Cloud API Market Explores New Growth Opportunities By 2026

Bigger Players Take Inorganic Route to Grow in Global Cloud API Market

A noticeable trend in the global cloud application programming interface (cloud API) is the acquisition of smaller companies by global giants in order to bolster their market positions. Amazon Web Services, Google Inc., IBM, CA Technologies Inc., Microsoft Corporation, TIBCO Software Inc., Red Hat, Inc., Oracle Corporation, and VMware, Inc. are to name some such well-entrenched big companies.

Cloud API allows development of applications and services used for the provisioning of cloud hardware, software, and platforms. It acts as a gateway or interface that provides direct and indirect cloud infrastructure and software services to users.

As per a study by Persistence Market Research, the global cloud API market will register a robust 19.6% CAGR during the period from 2016 to 2026 to become worth US$1.77 bn by 2026 from US$295 mn in 2016.

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IoT Serving to Boost Market

Majorly fuelling the global cloud application programming interface (API) is the surging uptake of Internet of Things (IoT), which has served to up the number of connected devices considerably. Connected devices allow developers to integrate data with APIs to identify and gather necessary information from enormous amounts of data accruing of various sources. Other things helping to boost the market growth are soaring adoption of mobile and cloud platforms, swift uptake of micro services based architecture, and the changing methodology for applications development.

Cloud API is crucial for any company focused on deploying their services to cloud. It accords flexibility to perform user defined actions quickly and precisely that allows users to deploy and manage resources as per their requirements. This is another key driver cloud API market.

Posing a roadblock to the global cloud API market, on the other hand, is financial constraints arising from stringent IT budgets and improper documentation of cloud APIs.

Large Enterprises at the Forefront of Uptake

Depending upon end-users, the global cloud API market can be segmented into small and medium enterprises (SMEs) and large enterprises. Among them, the large enterprises account for maximum market share. This is because larger enterprises in retail, telecommunication, healthcare, banking, finance services, and insurance (BFSI), etc. have been pouring money into cloud API platforms as it helps to leverage existing back-end applications, services, and data to speed up the time-to-market process, besides benefitting various aspects of the business such as sales, procurement, and finance in different ways.

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Further, quite a few large enterprises at present provide their own cloud APIs, providing application developers tools to focus on building innovative and user-friendly applications. Apple Inc., for example, offers iCloud API store, allowing application developers to store their application documents and valuable data in iCloud. The API facilitates developers to access the sync and backup services and wirelessly transfer documents to the device of the user automatically. The large enterprises segment was valued at nearly US$180 mn in 2015.

Need of SME to Function Effectively Makes them Adopt Cloud APIs Swiftly

In terms of growth rate, however, the SMEs are expected to outshine by registering a CAGR of 21.9% from 2016 to 2026. Such entities are leveraging cloud APIs to conduct their business more efficiently and thereby stay ahead of the curve. The SMEs are adopting Cloud API technology to primarily find new ways to engage and serve customers, streamline operations, and modernize IT infrastructure. Further, swift adoption of mobile and cloud platforms for back-end services among SMEs is increasing the use of cloud API management platforms.

Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

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