Growing Awareness Driving Integration Platform as a Service (iPaaS) Market
The integration
platform as a service (iPaaS) market is projected to attain a value
of $4,054.8 million by 2022, growing with a CAGR of 40.4% during the
forecast period (2016–2022). The market is growing due to the increasing
awareness about iPaaS among business enterprises, need for business agility,
and adoption of software as a service (SaaS) application, reduced cost of
ownership, and faster deployment and scalability. iPaaS is a cloud integration
platform, which enables end-users to manage, govern, develop, and integrate
application and services into a single infrastructure.
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In
terms of industry, the iPaaS market is divided into
telecommunications, government & public sector, banking, financial
services, & insurance (BFSI), healthcare & life sciences, consumer
goods & retail, media & entertainment, manufacturing, education, and
others. Among these, BFSI held the largest share of the market during the
historical period (2012–2015). The category is further predicted to dominate
the market during the forecast period due to the rising number of financial
service providers and banking institutions and growing security concerns.
The
need for business agility for the survival of enterprises is one of the major
drivers of the iPaaS market. Organizations need to respond quickly to the
changes in the internal and external environment without losing their vision.
For this purpose, iPaaS allows them to gain balance, flexibility, and
adaptability. IPaaS also provides a single platform to business organizations,
which connects all systems in an IT environment, helping the data flow freely
among various systems, thereby increasing its accessibility in real time.
Another
key factor driving the growth of the iPaaS market is the rapid
adoption of SaaS application. As business organizations do not want to pay the
high cost associated with iPaaS, software vendors provide them with affordable
iPaaS service through SaaS. IPaaS offers business enterprises faster
deployment, distributed infrastructure, and higher reliability, scalability,
and availability. It is also compatible with iPaaS and helps decrease software
piracy. Due to these advantages provided by SaaS, business enterprises are
adopting iPaaS applications, which is leading to the growth of the market.
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The
growing importance of personal cloud is one of the key trends in the iPaaS
market. With the increasing number of connected devices, such as laptops,
tablets, and smartphones, the demand for personal cloud for the storage of
personal data is also predicted to grow.
Hence,
the growing adoption of SaaS and the increasing need for business agility are
leading to the growth of the market.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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