Cloud API Market: SMEs End User Segment Anticipated to Register Relatively High CAGR over the Forecast Period
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.
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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.
Rapid adoption of mobile and cloud platforms for back-end services among the small and medium scale enterprises is increasing the use of Cloud API management platforms
The global cloud API market is classified on the basis of end user and vertical. Further on the basis of end user, the market is segmented as SMEs and large enterprises. The large enterprises segment was valued at nearly US$ 180 Mn in 2015. Whereas, the SMEs segment is anticipated to register the highest CAGR of 21.9% during the forecast period.
Pertinent market numbers regarding the small and medium scale enterprises (SMEs) segment
Persistence Market Research forecasts that revenue from the SMEs segment in the global Cloud API market is expected to be valued at more than US$ 75 Mn by 2016 end and to reach nearly US$ 660 Mn by 2026 end, representing a CAGR of 9% from 2016 to 2026
High adoption of mobile and cloud platforms for back-end services such as web applications and mobile applications is expected to significantly increase the use of cloud API management platforms by SMEs
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The SMEs segment is estimated to create incremental $ opportunity of nearly US$ 570 Mn between 2016 and 2026
In terms of revenue, the large enterprise segment is projected to be the most attractive segment in the global Cloud API market during the assessment period
However, the SMEs segment is expected to register high Y-o-Y growth rates throughout the forecast period
In 2015, the large enterprises segment was valued at nearly US$ 1,200 Mn and is expected to witness steady growth in terms of revenue throughout the assessment period
Large enterprises are majorly investing in Cloud API platforms
In the recent past, larger enterprises across various sectors such as telecommunication, retail, healthcare, BFSI and others have been heavily investing in cloud API platforms as it enables leveraging the existing back-end applications, services and data to accelerate the time-to-market process and also benefits different aspects of the business including sales, procurement, and finance in various ways. Additionally, many large enterprises currently offer their own cloud APIs, providing application developers tools to focus on building innovative and user-friendly applications. Apple Inc. provides iCloud API store, enabling application developers to store their application documents and valuable data in iCloud. The API allows developers to access the sync and backup services and wirelessly transfer documents to the user's device automatically.
Small and medium enterprises are rapidly adopting Cloud APIs to find better ways to innovate their business and gain a competitive advantage
The growing trend amongst consumers and businesses of integrating web and mobile applications into their daily routine is encouraging small and medium enterprises across industries to adopt new technologies. This helps SMEs to innovate and transform their businesses faster than competitors, thereby strengthening their footprint in the market. SMEs are basically adopting Cloud API technology as it provides new ways to engage and serve customers, streamline operations, and modernize IT infrastructure.
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