Global hybrid integration platform market size was US$ 22.56 Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 12% during the forecast period.
The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Hybrid integration platform (HIP) is an integrated software solution or product which allows on-premiseapplications to securely and seamlessly connectand integrate with cloud-based solutions.HIP software deliverswide-ranging data management and integration strategies across the organizations.
Increasing the requirement for integrating cloud and on-premises based applications in various organizations is a major driving factor behind the growth of the market.A growing transition towards digital business transformation, surge in the demand of hosting services, apps, and data on the cloud platform, rising adoption of the HIP to tackle the various business challenges, increasing need tointerconnect infrastructure endpoints and IoT based devices with organizational applications to make real-time decisions, rising cloud-driven digital modernization, rapid change across business systems, operations, and processes and growing adoption of software as a service, IoT, mobility enterprise, big data analytics technologies in an enterprise are expected to improve the growth of the marketduring the forecast period. HIP provides some benefits such as reduced costs and risks, flexible deployment model, and reduced complexity, which are ultimately propelling the growth of the market.
However, network complexities and dependency on a single network thus risks of open source integration are major restraining factors that could hamper the growth of the market.
Global Hybrid Integration Platform Market: Segmentation Analysis
By integration, the application integration segment dominated the market and is projected to witness fast growth at CAGR of XX% during the forecast period.Application integration is the optimization and merging of workflows and data between two different software applications such asnew cloud applications with on-premise solutions. It enables these software applicationsto communicate with each other and to make work or business processes more efficient and effective. Increasing adoption of enterprise application integration framework in various large, small, and medium-sized enterprises is driving the growth of the market. Growing adoption of various enterprise applications such as enterprise resource planning (ERP), supply chain management (SCM), and customer relationship management (CRM) is further making more demand for application integration solutions to run these applications smoothly.Alternatively, the cloud integration segment is projected to witness fast growth at CAGR of XX% during the forecast period.Cloud integration is an emerging technology or tool that is used to connectseveral IT environments, systems, applications, and repositories. Rising adoption of cloud-based integration system in the healthcare and the financial sector is driving the growth of the market. For instance, in 2019, IBM introduced the world’s first financial services-ready public cloud, secure and purpose-built for the industry.
Global Hybrid Integration Platform Market: Regional Analysis
Region-wise, North America dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The US and Canada are major contributors behind the growth of the market in the region. The growth is attributed to the massive presence of various leading market players such as IBM, TIBCO software, and many others.
Increasing shift towards adopting latest technologies such as API management,data integration tools, SaaS, ESB, iPaaS, and MFT and rising investments in the hybrid cloud integration platform and need to integrate cloud-based and on- premises based solutions to drive digital business transformation is impelling the growth of the market in the region.
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