Multisource, cloud computing demands driving robust data integration market
The data integration market is expected to grow from $6.44 billion in 2017 to $12.24 billion by 2022, at a compound annual growth rate of 14%, according to a research report by MarketsandMarkets.
The major factor driving the market is the high demand for tools that can combine numerous heterogeneous data sources, enabling organizations to get a consolidated view of data and extract valuable business insights, the report said. The rise in adoption of cloud services, 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 use of data integration by human resources departments, which deal with different types of data for compensation, workforce planning, talent acquisition, social media and other areas, is expected to grow at the highest CAGR during the forecast period. 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.
The data integration market by deployment model is segmented into two types: on-premises and on-demand, the report said. The on-demand deployment model is expected to see the highest growth during the forecast period, due to its cost effectiveness, scalability and ease of deployment.
North America is estimated to hold the largest share of the data integration market in 2017, because of unprecedented growth of data in the region that is due to a rise in the adoption of mobile and Internet of Things technologies.