The Cloud API market was valued at US$ 295 million in 2016 and is projected to reach US$ 1,424 million by 2025, according to a new market research report Cloud API Market, By Organization Size (Small and Medium Enterprises and Large Enterprises), By End Users (BFSI, Healthcare, Hospitality, IT and Telecommunication, Media and Entertainment, Retail and Others) and by Geography -Global Forecast to 2025, by Coherent Market Insights.
Cloud Application Programming Interface is a type of API that permits for the development of services and applications used for the provisioning of cloud platforms, software and hardware. A cloud application programming interface works as an interface or gateways that provides direct and indirect cloud software and infrastructure services to users. In today's time, the cloud computing become one of the fastest growing technology. The increasing demand of cloud based business applications such customer relationship management, enterprise resource planning etc become the largest market for the cloud service spending's. Hence due to this increasing demand for cloud based applications have parallely uplifted the market of cloud APIs in various verticals such as healthcare, banking, finance, retail, education, manufacturing etc. The increasing adoption of cloud technology by banking and finance industry have uplifted the growth of the market. Due to various advantages of cloud such as cost savings, usage based billing, business continuity, business agility, the various banking and financial institutions have adopted the cloud platform which also raised the demand of cloud APIs in BFSI industry.
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Key Takeaways of the Cloud API Market:
The global Cloud API market was valued at US$ 295 million in 2016 and is projected to reach US$ 1,424 billion by 2025, exhibiting a CAGR of 21.9% over the forecast period
Among organization size, the small and medium size enterprises segment is projected to grow with the highest CAGR in the forecast period. The rising trend among business and consumers for integrating mobile and web application in their daily routine encourage small and medium size companies of various verticals to adopt digital platform. Hence, this adoption of digital platform helps SMEs to increase their footprints in the market. Basically, SMEs adopts cloud platform due to less investment and maintenance cost for IT infrastructure and feature for access in remote location have increased the demand of Cloud APIs in SMEs.
Among geography, North America holds the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Due to early adoption technology culture in this region have provided the dominant position to the market. In addition to this, due to high dominance of digitalization and highly presence of top leading companies such as Oracle, Microsoft, IBM, Google, etc have uplifted the cloud API market in this region. The United States and Canada are some of the major countries which drives the market in this region.
Some of the major companies in the global Cloud API market are Amazon Web Services, Inc., CA Technologies, Inc, Citrix Systems, Inc., Google Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Inc., Red Hat, Inc, Tibco Software Inc. VMware, Inc. and Zend Technologies Ltd