According to a new research report Telecommunication contributes with highest revenue to the iPaaS market, while BFSI, healthcare and life sciences, government and public sector, manufacturing, media and entertainment, consumer goods and retail and education are the other major types of iPaaS.
The market for iPaaS in government & public sector is likely to register the highest growth during the forecast period on account of growing data traffic, rising government spending towards advance technology and growing security concern. On the other hand, cloud service orchestration accounts for the largest revenue in global iPaaS market, and is further expected to be the leading segment on account of growing focus of the companies to optimize workload and maximize cloud investments.
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On the basis of deployment type, hybrid cloud has been the largest revenue generator in the global iPaaS market owing to growing adoption of cloud services, rising awareness level and increasing security concern among enterprises. Based on organization size, large enterprises have been the larger revenue generating segment in global iPaaS market, due to the growing need for business agility, increasing focus of the companies towards reducing cost of ownership along with rising adoption of cloud services.
Geographically, North America has been the largest market for iPaaS and Asia-Pacific has been the fastest growing regional market. The market in the region is also expected to grow at rapid pace during the forecast period.
The U.S. stands as the largest market globally, whereas the market in India has been growing at highest pace. The anticipated market growth in Asia-Pacific can be attributed to factors such as growing BYOD trend, rising awareness about iPaaS among enterprises along with growing focus towards reducing the ownership cost.
Further, growing focus of the companies towards data security and data prevention coupled with growing government support in various countries in Asia-Pacific is expected to drive the iPaaS market during forecast period. , the global iPaaS market is projected to reach $4,054 million by 2022, growing at a CAGR of 40.4% during 2017 - 2022.
iPaaS enables the business organizations to gain adaptability, flexibility and balance. Business agility refers to distinctive qualities of organizations to allow them to respond rapidly to the changes in the internal and external environment without losing the vision of the enterprise.
With rising competition, the companies are focusing towards innovation and technological advancement to reduce the inaccurate, or obsolete information, which is driving the need for iPaaS among business organizations Innovation is the key feature observed for surviving long-term business agility, which is gained by business organizations through the adoption of iPaaS. This technology provides a single platform to the business enterprises that connects all the systems in an IT environment.
This would further help the data to flow freely from system to system, making it easily accessible in the real-time. The companies which do not upgrade and depend upon the traditional methods of doing work find themselves lagging in competition, as they are not able to adapt to new trends.
The business organization’s adapting to agility differs from the traditional organizations in various ways, such as lack of long-term competitive advantage. The research states that the global iPaaS market is moderately competitive, with players investing heavily in innovation and research & development for the enhancement in their wired and wireless communication to increase their market share.
Some of the key players operating in the global iPaaS market are Informatica, Boomi Inc., MuleSoft, Inc., SnapLogic, Inc., Celigo, Inc., Jitterbit, Inc., IBM Corporation, Oracle Corporation, DBSync Ltd and Scribe Software Corporation.
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