Market Trends of Integration Platform-as-a-Service Industry
Retail & E-commerce to Witness Significant Growth
- The rapid advancement of e-commerce that deals in B2B and B2C platforms has demanded that businesses handle multiple areas such as online selling, inventory management, and placing orders. The IPaaS solutions can provide a seamless e-commerce integration solution primarily to merge the back-end processes, ERP systems, and the website. Moreover, these integration tools also enable the free flow of data across front-end and back-end systems while significantly reducing IT outlays. Additionally, in November 2022, Aditya Birla Fashion and Retail Ltd. joined a strategic partnership with the Galeries Lafayette to open luxury department shops and a dedicated e-commerce platform in India.
- Further, in January 2022, Walmart announced that it had invited a few Indian vendors to join its Walmart Marketplace, which has over 120 million monthly visitors in the United States. The company owns Flipkart in India and aims to export USD 10 billion annually from India by 2027. Also, in February 2022, Tencent Holdings Ltd and Alibaba Group Holding Ltd.'s e-commerce sites were added to the US government's latest "notorious marketplaces" list, according to the US Trade Representative. Such developments in the e-commerce industries may further propel the studied market growth.
- Moreover, these innovative integration tools have also enabled retailers to navigate their online marketplace to be linked up with their ERP solutions to their mobile and web sales portals without using traditional legacy integration tools. For e-commerce organizations, an increasing need to improve their internal data conduits, or even if it is being established for the first time, IPaaS technology can prove to be an immensely powerful asset.
- In November 2022, Wipro Limited, a technology services and consulting company, declared new retail solutions created on the and Cloud for Retail, Microsoft Cloud a new Retail Innovation Experience in California. This virtual, physical, and hybrid Experience would deepen collaboration between Wipro and Microsoft to augment the delivery of new solutions, further allowing retailers to grow and expand their business and build stronger customer relationships.
- As per US Census Bureau, from January to March 2023, U.S. retail e-commerce sales amounted to nearly 273 billion U.S. dollars, marking an increase compared to the previous quarter. This increase in U.S. retail e-commerce sales will drive the market's growth rate significantly. Hence, it is expected to face a broad spectrum of growth opportunities throughout the forecast period.
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North America is Expected to Witness Significant Growth
- The North American region is expected to have significant growth during the forecast period, primarily owing to the presence of multiple industry players and the rapid adoption of cloud-based services among various organizations in the region. Numerous factors, such as the increased need for advanced integration services and the increased shift of workloads to the cloud environment, are also expected to drive the demand for IPaaS solutions.
- Moreover, according to Cisco's latest Visual Networking Index report, smart homes are expected to be one of the key drivers of IoT connectivity growth during the next few years. In 2022 the company reached around 50% of the 28.5 billion device connections based on IoT/machine-to-machine (M2M).
- According to the US Centers for Medicaid Services, healthcare and Medicare spending acorss the United States is also projected to increase by 5.5% annually from recent through 2026. If the expenditure increases at this rate, by 2026, healthcare spending is projected to reach USD 5.7 trillion, which indicates stronger competition among healthcare providers, creating the need to embrace new technologies to sustain.
- Cloud computing and big data are rapidly growing analytics also drives the demand for IPaaS solutions in the region. Moreover, the declining prices of servers have also improved the adoption of cloud computing businesses across the North American region, which is expected to fuel the demand for IPaas solutions over the forecast period.
- In December 2022 - Impartner, headquartered in the United States, a channel management platform and partner relationship management (PRM) provider, partnered with iPaaS providers such as Syncari, Tray.io, and others to facilitate connections in a company's ecosystem and eliminate inaccurate partner data. While Impartner has been a longstanding integrated partner with Microsoft Dynamics 365 and Salesforce, the recent integrations bridge the gap between a corporation's additional direct sales systems and Impartner PRM.
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