Press release
Cloud API Market Revenues to Reach US$ 1.78 Bn by 2026
Persistence Market Research forecasts that the global Cloud API market is expected to be valued at US$ 295.0 Mn by 2016 end and will reach US$ 1773.9 Mn by 2026, representing a CAGR of 19.6% between 2016 and 2026. One of the major factors driving this market is the emergence of the Internet of Things, which has increased the number of connected devices exponentially. Connected devices enable developers to integrate data with APIs to identify and collect relevant information from vast amounts of accumulated data.
Market dynamics
Some of the major factors driving the growth of the global Cloud API market are increasing usage of mobile and cloud platforms, growing adoption of micro services based architecture, and the change in methodology for development of applications. However, the growth of the market is hampered by factors such as financial constraints due to stringent IT budgets and improper documentation of cloud APIs.
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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.
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.
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