Data Integration Market worth $19.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 1, 2021 /PRNewswire/ -- According to a new market research report "Data Integration Market with COVID-19 Impact Analysis by Component, Services, Deployment Mode (Cloud, On-premises), Organization Size (Large enterprises, SMEs), Industry Vertical, Business Application, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Data Integration Market size to grow from USD 11.6 billion in 2021 to USD 19.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. Various factors such as rise in big data technologies and cloud computing technologies, increasing amount of on-cloud data and incapability of traditional data management tools are expected to drive the adoption of data integration solutions and services.
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Data integration is the process of combining data from different sources into a single, unified view. Integration begins with the ingestion process and includes steps such as cleansing, ETL mapping, and transformation. Data integration ultimately enables analytics tools to produce effective, actionable business intelligence. The Data Integration Market consists of data integration tools and services, used to combine data from disparate sources and deliver the result in the form of integrated data. This integrated data is used to get actionable insights. The best use case of data integration is to make an efficient enterprise data warehouse. The data stored in data warehouses can be accessed for analysis to get a holistic view of enterprise-wide data. Hence, data integration plays an important role, when it comes to managing heterogeneous data sources. Enterprise Application Integration (EAI); Enterprise Information Integration (EII); and Extract, Transform, and Load (ETL) are the major technologies of data integration tools.
The services segment to hold higher CAGR during the forecast period
Based on components, the Data Integration Market is segmented into software and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of data integration, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of data integration is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and cut expenses.
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The marketing business application to hold the largest market size during the forecast period
With the advent of IoT and mobile technologies, the massive amount of data (big data in most cases) has compelled marketers to deploy tools and practices that can help them make sense of this data. Data integration supports this requirement by providing marketers a platform to consolidate the data captured from various sources into a useful format ready for analysis. Data integration enables marketers to integrate all their data collected from different marketing channels and feed it into an analysis tool that can analyze and extract relevant information for them. By using data integration tools, marketers can develop a customer-centric view and target their marketing efforts more precisely instead of dealing with different marketing channels against channel-specific metrics.
Healthcare and life sciences segment to have the largest market size during the forecast period
The Data Integration Market by vertical has been categorized into banking, financial services, and insurance, retail and consumer goods, media and entertainment, IT and telecom, healthcare and life sciences, Government and defense, energy and utilities, and manufacturing. The healthcare and life sciences vertical is expected to have the largest market size during the forecast period. The healthcare and life sciences vertical has always been overloaded with data, chiefly from patient, clinical, claim, hospital system, financial, pharmacy, and most recently from wearable technology sources. Leveraging this data can help develop a bulletproof plan to mitigate most of the existing diseases, improve patient care, develop new medicines, and identify new diseases..
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APAC to hold higher CAGR during the forecast period
The Data Integration Market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of advanced analytics to have a competitive advantage over the established players. China, India, and Japan have displayed ample growth opportunities in the Data Integration Market.
Key Players:
Major vendors in the global Data Integration Market include IBM (US), Microsoft (US), SAP (Germany), Oracle (US), SAS Institute (US), Talend (US), Informatica (US), Precisely (US), Software AG (Germany), Salesforce (US), Qlik (US), and Tibco (US).
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