Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- The "Application Integration Market by Offering (Platforms and Services), Integration Type, Application (Customer Relationship Management, Enterprise Resource Planning), Vertical (BFSI, Retail & eCommerce, Automotive) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global application integration market is projected to grow from USD 15.4 billion in 2023 to USD 38.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 20.0% during the forecast period. The rising need to improve time-to-market and boost ROI is driving the application integration market growth.
Customer Relationship Management segment to account for larger market share during the forecast period
Customer relationship management combines strategies and technologies to manage interactions with customers by collecting and analyzing data from contact points with customers throughout the customer life cycle. Everything from initial contact with prospects and leads to post-sale interactions and the subscriber or client retention efforts are included in this cycle. The fullest potential of the CRM system is reached when it is connected to other applications and software.
Consulting services segment to account for the highest CAGR during the forecast period
Consulting services provide knowledge and advice to clients through in-depth product descriptions with the help of security professionals, highly qualified industry experts, and domain experts in sectors of financial and technical analysis, economic modeling, and business case development. Integration consulting services assist businesses with a better understanding of integration approaches to discover possible relevant use cases. The aim of the integration consultancy services is to support companies in boosting products and services, reducing operational costs, improving the working environment, and restructuring business processes.
BFSI segment to account for larger market share during the forecast period
A bank will offer services through a new digital channel and appeal to new customers by integrating customer accounts, loan application services, and other back-end systems with their mobile app. The BFSI industry is experiencing increased demand from consumers expecting the physical presence of banks and financial institutions. But they prefer multi-channel transactions, opening accounts, and paying loans and bills. At the core of these multiple ways of banking, there are various digital applications powering thousands of business-critical functions. These applications must provide exceptional customer experience to act as the key differentiator for banking and financial institutions.
Asia Pacific to record the highest CAGR during the forecast period
Asia Pacific is expected to witness the highest CAGR during the forecast period. The increasing proliferation of cloud and mobile technologies and changing work dynamics have led to the adoption across verticals, such as manufacturing, energy & utilities, retail & consumer goods, BFSI, and telecommunications of application integration in countries of the region. Major players such as Boomi, SAP, Oracle, Microsoft, and IBM are the top players focusing on serving the Asia Pacific application integration market.
Market Dynamics
Drivers
- Rising Need to Eliminate Data Silos and Improve Productivity
- Growing Demand for Automation of Mission-Critical Business Processes
- Rapid Adoption of Integration Tools to Boost Roi
Restraints
- Limited Awareness Regarding Enterprise Application Integration (Eai) Within Organizations
- Need for High Initial Investments
Opportunities
- Growth in B2B Integration
Challenges
- Data Inaccessibility Due to Widespread Storage
- Difficulty in Integrating New Application Software with Traditional It Infrastructure
- Incompatibility Between Third-Party Integration and Product Interface
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 266 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $15.4 Billion |
| Forecasted Market Value (USD) by 2028 | $38.4 Billion |
| Compound Annual Growth Rate | 20.0% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Application Integration Market, by Offering
6.1 Introduction
6.2 Platforms
6.2.1 Growing Need to Develop and Secure Data Integration Flows
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting
6.3.1.1.1 Integration Consultancy Services Help Businesses Reduce Operational Costs
6.3.1.2 Integration
6.3.1.2.1 Rising Adoption of Integration Services for It Management
6.3.1.3 Support and Maintenance
6.3.1.3.1 Growing Demand for Operational Efficiency and Low Costs to Boost Growth of Support and Maintenance Services
6.3.2 Managed Services
