The growth of cloud technology has substantially impacted the global cloud API market. Market Research Future has discovered through intensive research that, the global cloud API market is poised to grow at a CAGR of 20% during the review period from 2016 to 2022. Cloud API or cloud application programming interface (API) is a type of API which allows the development of applications and other solutions as well as services for the provisioning of cloud hardware, software, and platforms. Essentially cloud API is a key component of any public cloud solution and is indispensable for the same.
Cloud APIs are available according to service or solution and include infrastructure as a service, software as a service, and platform as a service. Each performs vital functions in an enterprise and overall have been witnessing high adoption rates across the globe. The increasing focus on improving operational efficiency and reducing operational costs has been a significant boost to the growth of the global cloud API market. IaaS API’s provide storage and raw computing, while SaaA APIs provide connectivity and software interaction, each API playing an important role. This has made it easier for small and medium enterprises to use these APIs as they do not require infrastructure and can be tailored to suit enterprise needs. The fact that cloud APIs are highly flexible is a huge advantage which encourages the market’s growth. Additionally, the increasing number of applications being built using microservices architectural design is a major driver of the market. With new developer tools being launched and a strong presence of market players which are cornering niche cloud platform providers are expected to improve the market’s opportunities in the future.
The global cloud API market has been segmented into 3 key components. These have been determined on the basis of end-users, verticals, and region. End-users of cloud API include large enterprises and small & medium enterprises.
Verticals, where cloud APIs are extensively employed, include BFSI, healthcare, manufacturing, IT & telecommunication, education, media & entertainment, and others.
Due to the presence of many market players and the advanced nature of the regions technological adoption, the North American market has secured a leadership position for itself in the global cloud API market. Microservices are being adopted on a wide scale by organizations of every size in the region. Europe follows North America and has the second largest share of the global cloud API market.
The Asia Pacific is projected to witness high potential for growth and offer the global market a number of opportunities in the coming years. China, Japan, and India are just some of the leading countries in the region where implementation of cloud API is happening increasingly. Increased demand for operational efficiency in the region’s enterprises will likely be a significant source of market growth.
TIBCO Software Inc., Microsoft Corporation, CA Technologies Inc., VMware, Inc., Red Hat, Inc., International Business Machines Corporation, Oracle Corporation, Amazon Web Services, and Google Inc. are among the prominent players present in the global cloud API market. These players have been analyzed for their role in the market’s competitive profile, and their successful growth strategies have been identified and recorded in MRFR’s report.
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