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(Wireless-NewsWire.Com, July 06, 2021 ) As per report "Hybrid Integration Platform Market by Integration Type (Application Integration, Data Integration, B2B Integration, and Cloud Integration), Service Type, Organization Size (Large Enterprises and SMEs), Vertical, and Region - Global Forecast to 2022", the hybrid integration platform market size is expected to grow from USD 17.14 Billion in 2017 to USD 33.60 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period.
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The demand for the hybrid integration platform market is expected to be driven by the increasing demand for hosting apps, data, and services on the cloud, the growing need for integrating on-premises and cloud applications for driving digital business transformation, and the hybrid integration platforms’ capabilities to tackle the business challenges. With the increasing need for digital business transformation among the enterprises across the verticals, the hybrid integration platform market is expected to gain a major traction during the forecast period.
The hybrid integration platform application integration type segment is expected to contribute the largest market share
The hybrid integration platform by application integration type is expected to hold the largest market share in 2017 and 2022. Application integration is an integration framework that forms middleware, a collection of technologies and services to enable the integration of systems and applications across an enterprise. Small and large organizations implement application integration, as it has become a mission-critical priority to connect different applications and support application collaboration across the enterprises to improve the overall business efficiency, enhance the scalability, and reduce the IT costs. These advantages of application integration may lead to enhance the growth of the hybrid integration platform market.
Professional services segment is expected to grow at the highest CAGR during the forecast period
Professional services are delivered to customers after they purchase a product. Services are an integral part in deploying the solutions in an organization, imparting training, and handling and maintaining the use of the software. The growth of the professional services segment is mainly governed by the complexity of operations and the growing deployment of the hybrid integration platform in organizations. Companies offering these services encompass consultants and dedicated project management teams that specialize in the design and delivery of critical decisions, and support software, tools, services, and expertise.
Banking, Financial Services, and Insurance (BFSI) vertical is expected to contribute the largest market share
The BFSI vertical collectively includes organizations that are into banking services, such as core banking, corporate, retail banking, investment, private, and card banking; financial services, such as payment gateways, stock broking, and mutual funds; and insurance services, covering both life and general insurance policies. Today, every financial transaction has shifted from paper to the digital form. Partners and customers demand transactions, fund transfers, credit approvals, and other activities to be performed anytime, anywhere, on any device. The hybrid integration platform can meet these demands by allowing financial organizations to integrate complex data flows from different sources in no time. The hybrid integration platform in banking and financial sectors enable the development, execution, and governance of integration workflows among on-premises and cloud-based applications to enhance the data quality and security. These benefits are expected to drive the growth of the hybrid integration platform market in the BFSI vertical.
North America is expected to contribute the largest market share, whereas Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period
North America is expected to hold the largest market share and dominate the hybrid integration platform market from 2017 to 2022. There are various factors, which are said to be driving the adoption of hybrid integration in this region, such as the diversification of services being delivered and shift of focus from Software as a Service (SaaS) to hybrid integration platforms for infrastructure and platforms. Another factor is the increasing need to integrate data and processes between the public cloud and on-premises applications. The APAC region is in the initial growth phase; however, it is likely to be the fastest-growing region in the global hybrid integration platform market. The growth is likely to be driven by factors, such as the increased spending on improving the infrastructure, the emergence of advanced and secured cloud-based solutions, and the growing acceptance of cloud-based solutions and the emerging technologies, such as IoT, big data analytics, and mobility.
The major vendors providing hybrid integration platforms are Software AG (Darmstadt, Germany), Informatica (California, US), Dell Boomi (Pennsylvania, US), MuleSoft (California, US), IBM (New York, US), TIBCO Software (California, US), Oracle (California, US), Liaison Technologies (Georgia, US), WSO2 (California, US), SnapLogic (California, US), Red Hat (North Carolina, US), Axway (Puteaux, France), SEEBURGER (Bretten, Germany), Microsoft (Washington, US), RoboMQ (Virginia, US), Fiorano Software (California, US), Attunity (Israel), Cleo (Illinois, US), Actian (California, US), Adeptia (Illinois, US), Talend (California, US), Scribe Software (New Hampshire, US), elastic.io (Bonn, Germany), Built.io (California, US), and DBSync (Tennessee, US).
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