Cloud Integration Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The cloud integration software market is expected to register a CAGR of 12% during the forecast period (2021 - 2026). Cloud integration is also known as IPaaS (Integrated Platform as a Service). Successful cloud integration enables companies to avoid creating new silos of information in cloud applications and also to have the highest level of security and reliability when connecting with cloud solutions.

• Integrations platform as a service (IPAAS) is now the emerging trend for integrating the cloud applications with one another and with the premises applications. For instance, Cloud Hub is the world’s first global IPASS (Integrations platform as a service) providing fully managed, globally available and a secure cloud platform for integration of applications with no hardware to maintain.
• The factors responsible for the growth of cloud integration software market include increasing demand for cloud-based enterprise applications and rising demand for cloud computing services. Use of Cloud Data Integration in different industry verticals will also drive the growth of the market. Advancements in industrial IT infrastructure across the globe has also led to the growth of the Cloud Data Integration across the globe.
• There are various reasons which may hinder the growth of the market. Some of the factors responsible for hindering the market growth are data security, integration of multiple data sources, the threat of data breaches worldwide, financial uncertainty and macroeconomic situations such as currency exchange rates and economic difficulties.
• Cloud integrations solutions are extensively being adopted in many organizations to modernize IT infrastructure through cost-effective and flexible solutions

Scope of the Report

Cloud integration involves combining different cloud-based systems into an integral part. Cloud Integration refers to the services that provide tools and technologies to enable integration between local data and applications or systems and cloud-hosted data and applications. The main aim of cloud integration is to connect different elements of various cloud and local resources into a single, ubiquitous environment that allows administrators to seamlessly access and manage applications, data, services, and systems.

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Key Market Trends

BFSI Expected to Have Significant Growth

• BFSI sector is expected to have significant growth for the forecast period. Many banking and financial services are using data integration software. For instance, many banking and wealth management firms rely on TIBCO Scribe's data integration software platforms to provide sales and service teams with a real-time, 360-degree view of its customers and prospects. 
• Cloud integration technology is used in the core banking service to integrate the various data and applications by using the IT and business model transformation like google wallet, apple wallet, Pay pal & other. By modernizing and transforming the banking system, which creates a new way to maximize profitability and returns.
• BFSI industry plays a significant role in financial wellbeing and progress of nations as a whole. Cloud integration is helping the BFSI sector by addressing various concerns such as secure storage, interoperability, confidentiality, and provides many advantages such as cost savings. With the help of cloud integration, the BFSI sector can avoid huge capital expenditure involved in establishing IT infrastructure.

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