iPaaS market set to grow more than $10B in five years
The Integration Platform as a Service (IPaaS) market size is expected to grow from US$3.7 billion in 2021 to US$13.9 billion by 2026, at a compound annual growth rate (CAGR) of 30.3% during the forecast period, according to a new report from ResearchAndMarkets.com.
The growing adoption of hybrid and multi-cloud infrastructure, exponentially increasing cloud real-time monitoring services, and need for business agility, faster deployment and scalability are a few factors driving the growth of the iPaaS market, the researchers state.
Application integration is an integration framework which forms middleware, a collection of technologies and services to enable the integration of systems and applications across an enterprise.
Small and large organisations implement application integration as it has become a mission-critical priority to connect different applications and support application collaboration across the enterprise to improve the overall business efficiency, enhance scalability and reduce IT costs.
MuleSoft, Oracle, IBM and Informatica are some of the major players offering application integration services.
Private cloud is a secure cloud-based environment that offers a high level of security, enabling end users to store and process critical data within the firewall of an enterprise.
This deployment model enables an enterprise to have more control over the server, infrastructure and systems that can be configured as per the business requirements.
The private cloud deployment model reduces the risks, security issues and the regulatory hurdles associated with the cloud.
Private cloud is popular among enterprises that want a secure and reliable environment to store mission-critical data, the researchers state.
The security concerns associated with storage are addressed through secure access of a virtual private network (VPN) or by providing the physical location within the enterprise firewall system.
In industries such as healthcare and pharmaceutical, transfer of data to the cloud would mean violation of norms, and hence, private cloud is preferred, the report finds.
Though private cloud provides highly secured, central storage, and authorised access, it does not deliver short-term economies that the public cloud does, according to the research.
Furthermore, the report finds that the intensely competitive market scenario has encouraged SMEs to invest in iPaaS solutions to reach their desired target audience.
The traction of iPaaS solutions in large enterprises is said to be higher than SMEs. This is due to their ability to adapt as well as leverage the benefits of advanced technologies.
The ever-increasing amount of data drives the need to invest in IT infrastructure. Key factors allow enterprises to provide a solution through real-time access of data to the employees.
In addition, large enterprises are adopting iPaaS solutions to enhance the operational efficiency of their businesses across regions.
They are expected to invest significantly to implement suitable iPaaS service types, which would enable enterprises to save on infrastructure costs, improve business functioning, and sustain in intense competition.
The recent advancements in technology are revolutionising the point of sale and supply for retail and consumer goods industry; thus, creating new opportunities and avenues for revenue and growth, the report finds.
In fact, the retail and consumer goods industry has emerged as one of the most dynamic and fast-paced industries in terms of the adoption of advanced technologies.
As a result, iPaaS technology will quickly be adopted during the forecast period as the premier way to integrate software as its benefits to retailers and consumers become more well known.
Recent advancements in technology are revolutionising the points of sale (POS) and supply, creating new opportunities and avenues for revenue and growth, the researchers state.
