Enterprise Data Integration Market Size, Share, Growth, and Industry Analysis, By Type (Software, Service and Others), By Application (Medical Insurance, BFSI, IT and Telecommunications, Media and Entertainment and Others) and Regional Insights and Forecast to 2031

Updated On: 08 April 2024

ENTERPRISE DATA INTEGRATION MARKET REPORT OVERVIEW

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The global enterprise data integration market size was USD 2201.9 million in 2019 and will touch USD 5056.7 million by 2031, exhibiting a CAGR of 7.1% during the forecast period.

The process of integrating and harmonizing data from multiple sources inside an organization to produce a uniform perspective is known as enterprise data integration, or EDI. Businesses need this connectivity to increase overall efficiency, simplify processes, and make well-informed decisions. Within a business, EDI refers to the utilization of tools, technologies, and procedures that make it easier for data to move between various platforms, applications, and systems.

COVID-19 Impact: Pandemic Infatuated Digital Transformation

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The epidemic hastened the industry's embrace of digital transformation programs. Businesses have come to understand how critical it is to have reliable data integration solutions in order to facilitate remote work, improve business continuity, and provide for flexibility in responding to shifting market conditions. The need for cloud-based data integration solutions grew as remote work and distributed teams became more common. Cloud systems were appealing to businesses adjusting to new work settings because they provided scalability, flexibility, and accessibility.

LATEST TRENDS

"Real Time and Cloud-Based Hybrid Data Integration to Refurbish the Market Growth"

Real-time data integration was becoming more and more necessary to allow firms to make decisions based on the most recent information. The demand for responsiveness and agility in a fast-paced business environment is what spurred this trend. The growing popularity of cloud-based integration solutions can be attributed to their affordability, scalability, and flexibility. Cloud platforms were being used by organizations more and more for data integration, processing, and storage. A growing number of businesses were operating in multi-cloud or hybrid settings, which created a need for integration solutions that could easily link different cloud platforms and on-premises systems. Solutions for hybrid integration were crucial for companies with heterogeneous IT environments.

ENTERPRISE DATA INTEGRATION  MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into software, service and others.

Solutions for enterprise data integration (EDI) include a variety of software tools and services made to make data transfer across an organization's many systems and applications easier. In order to support business processes and achieve a unified picture of the data, these solutions are essential. The particular software and services that a business choose are determined by its needs, current technological stack, financial constraints, and long-term strategic objectives. Many businesses build an extensive ecosystem for enterprise data integration using a mix of services and solutions.

• By Application

Based on application the global market can be categorized into medical insurance, BFSI, IT and telecommunications, media and entertainment and others.

In a number of industries, including media and entertainment, IT and telecommunications, medical insurance, banking, financial services, and insurance (BFSI), and so on, enterprise data integration (EDI) is essential. Effective data integration with EDI helps data-driven decision-making, improves operational efficiency, and empowers businesses to adapt to shifting market conditions and legal requirements in each of these areas.

DRIVING FACTORS

"Digital Transformation and Emergence of New Technologies to Shoot Up the Market Share"

The process of digital transformation is non-linear; it fluctuates between quick changes and more gradual phases of consolidation depending on demands from both the inside and outside. To remain competitive and satisfy changing customer expectations, organizations are experiencing digital revolutions. When it comes to combining data from many sources to support digital activities like online services, e-commerce, and improving the customer experience, EDI is essential. The intricacy of data integration is increased by the use of cutting-edge technologies like machine learning, artificial intelligence, and the internet of things. As these technologies advance, EDI adapts to include them and derive value from the data they produce.

"Globalization and Enhanced Customer Experience to Improvise the Market Growth"

The complexity of IT landscapes has increased due to company globalization and the advent of remote labor. Through the connection and integration of data from geographically separated sites, EDI enables enterprises to collaborate and share information throughout the enterprise. For many companies, increasing customer satisfaction is a strategic objective. Through the creation of a unified picture of consumer data, EDI assists businesses in providing seamless, tailored experiences across a range of touch points.

RESTRAINING FACTORS

"Issues with the Security and Compatibility with Different Systems to Hold Back the Market Growth"

Enterprise Data Integration (EDI) has many advantages, but it also has drawbacks and restrictions. Data security is an issue since data integration includes moving sensitive information between systems. For data to be protected both in transit and at rest, organizations must have strong security measures in place. An inability to integrate data seamlessly can be caused by incompatibilities between various systems, data formats, and protocols. Ensuring compatibility necessitates meticulous planning and frequently calls for extra development work. However, certain issues may restrict the worldwide enterprise data integration market growth.

ENTERPRISE DATA INTEGRATION MARKET REGIONAL INSIGHTS

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"North America to dominate the Market owing to the Presence of Large Number of Technology Companies "

In the past, North America has dominated the enterprise software market, which includes EDI solutions. In the EDI market, the United States in particular has been a major participant. The adoption of data integration solutions has been aided by the existence of several technology businesses, enterprises, and a developed IT ecosystem. The need for EDI is frequently fueled by sectors including industry, retail, healthcare, and finance.

KEY INDUSTRY PLAYERS

"Notable Market Players Shaping the Market and Contributing in the Market Expansion"

Due to their significant market influence, major market players are essential for understanding consumer preferences and industry dynamics. Because of these big companies' extensive retail networks and online platforms, customers may easily browse through an enormous variety of clothing selections. Due to their strong global presence and well-known brand, which have also strengthened customer loyalty and confidence, product adoption has increased. 

List of Market Players Profiled

• IBM Corporation (U.S.)
• Microsoft Corporation (U.S.)
• Oracle Corporation (U.S.)
• SAP SE (Germany)
• SAS Institute Inc. (U.S.)
• Informatica Corporation (U.S.)
• Talend Inc. (U.S.)
• Cisco Systems (U.S.)
• Information Builders Inc. (U.S.)
• SAP SE (Germany)
• SAS Institute Inc. (U.S.)
• Pitney Bowes Inc. (U.S.)
• Denodo Technologies (U.S.)

INDUSTRIAL DEVELOPMENT

May 2022 - In order to assist big businesses in realizing new value from cutting-edge cloud services and business modernization, Accenture and SAP have jointly established an offering. The RISE was coupled with a SAP solution and the SOAR with Accenture services in the novel joint offering. Accenture's comprehensive array of transformation services, including specialized cloud services and in-house intelligent tools, was expanded upon with new frameworks that utilize a single as-a-service delivery model. Accenture is a prominent SAP partner that provides services specifically tailored to assist large organizations in various industries with effectively organizing, carrying out, and overseeing RISE deployments with SAP in the cloud

REPORT COVERAGE

The research provides forecasts for future market expansion in addition to a comprehensive SWOT analysis. It examines a wide range of market classifications, potential uses, and important factors that fuel the market's expansion in order to determine how the industry develops over the next several years. By considering both historical turning points and current trends, the research offers a thorough picture of the market's components and highlights potential growth prospects.