The global Application Integration Market size is projected to grow from USD 15.9 billion in 2023 to USD 38.4 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period, according to a new report by Algororeports. Heavy IoT investments are driving the growth of the Application Integration Market.
Professional services segment to lead Application Integration Market during the forecast period
Professional services include the assistance provided by external sources to companies that support businesses of all sizes and across industries. Professional services are categorized into three types: consulting, integration, and support and maintenance and are delivered to customers after the purchase of a product. The services are an integral part of deploying the solutions in an organization, imparting training, handling, and maintaining the use of the software.
Major Players in Application Integration Platforms market are
- MuleSoft, LLC
- SAP SE
- TIBCO Software Inc.
- Software AG
- Microsoft Corporation
- Workato, Inc
- Oracle Corporation
Major Regions that plays a vital role in Application Integration Platforms market are
Middle East & Africa
Most important types of Application Integration Platforms products covered in this report are
Most widely used downstream fields of Application Integration Platforms market covered in this report are
- IT and Telecommunication
Business Intelligence segment to have higher growth rate during the forecast period
Business Intelligence is the process of collecting, cleaning, analyzing, and turning business data into actionable insights. It relies on descriptive analytics to understand the occurrence of a business-related event. These insights are delivered through reports and dashboards. Access to various data is required by BI tools to be effective. Nowadays, the sources of data collection for organizations are websites, IoT devices, machines, customers, and various other external sources. Further, the data gets stored in CRM, ERP, and a range of other cloud-based and on-premises systems.
Integration Platform as a Service segment to emerge as the largest market during the forecast period
Integration Platform as a Service (iPaaS) is defined as the platform that enables deployment, governance, management, and integration of any combination of cloud and on-premises applications. iPaaS is a cloud-based service that integrates data, applications, and processes. The platform automates and simplifies integration activities that make connecting applications and data deployed in any environment quickly. As the number of SaaS applications increases, there is a demand for more accessible, self-service ways to connect and manage all the data. iPaaS allows the building and deploying integrations between cloud and on-premises applications and data. It uses an API-led approach without requiring installing or managing any middleware or hardware.
Asia Pacific to grow at the highest rate during the forecast period
Asia Pacific is the fastest-growing region in the Application Integration Market. Leading countries in the region include China, Japan, India, Australia, and New Zealand that have sustainable and well-established economic growth, enabling them to increasingly invest in various R&D activities. This contributes to the development and expansion of the Application Integration Market in the region.