The integration platform as a service 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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On the basis of service type, the iPaaS market is categorized into application integration, real-time monitoring & integration, data transformation, cloud service orchestration, application programming interface management, training & consulting, and support & maintenance. The largest share of the market in 2015 was held by cloud service orchestration, which is further predicted to grow at the highest CAGR during the forecast period. Cloud service orchestration enables business organizations with optimizing a wide range of processes and maximizing their cloud investments, and it also provides improved service delivery.
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.
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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.