Press release
Cloud API Market to Rise US$ 1.78 Bn by 2026
Interdependency of businesses with cloud computing is rapidly gaining traction among multiple industry verticals, necessitating the need for an Application Programming Interface (API) that enables cloud application accessibility to numerous users. Smartphones, mobiles, and other connectivity devices have attained a predominant presence in the global tech industry, working as an ideal dais for the global cloud API market growth. Development of cloud platforms and their integration in business infrastructure is being actively practiced by companies globally, especially in North America. In 2015, the cloud API market in North America surpassed US$ 100 million in revenues. With respect to global revenues, the US$ 295 million global cloud API market is expected to attain a steadfast growth and procure US$ 1,773.9 million over the forecast period of 2016-2026.
Global Cloud API Market: Research Highlights
The global cloud API market size is estimated to expand vigorously at 19.6% CAGR during the period of assessment
Top industries attuned with cloud API applications include healthcare, hospitality, media & entertainment, BFSI, retail, and IT & telecommunications
By 2026, cloud API applications in the global BFSI sector are expected to yield revenues worth over US$ 350 million
Cloud APIs in healthcare applications, however, are likely to incur a dip as the industry vertical’s market share is anticipated to descend over the forecast period
Compared to SMEs, large corporations will dominate the global cloud API market, contributing over US$ 1 billion to global revenues by the end of 2026
Despite the market’s exponential growth, improper documentation has been rendered as a crucial inhibitor for adoption of cloud API services, particularly in BFSI, retail and healthcare industry verticals.
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Global Cloud API Market: Competitive Standings
A company-wise backdrop of the global cloud API market comprises distinguished participation from the world’s largest IT corporations, which induces faith among end-users of cloud API services. Backed by tech behemoths, cloud API solutions & services are being fundamentally incorporated into the regular cloud-based product offerings. Companies partaking in the development of the global cloud API market are being classified into four groups namely – Integration Specialists, Platform Management Providers, System Integrators, and Pure Players.
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Companies such as Microsoft Corporation or Axway Software SA are identified as integration or Platform-as-a-Service (PaaS) specialists. Developing and delivering a customized cloud API management solution that easily integrates with the client’s business data system is a key offering of system integrators such as Accenture and The Hewlett-Packard Company. Correspondingly, Oracle Corporation and IBM Corporation are two of the leading players in the global cloud API market that manage API platforms by offering service governance. Apart from these, the global market for cloud API includes some core players such as Apigee Corporation, 3scale Inc., CA Technologies, Inc., Google Inc., SAP S.E., TIBCO Mashrey, and Amazon Web Services, Inc.
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