Increase in importance of cloud real-time monitoring in business sectors and adoption of hybrid and multi-cloud infrastructure have boosted the growth of the global Integration Platform as a Service Market. Moreover, sure in demand for streamline business process and surge in adoption of cloud services among SMEs would open new opportunities in the future.
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By component, the public segment is projected to register the highest CAGR of 27.8% during the forecast period. Furthermore, the segment held the largest share in 2021, contributing to more than two-thirds of the global integration platform as a service industry, and is projected to maintain its leading position during the forecast period. This is owing to various benefits such as faster data accessibility, efficient resource utilization, and cost effectiveness.
By service type, the API management segment held the largest share in 2021, accounting for more than one-fourth of the global integration platform as a service market, as it offers various features such as API design studios and API analytics. The segment is expected to continue its growth throughout the forecast period. However, the application integration segment is expected to manifest the highest CAGR of 30.2% during the forecast period, as it helps in integrating various platforms to the applications for flexibility and efficiency.
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By industry vertical, the retail segment is anticipated to register the highest CAGR of 31.3% during the forecast period, as integration as a service provides better efficiency and customer satisfaction with integration of various complex workflows. However, the BFSI segment held the largest share in 2021, contributing to nearly one-fifth of the global integration platform as a service market, due to integration of many complex systems into single platform for ease of work and better efficiency.
By enterprise size, the large enterprises segment dominated the market in terms of revenue in 2021, accounting for more than half of the global integration platform as a service market, due to increase in adoption of integration platform as a service software by various enterprises in BFSI and manufacturing. However, the SMEs segment would showcase the highest CAGR of 29.0% during the forecast period, due to surge in adoption of cloud-based IPaaS services, as it provides cost-effective and efficient solution for SMEs.
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By region, the global integration platform as a service market across North America held the largest share in 2021, accounting for nearly two-fifths of the market, due to higher spending on IPaaS services in the region. However, the market across Asia-Pacific is expected to showcase the highest CAGR of 29.9% during the forecast period, owing to rise in proliferation of cloud and mobile technologies in the region.
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Covid-19 Scenario:
- During the pandemic, several governments imposed strict travel restrictions and other regulations regarding lockdown. However, the industry was positively affected by the pandemic due to sudden adoption of work from home culture.
- The remote working is expected to continue post-pandemic as well, which would create new opportunities in the future.
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