Rapid Adoption of Cloud API Market Worldwide expected to Support the Growth of its Global Market

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.

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Persistence Market Research’s report on the global market for cloud API titled “Global Market Study on Cloud API: SMEs End User Segment Anticipated to Register Relatively High CAGR over the Forecast Period,” estimates that North America’s contribution to global cloud API revenues is expected to be to a greater degree compared to other regions. By the end of 2026, North America’s cloud API market is estimated to have accounted for more than US$ 850 million in revenues. The application of cloud API in the BFSI sector is expected to surge substantially across Western Europe as the region is projected to attribute to about 17% of global cloud API revenues. Meanwhile, the Asia Pacific excluding Japan (APEJ) cloud API market will witness a considerable rise in revenues during the projected period, primarily due to a rapid proliferation of trends such as digitization. Key insights compiled in the report also estimate that during the projected tenure, the APEJ market will expand at the highest regional CAGR – 23.7%. Contrarily, the cloud API market in the Middle East & Africa (MEA) is estimated to be at a very nascent stage of expansion, urging the region’s domestic players to actively participate in the development and implementation of APIs across untapped businesses.

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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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

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