Integrated Platform as a Service (iPaaS) is a cloud
computing service that provides a set of integrated services aimed at helping
businesses more easily integrate different applications, data, and devices. The
iPaaS platform typically provides a series of pre-built connectors, API
management tools, data integration tools, etc. to simplify the integration
process and reduce integration costs.
Analysis of Market Driving Factors
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Digital transformation
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Enterprises are seeking more efficient operating
methods to improve productivity, reduce costs, and enhance customer
experience. Digital transformation is the key to achieving these goals, and
iPaaS is an important tool in the process of digital transformation.
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The popularization of cloud computing
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Cloud computing provides enterprises with elastic
and scalable computing resources, enabling them to respond more quickly to
market changes. As a service model for cloud computing, iPaaS can help
enterprises integrate applications and data more easily.
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The Rise of the API Economy
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API (Application Programming Interface) has
become a key bridge connecting applications and data. As the number of APIs
increases, enterprises need an effective way to manage and integrate these
APIs, and iPaaS is the ideal choice to meet this demand.
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Source: www.globalmarketmonitor.com
Overview of Market Development and Analysis of Segmented Markets
IPaaS provides enterprises with an efficient, flexible, and cost-effective way to connect, integrate, and manage their business processes, applications, and data. In recent years, the iPaaS market has been rapidly growing, mainly due to the increasing demand for digital transformation from enterprises. According to our research data, the global iPaaS market size reached $8.10 billion in 2023, among which the size of the hybrid-cloud service segment market was $3.57 billion, with a market share of 44.11%, making it the largest segment market.
From the perspective of downstream applications, the application of iPaaS involves various fields such as BFSI (banking, finance, security, and insurance), consumer goods, retail, government, public utilities, manufacturing, and healthcare. Among them, the BFSI field is its largest downstream application market, with an application share of 31.20% in 2023.
Global Integration Platform as a Service (iPaaS) Market Size Forecast and Market Segment Analysis
Source: www.globalmarketmonitor.com
Market Development Prospect Prediction
With the continuous development of technologies such as cloud computing, big data, and artificial intelligence, more and more enterprises are realizing the importance of digital transformation and actively seeking more efficient integrated solutions. Therefore, the prospects of the iPaaS market are very broad. It is expected that the iPaaS market will continue to maintain strong growth momentum in the coming years, and the market size is expected to increase to $18.94 billion by 2026.
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