Enterprise Service Bus Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Enterprise Service Bus Software Market is poised to register a CAGR of 7.05% during the forecast period. Due to the increasing demand for application integration across organizations, enterprise service buses (ESBs) witnessed a rise in their utilization across enterprises and organizations.

Key Highlights

• The COVID-19 outbreak demonstrated the value of business intelligence, analytics, cloud computing, and mobile computing for ensuring that organizations run smoothly. After this, companies started using these services to improve their work architecture. This was the turning point for enterprise service bus software in the market.
• ESB architecture distributes information across enterprises quickly and ensures the smooth delivery of information, even when some networks or systems are offline occasionally, by eliminating the need to rewrite the application. Thus, most companies implement the ESB architecture as the backbone of their IT infrastructure.
• Furthermore, majorly driven by the adoption of cloud platforms that serve as a way to integrate various applications and can facilitate new and expanded channels as well as improve access to client data, allowing for better-tailored products and services, the IT and telecom industries are expected to mark a significant rise in the use of ESBs.
• Banks are also moving more of their data, processes, and infrastructure to the cloud to take advantage of cloud implementation, which makes it easier for enterprise applications to work together.For instance, the State Bank of India, for its 23,000 branches, chose Office 365, a cloud-powered productivity solution from Microsoft, to improve communication and collaboration among its workforce and transform it into a modern workplace.
• Older businesses that keep their data on paper will take some time to move to the cloud, which could sometimes affect how the business works. They will also have to change parts of the data at a time instead of all of it at once. Concerns about the high cost of installation are also a threat to the growth of the market.

Enterprise Service Bus Software Market Trends

Rising Development of IoT Projects Boosting the Market Growth

The number of IoT-connected devices is expected to increase from 8.6 billion in 2019 to 29.4 billion in 2030. The growth of connected devices is driven by new applications and business models, and it is helped by the fact that devices are becoming more standard and their prices are going down.

As the number of IoT-connected devices increases, the integration of devices and data becomes more complex. These connected devices may present numerous integration and messaging challenges. Organizations, thus, may have to invest in efficient application integration solutions that can be tackled with ESBs.

Also, as there are more and more devices that connect to each other, it is becoming more and more important to manage multiple networks and systems at the same time.The easiest way to deal with this problem is to concentrate on a strategy that involves synchronizing various devices (each with a distinct protocol) on a single application platform.

Over the next few years, demand for ESB software is likely to be driven by the need to handle communication between different devices in a more effective and flexible way as business environments change.

Asia-Pacific to Register a Significant Growth Over the Forecast Period

Asia-Pacific is predicted to have the quickest growth rate for the Enterprise Service Bus Software Market due to the region's expanding emphasis on the IoT platform in nations like China, India, and South Korea.

The rising demand for managed cloud-based solutions has also increased in this region due to complex big data and workloads, such as enterprise resource planning (ERP), being increasingly migrated to cloud platforms. According to a report published by the Asia Cloud Computing Association (ACCA), Singapore is the number one cloud-ready Asia-Pacific country, owing to better broadband quality, cybersecurity, regulation, and business sophistication.

As most businesses in Asia-Pacific move their operations to the cloud, companies like Alibaba and Tencent are likely to use ESBs to make their organizations more flexible by reducing the time it takes for new projects to reach the market.

It also builds and designs applications that are more flexible, which lets companies respond quickly to changes in the market. The ESB software market in the region is also likely to grow because of these factors.

Enterprise Service Bus Software Industry Overview

Due to the proliferation of vendors, the enterprise service bus software industry is fragmented. Rapid development, innovation, and intense player competition are what are driving the ESB software market. In addition to others, some of the major companies are Oracle Corporation, Microsoft Corporation, IBM Corporation, SAP SE, MuleSoft Inc. (Salesforce), Dell Technologies Inc., and TIBCO Software Inc.

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Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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