6.3.2.1 Increasing Use of Managed Services to Help Businesses Focus on Mission-Critical Processes
7 Application Integration Market, by Integration Type
7.1 Introduction
7.2 Point-To-Point Integration
7.2.1 Point-To-Point Integration Eliminates Use of Hundreds of Apps to Manage Large Volumes of Data
7.3 Enterprise Application Integration (Eai)
7.3.1 Enterprise Application Integration Enables It Companies Automate Business Processes
7.4 Enterprise Service Bus (Esb)
7.4.1 Bus-Based Eai Model Approach Suitable for Integrating On-Premises Applications
7.5 Integration Platform as a Service
7.5.1 Cloud-Based Ipaas Solutions Help Organizations Achieve Flexibility and Robustness
7.6 Hybrid Integration
7.6.1 Growing Need for Easier Integration of Data and Applications Across On-Premises and Multi-Cloud Settings
8 Application Integration Market, by Application
8.1 Introduction
8.2 Customer Relationship Management (Crm)
8.2.1 Crm Integration to Lead to High Productivity and Efficiency
8.3 Enterprise Resource Planning (Erp)
8.3.1 Growing Demand for Automated Business Processes to Drive Adoption of Erp Systems
8.4 Human Resource Management System (Hrms)
8.4.1 Growing Need to Enhance Employee Experience to Lead to Adoption of Hrm Systems
8.5 Supply Chain Management (Scm)
8.5.1 Increasing Need to Boost Efficiency to Drive Adoption of Supply Chain Integration Solutions
8.6 Business Intelligence
8.6.1 Data Integration of Bi Tools to Help Deliver Valuable Insights
8.7 Electronic Health Records (Ehr) Management
8.7.1 Need for Seamless Access to Medical Records Across Software Solutions to Drive Adoption of Ehrm Systems
8.8 Other Applications
9 Application Integration Market, by Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance (Bfsi)
9.2.1 Growing Demand for Integration Solutions to Boost Customer Experience
9.2.2 BFSI: Application Integration Use Cases
9.2.2.1 Payment Processing
9.2.2.2 CRM
9.2.2.3 Fraud Detection and Prevention
9.2.2.4 Loan Processing
9.2.2.5 Account and Financial Reporting
9.3 Retail & E-Commerce
9.3.1 Data Integration Solutions to Optimize Retail Processes and Streamline Operations
9.3.2 Retail & E-Commerce: Application Integration Use Cases
9.3.2.1 Inventory Management
9.3.2.2 Marketing Automation
9.3.2.3 Shipping and Logistics
9.3.2.4 Payment Processing
9.3.2.5 Business Intelligence
9.4 Manufacturing
9.4.1 Rising Need to Automate Manufacturing Processes to Drive Use of Integration Solutions
9.4.2 Manufacturing: Application Integration Use Cases
9.4.2.1 Enterprise Resource Planning
9.4.2.2 Supply Chain Management
9.4.2.3 Human Resource Management
9.4.2.4 Anomaly Detection
9.5 Healthcare & Life Sciences
9.5.1 Data Integration Software to Simplify Retrieval of Healthcare Information
9.5.2 Healthcare & Life Sciences: Application Integration Use Cases
9.5.2.1 Electronic Health Records (Ehrs)
9.5.2.2 Telehealth Integration
9.5.2.3 Medical Device Integration
9.5.2.4 Clinical Trial Management
9.6 Energy & Utilities
9.6.1 Reliance of Energy and Utility Companies on Data Integration Solutions to Achieve High Growth
9.6.2 Energy & Utilities: Application Integration Use Cases
9.6.2.1 Meter Data Management
9.6.2.2 Geographic Information System (Gis) Integration
9.7 Automotive
9.7.1 Growing Demand for User-Friendly Systems and Software to Boost Growth of Integration Solutions
9.7.2 Automotive: Application Integration Use Cases
9.7.2.1 Infotainment System Integration
9.7.2.2 Smart Device Integration
9.8 Transportation & Logistics
9.8.1 Data Integration Solutions to Improve Operational Efficiency for Transportation and Logistics Companies
9.8.2 Transportation & Logistics: Application Integration Use Cases
9.8.2.1 Warehouse Management
9.8.2.2 Route Optimization
9.8.2.3 Freight Audit and Payment
9.9 Government & Public Sector
9.9.1 Rising Use of Mobile and Web Applications in Government Institutions to Drive Use of Integration Solutions
9.9.2 Government & Public Sector: Application Integration Use Cases
9.9.2.1 Citizen Engagement
9.9.2.2 Data Integration
9.9.2.3 Emergency Response
9.10 Other Verticals
9.10.1 Other Verticals: Application Integration Use Cases
9.10.1.1 Social Media Integration
9.10.1.2 Learning Management System Integration
10 Application Integration Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent/Related Markets
14 Appendix
Companies Mentioned
- Adeptia
- Apifuse
- Boomi
- Celigo
- Celonis
- Cyclr Systems
- Dbsync
- Elastic.Io
- Flowgear
- Ibm
- Informatica
- Intersystems
- Jitterbit
- Magic Software
- Microsoft
- Openlegacy
- Oracle
- Salesforce
- Sap
- Seeburger
- Snaplogic
- Software Ag
- Talend
- Tibco Software
- Tray.Io
- Workato
- Wso2
- Zapier
For more information about this report visit https://www.researchandmarkets.com/r/r13g9x
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