DATA INTEGRATION MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Data Integration Market Size and Trends

The global data integration market is estimated to be valued at US$ 14.53 Bn in 2024 and is expected to reach US$ 35.18 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.5% from 2024 to 2031.

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The data integration market is witnessing significant growth in the forecast period owing to the growing demand for data integration tools from end-use verticals like BFSI, healthcare, manufacturing, etc. The surge in demand for data integration solutions is anticipated due to critical requirements to derive meaningful insights from vast datasets, the escalating uptake of cloud technologies, an increase in collaborations and agreements between vendors of data integration and their clients, along with the expanding volume of data. On the other hand, the market's expansion might be restrained by the presence of open-source data integration frameworks and a deficiency in standardized methodologies and expertise throughout the projected time frame.

Globalization of businesses and need for centralized data access

With globalization accelerating in recent years, many businesses have expanded internationally to take advantage of opportunities in new markets and operate on a truly global scale. However, expanding operations globally often means maintaining disparate offices, warehouses, manufacturing facilities, and others across multiple countries with varying IT infrastructures and internal systems. As a result, critical business data pertaining to activities like finance, sales, inventory, and customers can end up fragmented across different databases located in different geographic regions. This poses major challenges for businesses trying to get a consolidated, enterprise-wide view of key performance metrics and KPIs.

To gain strategic insights and make effective decisions, top management requires unified access to all important data pertaining to the business regardless of where it is stored. This has increased the need amongst multi-national corporations for solutions that can seamlessly integrate data from various isolated source systems into a single location for easy analysis and reporting. A centralized repository allows leadership to compare metrics, uncover trends and opportunities across regions, resolve data discrepancies and ensure compliance. It promotes efficiency, visibility and coordination needed to optimize operations on a global scale. Many businesses are therefore increasingly adopting data integration platforms and tools to logically connect disparate data silos strewn across borders and view information from a holistic, 360-degree perspective.

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Rise of big data, real-time analytics and advances in technologies

Over the past decade, there has been an explosion in the volumes of data being generated across industries through various digital channels and modern technologies like IoT, sensors, cloud computing and others.

However, for analytics to function effectively on such massive volumes, data first needs to be brought together from diverse internal and external sources, cleaned and organized into a cohesive format. Traditional data integration approaches are unable to handle this scale of complexity required for modern big data and real-time analytics projects. New age solutions powered by technologies like distributed computing, cloud, APIs, and microservices have emerged that can integrate petabytes worth of structured, semi-structure

For instance, in May 2022, Striim, a provider of real-time data integration and streaming solutions, announced the availability of its Striim Cloud platform on Google Cloud. This fully managed, software-as-a-service (SaaS) offering enables Google Cloud customers to easily build and deploy real-time data pipelines to power business intelligence and decision-making in the digital economy.