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Cloud Integration Software Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)
Cloud integration is also known as IPaaS (Integrated Platform as a Service). Successful cloud integration enables companies to avoid creating new silos of information in cloud applications and also to have the highest level of security and reliability when connecting with cloud solutions.
- Integrations platform as a service (IPAAS) is now the emerging trend for integrating the cloud applications with one another and with the premises applications. For instance, Cloud Hub is the world's first global IPASS (Integrations platform as a service) providing fully managed, globally available and a secure cloud platform for integration of applications with no hardware to maintain.
- The factors responsible for the growth of cloud integration software market include increasing demand for cloud-based enterprise applications and rising demand for cloud computing services. Use of Cloud Data Integration in different industry verticals will also drive the growth of the market. Advancements in industrial IT infrastructure across the globe has also led to the growth of the Cloud Data Integration across the globe.
- There ...
... are various reasons which may hinder the growth of the market. Some of the factors responsible for hindering the market growth are data security, integration of multiple data sources, the threat of data breaches worldwide, financial uncertainty and macroeconomic situations such as currency exchange rates and economic difficulties.
- Cloud integrations solutions are extensively being adopted in many organizations to modernize IT infrastructure through cost-effective and flexible solutions
Key Market Trends
BFSI Expected to Have Significant Growth
- BFSI sector is expected to have significant growth for the forecast period. Many banking and financial services are using data integration software. For instance, many banking and wealth management firms rely on TIBCO Scribe's data integration software platforms to provide sales and service teams with a real-time, 360-degree view of its customers and prospects.
- Cloud integration technology is used in the core banking service to integrate the various data and applications by using the IT and business model transformation like google wallet, apple wallet, Pay pal & other. By modernizing and transforming the banking system, which creates a new way to maximize profitability and returns.
- BFSI industry plays a significant role in financial wellbeing and progress of nations as a whole. Cloud integration is helping the BFSI sector by addressing various concerns such as secure storage, interoperability, confidentiality, and provides many advantages such as cost savings. With the help of cloud integration, the BFSI sector can avoid huge capital expenditure involved in establishing IT infrastructure.
Asia-Pacific Expected to Have Significant Growth
- Asia-Pacific is expected to have significant growth over the forecast period. The high growth rate in Asia-Pacific region is due to rising cloud-based applications, increased spending on IT infrastructure, and also growing demand for automation of processes.
- Growing BYOD (Bring your own device) trend and rising awareness about iPaaS among enterprises along with an increasing focus towards reducing the ownership cost are the factors responsible for the growth of the market in this region.
- There is a growing focus of the companies towards data prevention and data security along with increased government support in various countries in Asia-Pacific responsible for driving the iPaaS market, and it will further continue to do so during the forecast period.
The cloud integration software market is fragmented and is a highly competitive market with no dominant player present in the market. There are many mergers and acquisitions taking place in the market, further leading to the growth of the market.
- February 2019 - Microsoft announced the general availability of Azure Data Lake Storage (ADLS) Gen2. Azure is now the only cloud provider to offer a no-compromise cloud storage solution that is fast, secure, massively scalable, cost-effective, and fully capable of running the most demanding production workloads.
- June 2018 - TIBCO Software Inc. announced its intention to acquire Scribe Software, an innovative, cloud-based integration platform-as-a-service (iPaaS). This acquisition will enable customers to employ a single solution to address a wide range of integration scenarios, including application, data, and API projects, to interconnect everything, whether in the cloud or on-premises.
- September 2017 - Snaplogic, a U.S. based commercial software company that provides Integration Platform as a Service tool for connecting Cloud data sources entered into a partnership with Snowflake Computing, U.K based cloud data warehouse providers.
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