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Cloud API Market Industry Shares, Market Strategies And Key Players
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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.
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.
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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