The global hybrid integration platform market 2020, according to MRFR, is poised to grow at approximately USD 40 Billion by 2023, at 14% of CAGR over the review period (2017 to 2023).
Hybrid integration platform market is expected to show strong growth prospects during the forecast period in this rapidly evolving technology environment. An important factor driving the growth of the market for hybrid technology solutions is a growing demand for convergence of premise and cloud-based systems. This type of integration helps to achieve better business value by connecting the whole enterprise. Another major factor responsible for driving the growth of the hybrid integration platform market is the growing need to host software, data, and services on the cloud. In recent years, the demand for the hybrid cloud has gained traction and the need for hybrid integration platforms for its successful deployment. The levels of cost savings and scalability achieved through the effective implementation of hybrid cloud have increased the competence of organizations across industries and thus the other players in the industry also plan to exploit that which expands the reach for technology.
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Global Hybrid integration platform market has been segmented on the basis of service type, integration type, organization size and vertical.
The integration type segment is bifurcated into cloud integration, B2B integration, data integration, and application integration. Among these, the application integration type segment is poised to hold the largest market share of hybrid integration platform market.
Based on the service type, the market has been segmented into Digital Business Services and Professional Services. The digital business services segment is divided into enterprise service bus, endpoint integration, software as a service, data integration tools, communication gateway services, application programming interface management, message-oriented middleware, managed file transfer, and B2B gateway. Moreover, the professional services segment is segmented into support & maintenance and training & consulting.
The category of company size is divided into small and medium-sized businesses and big corporations. Large companies hold the largest market share of the Hybrid Integration Platform market, while the SME segment is poised to grow at the highest rate over the forecast period. Both small and large companies are implementing hybrid integration platforms to integrate cloud-based systems and premise systems that ultimately help to increase overall operational efficiency and reduce IT costs as well.
Based on the verticals, the market has been segmented into BFSI, Manufacturing, IT and telecommunication, retail, government and public sector, and others.
Hybrid integration framework business geographical research is being studied for regions such as Asia Pacific, North America, Europe, and Rest of the World.
North America was expected to account for the largest market share, while Asia-Pacific is projected to rise at the fastest rate during the forecast period. The substantial growth in North America ‘s demand for hybrid integration platforms is due to technological advancements and the increasing need for convergence on-premise and cloud-based systems in that area. The US and Canada are expected to drive market growth for hybrid integration platforms.
Asia Pacific is projected to see relatively faster adoption on the global hybrid integration platform market and is anticipated to rise at the highest CAGR over the forecast period compared to other regions. Within Asia Pacific, the demand for hybrid integration platforms is projected to contribute more quickly to revenue growth backed by the capacity of hybrid integration platforms to tackle business encounters in countries such as China, Japan, South Korea and India.
The significant players in hybrid integration platform market are –Informatica (US), Software AG (Germany), Dell Boomi (US), MuleSoft (US), TIBCO Software, Inc. (US), International Business Machines Corporation (US), Oracle Corporation (US), WSO2 (US), Liaison Technologies (US), Red Hat (US) and others.
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