Market Trends of Cloud Integration Software Industry
This section covers the major market trends shaping the Cloud Integration Software Market according to our research experts:
BFSI Expected to Have Significant Growth
- The 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 their customers and prospects.
- Cloud integration technology is used in the core banking service to integrate various data and applications using the IT and business model transformation like google wallet, apple wallet, Pay pal & others. Modernizing and transforming the banking system creates a new way to maximize profitability and returns.
- The BFSI industry plays a significant role in nations' financial well-being and progress. Cloud integration is helping the BFSI sector by addressing various concerns, such as secure storage, interoperability, and confidentiality, and it provides many advantages, such as cost savings. With the help of cloud integration, the BFSI sector can avoid the enormous capital expenditure involved in establishing IT infrastructure.
- In August last year, Dashen Bank announced that it had implemented IBM Cloud Pak for Integration on Red Hat OpenShift, to modernize its cloud integration architecture. The collaboration would help the bank expand its ecosystem by accelerating digital transformation and new innovative customer offerings.
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Asia-Pacific Expected to Have Significant Growth
- Asia-Pacific is expected to have significant growth over the forecast period. The high growth rate in the Asia-Pacific region is due to rising cloud-based applications, increased IT infrastructure spending, and growing demand for the automation of processes.
- According to MIT Technology Review Insights, last year, Singapore had the best digital infrastructure globally, with an index score of 8.48. Australia, New Zealand, Japan, and South Korea were the following Asia-Pacific countries that scored high, indicating a favorable ecosystem for cloud services in the last year.
- The growing BYOD (Bring your device) trend, rising awareness about iPaaS among enterprises, and an increasing focus on reducing ownership costs are the factors responsible for the market growth in this region.
- The companies' growing focus on data prevention and data security, along with increased government support in various Asian-Pacific countries responsible for driving the iPaaS market, will continue to do so during the forecast period.
- In December last year, Alibaba Cloud, a subset of Chinese e-commerce giant Alibaba, announced an integration with Avalanche blockchain to power the company's Node-as-a-Service initiatives.
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