Press release
Cloud API Market to Surge to USD 2781.82 Million by 2030, Driven by Digital Transformation and API-Centric Innovations
Cloud API Market
Cloud API Market Overview
The global Cloud API market, valued at USD 832.94 million in 2023, is projected to reach USD 2,781.82 million by 2030, registering a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period . This growth is fueled by the increasing adoption of cloud technologies, digital transformation initiatives, and the proliferation of microservices architectures across various industries.
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Competitive Landscape and Regional Demand
Key players in the Cloud API market include Amazon Web Services Inc., Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, Salesforce Inc., SAP SE, Red Hat, MuleSoft, and TIBCO Software Inc. . These companies are focusing on expanding their API capabilities, enhancing security features, and developing industry-specific solutions to cater to the evolving needs of businesses.
North America holds the largest market share, attributed to the strong presence of key cloud service providers and high adoption rates across industries such as IT, telecom, BFSI, and healthcare . The Asia-Pacific region is expected to witness the highest growth rate, driven by favorable government initiatives supporting cloud migration and digitalization .
Growth Opportunities in Vietnam
Vietnam's burgeoning tech sector is fostering growth in the Cloud API market. FPT Software, a leading Vietnamese IT services provider, has expanded its global footprint through strategic mergers and acquisitions, including the acquisition of David Lamm Consulting in Germany. The company's partnerships with global tech giants like AWS, Google, and Microsoft are enhancing its API offerings and driving digital transformation in the region .
Market Trends in Thailand
Thailand is experiencing increased adoption of cloud technologies across various sectors. The government's emphasis on digital economy initiatives is encouraging businesses to integrate Cloud APIs for improved operational efficiency and customer engagement.
Updation in Japan
Japan's focus on advanced technologies and automation is propelling the Cloud API market. The country's commitment to digital transformation is leading to increased investments in API development and management solutions.
Consolidation in South Korea
South Korea's tech-savvy environment is fostering consolidation in the Cloud API market. Companies are investing in API management platforms to streamline operations and enhance service delivery, contributing to market growth.
Opportunities in Singapore
Singapore's strategic position as a digital hub in Southeast Asia is creating opportunities in the Cloud API market. Investments in cloud infrastructure and emphasis on innovation are driving the adoption of API solutions across various industries.
Trends in the United States
The United States leads in Cloud API adoption, with significant investments in AI and cloud technologies. The government's Digital Government Strategy promotes the use of cloud solutions, further accelerating market growth .
Growth in China
China is witnessing rapid growth in Cloud API adoption, particularly among small and medium enterprises. The government's support for digital transformation is encouraging businesses to leverage APIs for enhanced connectivity and scalability .
Developments in Europe
Europe's stringent data protection regulations, such as GDPR, are driving the demand for secure and compliant Cloud API solutions. Countries like Germany, France, and the UK are leading in API adoption across multiple sectors .
Key Recent Developments
In February 2023, IBM acquired TIBCO Mashery, enhancing its API management portfolio to provide comprehensive solutions for designing, securing, and scaling API-driven initiatives .
In December 2022, Agora sold its customer engagement cloud business, Easemob, to TI Cloud for approximately USD 14.6 million, streamlining its focus on real-time engagement APIs .
In April 2020, Google launched the Google Cloud Healthcare API, facilitating data exchange among healthcare applications on the Google Cloud platform .
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Cloud API Market Segmentation:
by APIs Type
Cross-platform APIs
IaaS APIs
PaaS APIs
SaaS APIs
The cloud API industry is divided into four segments based on the kind of API: cross-platform, IaaS, PaaS, and SaaS. The majority of the market is made up of the SaaS APIs sector. Demand for this segment will be increased by the factors that can be linked to the rise in the development of software applications, such as web apps and mobile apps, among others, which are in high demand among people worldwide, as well as the increase in industry migration, particularly in emerging economies.
by Organization Size
Large Enterprise
Small & Medium Enterprise
The market is divided into two segments based on the size of the organisation: major enterprises and small and medium-sized firms. The cloud API market was dominated by big businesses in 2023, and this trend is anticipated to persist during the forecast period. In order to fully utilise the advantages and services of cloud computing, large enterprises are strategically implementing cloud APIs. Additionally, small and medium-sized enterprises are expected to grow at a moderate CAGR throughout the projection period due to an increase in the adoption of cloud services to keep ahead of the global market competition.
by Industry Vertical
BFSI
IT and Telecommunication
Education
Manufacturing
Healthcare
Media & Entertainment
Others
The market can be divided into BFSI (Banking, Financial Services, and Insurance), IT and telecommunication, education, manufacturing, healthcare, media & entertainment, and other sectors based on the industry vertical. The BFSI is anticipated to record the greatest CAGR throughout the course of the projection period. Cloud APIs are being adopted by the BFSI sector as an essential part of software development. The BFSI industry is modernising its current apps to add new features and capabilities.
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Cloud API Market Key Players:
1. Apigee Corporation
2. Citrix Systems, Inc.
3. Products/Brand Offerings
4. Company Highlights
5. Google Inc.
6. Scale AI, Inc.
7. Microsoft Corporation
8. SAP SE
9. CA Technologies, Inc.
10. TIBCO Mashrey
11. International Business Machine Corporation
12. Amazon Web Services, Inc.
13. Axway Software SA
14. Zend Technologies Ltd.
15. Rackspace Inc.
16. VMware, Inc.
17. Other Key Players
Key questions answered in Cloud API Market are:
What is Cloud API?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Cloud API Market?
Which factors are the lucrative opportunities for the Cloud API market growth?
Which factors are limiting the scope of the Cloud API market?
How is the intervention from regulatory authority shaping the Cloud API Market?
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