IPaaS Market to grow by USD 10.25 billion from 2022 to 2027|North America is estimated to account for 38% of the global market - Technavio
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The IPaaS market size is estimated to increase by USD 10.25 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 25.97%. By geography, the global IPaaS market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global IPaaS market. North America is estimated to account for 38% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, North America held the largest share of the global iPaaS market, dominating the adoption of iPaaS solutions in the region. The significant adoption of iPaaS in North America is driven by the strong demand for efficient integration and connectivity solutions. With a technologically advanced landscape and numerous enterprises across various industries, countries like the US and Canada have been leading digital transformation initiatives. These organizations strive to harness technology for innovation, operational efficiency, and improved customer experiences. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report
IPaaS market – Vendor Analysis
Vendor Landscape - The global IPaaS market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer IPaaS in the market are Adeptia Inc., Boomi LP, Celigo Inc., DBSync, Flowgear, Informatica Inc., International Business Machines Corp., Jitterbit Inc., Microsoft Corp., Oracle Corp., QlikTech international AB, Salesforce Inc., SAP SE, SEEBURGER AG, SnapLogic Inc., Software AG, TIBCO Software Inc., Workato Inc., Zapier Inc., and UiPath Inc. and others.
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IPaaS Market - Segmentation Assessment
Technavio has segmented the market based on service type (API management, B2B integration, data integration, cloud integration, and others), end-user (Large enterprises and SMEs) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
IPaaS Market – Market Dynamics
The increased digital transformation initiatives are notably driving market growth. As part of digital transformation, organizations commonly migrate applications and data to the cloud to benefit from cost-effectiveness, scalability, and flexibility. iPaaS solutions, being cloud-native, play a crucial role in digital transformation by facilitating the seamless migration of applications and data to the cloud. Organizations opt for cloud migration due to its cost-effectiveness, scalability, and flexibility. iPaaS provides the necessary infrastructure to connect and integrate cloud-based applications with on-premises systems, simplifying the transition process. This enables organizations to leverage the benefits of cloud architecture more efficiently. Additionally, digital transformation involves using multiple applications and systems to support business operations and enhance customer experiences. iPaaS platforms offer various integration capabilities, such as prepopulated connectors, data mapping, and transformation tools, to simplify the integration of these applications. By enabling quick and seamless data synchronization between different applications, iPaaS contributes to building a cohesive and connected digital ecosystem, thus driving the growth of the iPaaS market during the forecast period.
The growing adoption of business process automation is an emerging market trend. To enhance operational efficiencies and reduce manual labour, businesses continuously seek automation and streamlining of their processes. iPaaS platforms offer workflow and process automation capabilities, enabling organizations to automate repetitive tasks, integrate systems, and orchestrate complex workflows across various applications. This automation results in faster time-to-market, increased productivity, and cost savings for businesses. However, as business processes become more automated, organizations will require better visibility into these automated processes, including monitoring, logging, and analysis capabilities. iPaaS platforms will need to be equipped with comprehensive monitoring and analytical tools to monitor and analyze the performance, efficiency, and effectiveness of automated operations. As business process automation increases, iPaaS platforms will evolve to meet the growing integration needs of automated processes, contributing to the growth of the market during the forecast period.
Security and data privacy concerns are a major challenge hindering market growth. As iPaaS involves the integration and transfer of data across various systems and platforms, ensuring security and data privacy becomes crucial for organizations. They must protect personal data during the integration process, employing strong security measures such as encryption, access control, and compliance with data protection regulations. While cloud services offer numerous benefits, there are increasing concerns regarding security in the public cloud. Many organizations are hesitant to adopt public cloud solutions due to security and compliance worries. Data protection regulations in Europe impose restrictions on where data can be held. Despite the security measures in public cloud solutions, data can be accessed by anyone over the Internet, which may hinder the growth of the market in focus during the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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