The global integration platform as a service (iPaaS) market is predicted to grow at 42.1% CAGR during the forecast period with the market size reaching USD 8.6 billion by 2024. The increasing adoption of digital solutions by most industries, technological advancements and increasing inclination towards cloud-based solutions by the banking sector are the key factors leading to the growth in the iPaaS market, globally.
Increasing need to streamline BFSI activities creates the demand for cloud-based solutions including hybrid cloud, private cloud and public cloud which fuels the growth of the iPaaS market. Some other factors driving the growth of the iPaaS industry are increasing demand for faster deployment and scalability and business agility and digitalization of workflow in different industry verticals.
On the basis of deployment type, the iPaaS market is segmented into the private cloud, hybrid cloud, and public cloud. Of all, the hybrid cloud holds the largest share in the market and private cloud is anticipated to grow at the fastest CAGR of 44.1% during the forecast period.
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Based on organization size, the market is segmented into small and medium enterprises, and large enterprises. The iPaaS market size is larger for large enterprises; however, its growth rate is higher for small and medium enterprises due to the increasing awareness and increasing complexities of integrating the application in on-premise and cloud.
Among different verticals including telecommunications, government and public sector, media and entertainment, consumer goods and retail, education, manufacturing, BFSI, healthcare and life sciences, and others, the iPaaS market size for BFSI is predicted to grow at the fastest CAGR during the forecast period. BFSI sector is moving towards the digitalization of its most of the services and the banking is shifting from on-premise to cloud platform. Although different banking IT professionals are still evaluating the advantages of private cloud, public cloud, and hybrid cloud, iPaaS offers them a new cloud-based approach with several benefits.
North America accounted for the major share in the IPaaS industry in 2017, globally due to the presence of a large number of industry players, and rapid adoption of cloud-based services among enterprises in the region. Moreover, Asia-Pacific is observed to witness the fastest growth in the market during the forecast period. The increasing demand for advanced integration solutions in the region and increasing inclination toward the cloud for business activities and operations fuels the growth of the market in the region.
The key players operating in the iPaaS industry include SnapLogic, Inc., Scribe Software Corporation Celigo, Inc., Dell Boomi Inc., IBM Corporation, MuleSoft, Inc., Informatica Corporation, DBSync Ltd Jitterbit, Inc., and Oracle Corporation. Industry players are leveraging the market growth with forming strategies for collaboration, partnership, and technological advancements.
Global IPaaS Market Coverage
Deployment Type Insight and Forecast 2014-2024
Organization Size Type Insight and Forecast 2014-2024
Service Type Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Industry Vertical Insight and Forecast 2014-2024
IPaaS Market by Region
Middle East & Africa (MEA)