Global Integrated Platform as a Service (IPaaS) Market is expected to reach USD 61.67 billion by 2030
As per the report published by Kings Research, the global Integrated Platform as a Service (IPaaS) Market was valued at USD 6.68 billion in 2022 and is projected to reach USD 61.67 billion by 2030, growing at a CAGR of 32.47% from 2023 to 2030.
The IPaaS market is anticipated to grow significantly owing to the increased incorporation among businesses with cloud-based integration solutions that enable seamless integration of different systems and applications. The ongoing trend accelerating IPaaS adoption is the growing emphasis on digital transformation as businesses continue to embrace the need to integrate disparate systems and data sources to gain a unified view of the business. IPaaS solutions offer companies the opportunity to integrate and manage different systems more efficiently and smoothly. The global integrated platform as a service (IPaaS) market report provides a holistic evaluation of the market.
- Based on the service, the API management segment is expected to grow at a rapid CAGR of 33.82% during the forecast period
- Based on deployment model, the cloud segment generated the highest revenue in 2022
- Based on organization type, the large enterprise segment is projected to lead the market with 33.72% CAGR over the estimated timeframe
- Based on vertical, the IT and telecom segment is expected to dominate the market throughout the projection period
- On the basis of region, North America accounted for the largest market share of 31.78% in 2022
Virtuoso Partners (VP) Entered into a Collaborated Agreement with Workato to Automate their System
July 2022: Virtuoso Partners (VP) collaborated with Workato for Enterprise Integration Platform as a Service which allows them to integrate their cloud applications and on-premises systems and automate their workflows.
Boomi has Expanded their Product Product Porfolio to Accelerate the Adoption Rate
July 2022: Boomi expanded its cloud data center in Japan to accelerate the adoption of its class-leading integrated platform as a service (iPaaS) as demand grows in the Asia-Pacific region. The significant expansion in Japan meets the growing demand for integration and business automation needs across the region, and improves localization and support products and services for customers.
Increasing Adoption of Cloud Computing to Complement Market Expansion
The rising use of cloud services is driving the integration platform as a service market as it enables greater scalability and flexibility in the integration of different applications and data sources. IPaaS solutions are designed to simplify and automate the integration process, making it easier for organizations to connect and manage disparate systems and data. In addition, the cloud-based delivery model of IPaaS solutions enables more cost-effective and efficient integration compared to traditional on-premises integration solutions. In general, cloud computing increases the demand for IPaaS solutions, as an increasing number of organizations are focusing on integrating their systems and data into the cloud. The growing importance of real-time cloud monitoring in various enterprises increases the demand for an integration platform as a service. Companies use real-time monitoring to monitor network activity, improve network security, and detect problems as they occur which accelerates the market growth.
Interoperability Issues to Impede Market Growth
Interoperability is a critical concern for companies that are deploying an integrated platform as a service (IPaaS). IPaaS assist companies to integrate different applications or services, both on-premises and on the cloud, to improve operations, information content and visibility, and promote collaboration. However, when systems are integrated, interoperability issues can arise due to differences in file formats, protocols, and data management strategies. Businesses often have various legacy systems that they still use, and integrating these systems with newer cloud-based solutions can be difficult. A lack of interoperability can lead to silos, inconsistent information, and workflow bottlenecks that limit an organization's ability to respond to changing business needs. Another significant aspect that can cause interoperability issues when using an iPaaS solution is the complexity of integration. In some cases, integration requires developers to create custom code to ensure compatibility between integrated applications or services. This process can be time-consuming, error-prone, and expensive. Several vendors have different implementation standards or protocols, making seamless integration difficult. In some cases, proprietary technologies can create barriers to integration and prevent compatibility. The use of standard data formats, protocols and interfaces enables consistent integration in different systems, and the use of single-vendor IPaaS solutions can contribute to the market growth.
Asia Pacific is Anticipated to Experience the Fastest Growth in the Integration Platform as a Service (IPaaS) Market with a CAGR of 37.57%
The rising need for organizations to quickly innovate, streamline operations, and create data-driven experiences. Additionally, regional growth is driven by the increasing demand to improve corporate efficiency and business effectiveness, which is emerging as the primary factor driving market growth. Furthermore, several factors, such as the increase in the number of small and medium-sized enterprises, especially in developing countries, the growing demand and need for information security and reliability in various industries, and the strengthening of the IT sector in developing countries, including India and China, are accelerating regional market growth.
Europe is Expected to Showcase Significant Growth, with a CAGR of 33.23%.
The regional market growth can be attributed to the increased adoption of cloud-based solutions across the region to reduce costs, increase efficiency and increase the flexibility of their operations. As companies across the region continue to embrace digital technology, there is a growing need to integrate different systems and data sources to get a single view of the business. The emergence of technologies such as artificial intelligence (AI), the Internet of Things (IoT), and blockchain are becoming increasingly important to businesses, and IPaaS solutions are designed to seamlessly integrate with these new technologies, supporting market growth.
Key Vendors are Focusing on Collaborative Strategy to Expand their Market Share
The IPaaS industry is fragmented in nature with key players such as Amdocs, Boomi, LP, Celigo, Inc., IBM Corporation, Jitterbit, KEMET Corporation, Microsoft Corporation, Murata Manufacturing Co., Ltd., Oracle Corporation, QlikTech International AB, Salesforce, Inc., SAP SE, VIRTUOSO PARTNERS Limited. The market players are focusing on several business strategies such as acquisitions, partnerships, product launches, collaborations and mergers.