According to the new market research report “ by Component (Tools and Services), Business Application (Marketing, Sales, Operations, Finance, and HR), Deployment Model, Organization Size, Vertical, and Region – Global Forecast to 2022″, published by MarketsandMarkets™, the data integration market is expected to grow from USD 6.44 Billion in 2017 to USD 12.24 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.7%.
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The major factor driving this market is the high demand for tools that can combine numerous heterogeneous data sources, enabling users to get a consolidated view of data and extract valuable business insights. Rise in adoption of cloud computing which has created a demand for effective data integration tools and practices, is another key driver fueling the growth of the data integration market.
The human resource application is expected to grow at the highest CAGR during the forecast period.
The HR department in an organization deals with different types of data, such as compensation data, workforce planning data, talent acquisition data, social data of job candidates, data from company’s career and recruitment portals, and performance data of the portals. HR teams looking to combine these information silos are inclining toward data integration tools and services, thereby boosting the data integration market. With emergence of new HR analytics use cases, such as talent analytics and workforce capital analytics, data integration tools will be crucial for effective data analysis.
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The on-demand deployment model is expected to grow at the highest CAGR during the forecast period.
The data integration market by deployment model has been segmented into two types: on-premises and on-demand. The on-demand deployment model is expected to witness the highest CAGR during the forecast period owing to its cost effectiveness, scalability, and ease of deployment.
North America is expected to dominate the data integration market during the forecast period.
The data integration market is segmented on the basis of regions into North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is estimated to hold the largest share of data integration market in 2017, owing to unprecedented growth of data in the region due to rise in adoption of mobile and IoT technologies and the direct presence of major data integration vendors. The data integration market in APAC is expected to grow at the highest CAGR between 2017 and 2022. The APAC market is estimated to grow at the highest CAGR owing to proliferation of data in the region with digitalization, increased adoption of IoT-based technologies, and industrialization.
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