What are Key Factors Powering Surge in Global Integration Platform as a Service (iPaaS) Market?
Integration platform as a service (iPaaS) refers to a cloud integration platform that brings together applications and databases. In simpler terms, it can be defined as a set of clouds-based suits that allows end users to manage, develop, govern, and integrate applications and services as a single and integrated solution. The ability of iPaaS to reduce the cost of ownership, which is basically the total cost incurred across the product’s lifecycle, including its maintenance costs, and to improve data accuracy are the biggest factors fuelling its demand amongst businesses.
The other key factor powering the uptake of iPaaS is its ability to offer scalability to business organizations and help them maintain optimum performance, even under excess workloads. The implementation of iPaaS helps in creating a responsive architecture, in order to attain maximum value from large-scale data explosion. In addition to this, the shifting focus of several companies toward the creation of a framework in which no work will be needed to install software or set up physical servers in the company is significantly boosting the demand for integration platform as a service.
Owing to these factors, the global iPaaS market is expected to witness exponential growth in the coming years. The various types of services provided by iPaaS are application integration, cloud service orchestration, application programming interface management, training and consulting, real-time monitoring and integration, data transformation, and support and maintenance. Amongst these, the cloud service orchestration service, consisting of cloud service automation, reporting and analytics, and training, consulting, and integration, is currently witnessing the highest demand across the world. This is attributed to the increasing focus of companies on workload optimization and maximizing their cloud investments.
iPaaS is adopted in a plethora of industries, such as healthcare and life sciences, government and public sector, media and entertainment, education, banking, financial services, and insurance (BFSI), telecommunications, manufacturing, and consumer goods and retail. Out of these, the government and public sector is expected to record significant increase in the adoption of iPaaS during the forecast period, mainly due to the ballooning data traffic, increasing government spending on advanced technology, and rising security concerns.
The iPaaS market is presently witnessing an evolving concept of big data. Big data can be simply defined as data which is complex and huge in volume and therefore requires numerous advanced technologies in order to be collected and analyzed. The surging number of connected devices, expanding trend of bring your own device (BYOD), and mushrooming internet traffic are resulting in the creation of large volumes of data, which is, in turn, propelling the growth in the demand for iPaaS.
Globally, the highest growth in the adoption of iPaaS has been observed in North America till now, while in the coming years, the same would be witnessed in Asia-Pacific (APAC). This is mainly due to the rising BYOD trend, increasing awareness regarding iPaaS amongst the enterprises, and rapidly surging focus of companies on reducing ownership costs. Moreover, the rising number of government initiatives in various APAC countries, aimed at increasing the implementation of iPaaS, and escalating demand for data security are predicted to further boost the demand for iPaaS here in future.
Thus, the requirement for iPaaS, owing to its ability to streamline business operations, provide enhanced data security and analysis, and reduce ownership costs, is forecast to witness tremendous growth in the coming years.
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