations and acquire business intelligence. SMEs may increase their productivity by using cloud-based apps and software easily due to the growing use of cloud platforms and digital connections in business. The cost-effectiveness, scalability, and adaptable infrastructure of cloud solutions are expected to fuel domestic industry growth.
Table of Content
Chapter 1 Introduction of The Global Integrated Platform as a Service (IPAAS) Market Definition
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Integrated Platform as a Service (IPAAS) Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Integrated Platform as a Service (IPAAS) Market, By Service
Chapter 7 Global Integrated Platform as a Service (IPAAS) Market, By Deployment Model
Chapter 8 Global Integrated Platform as a Service (IPAAS) Market, By Organization Type
Chapter 9 Global Integrated Platform as a Service (IPAAS) Market, By Vertical
Chapter 10 Global Integrated Platform as a Service (IPAAS) Market, By Geography
Chapter 11 North America
Chapter 12 Europe
Chapter 13 The Asia Pacific
Chapter 14 Middle East & Africa
Chapter 15 Latin America
Chapter 16 Global Integrated Platform as a Service (IPAAS) Market Competitive Landscape
Chapter 17 Company Profiles
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