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(IT-NEWSWIRE.COM, August 26, 2024 ) According to a research report "Application Integration Market by Offering (Platforms and Services), Integration Type, Application (Customer Relationship Management, Enterprise Resource Planning), Vertical (BFSI, Retail & eCommerce, Automotive) and Region - Global Forecast to 2028" published by MarketsandMarkets, the global application integration system market size is projected to grow from 15.4 billion in 2023 to USD 38.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 20.0% during the forecast period. Heavy IoT investments are driving the growth of the application integration market.
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Application Integration Market Dynamics
Driver:
• Rising need to eliminate data silos and improve productivity
• Growing demand for automation of mission-critical business processes
• Rapid adoption of integration tools to boost ROI
Restraint:
• Limited awareness regarding Enterprise Application Integration (EAI) within organizations
• Need for high initial investments.
Opportunities:
• Growth in B2B integration
Challenges:
• Data inaccessibility due to widespread storage
• Difficulty in integrating new application software with traditional IT infrastructure
• Incompatibility between third-party integration and product interface.
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.
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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.
Market Players
The major vendors covered in the application integration market include Salesforce (US), Informatica (US), SAP (Germany), Oracle (US), SnapLogic (US), Software AG (Germany), IBM (US), Microsoft (US), TIBCO Software (US), Celigo (US), Boomi (US), Adeptia (US), WSO2 (US), DBSync (US), Flowgear (South Africa), InterSystems (US), SEEBURGER (Germany), Workato (US), Magic Software (Israel), OpenLegacy (US), Jitterbit (US), Elastic.io (Germany), Talend (US), Tray.io (US), Cyclr Systems (UK), APIFuse (US), and Zapier (US).
About MarketsandMarkets™
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Email: sales@marketsandmarkets.com
MarketsandMarkets™
Mr. Rohan Salgarkar
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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