According to a recent report published by Allied Market Research, titled, “Cloud API Market by Type, Enterprise Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2019-2026,” the cloud API market size was valued at $417.3 million in 2018, and is projected to reach $1,786.1 million by 2026, growing at a CAGR of 20.3% from 2019 to 2026.
Rise in digitalization and favorable government initiatives especially in emerging counties to adopt cloud services is a major factor that drive the growth of the global cloud API market. In addition, significant growth of cloud migration activities is also among some of the major factors that fuel the growth of the cloud application programming interface market during the forecast period.
Ongoing modernization of applications and rise in demand for instant access by applications from anywhere among individuals is a factor that boosts the global cloud API market. In addition, rise in demand for software application due to its exquisite user interactive display and commands is a factor expected to support the market growth.
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On the contrary, concerns associated with cloud security and rise in cyber-attacks are key restraining factors for the cloud API market. Furthermore, advent of native cloud-based applications and integration of emerging technologies with APIs are expected to provide lucrative revenue opportunities for the global cloud application programming interface market growth in the coming years.
Based on type, the SaaS APIs segment dominated the overall cloud application programming interface market in 2018, and is expected to continue this trend during the forecast period. This is attributed to rise in demand for software solution among individuals in this digital era with strong connectivity approach. Furthermore, IaaS APIs segment witnessed significant growth in the cloud API market share in 2018, and is further expected to continue this drift over the forecast period. Moreover, large enterprises segment is expected to witness highest growth, owing to increase in demand for cloud API solutions and services among large scale industries to ease and reduce time consuming migration processes.
The healthcare organizations dominated the cloud API market in 2018 and is expected to continue this trend during the forecast period. This is attributed to rapid adoption of cloud services among healthcare organizations. Further, the segment is expected to witness highest CAGR during the forecast period as the healthcare industry is opting for digitalization for transparent patient treatment solutions and to improve their patient-centric approach. Moreover, healthcare institutes are developing strategic markets as part of a stiff competition to facilitate cloud adoption at ease, which is creating lucrative opportunities for the market. Furthermore, the IT and Telecommunication enterprise has witnessed significant growth rate in 2018 and is further expected to increase its adoption over the forecast period.
According to Makarand Sinnarkar, Research Analyst, ICT at Allied Market Research, “North America dominated the cloud API market in 2018 and is projected to remain dominant during the forecast period. This is attributed to well-developed infrastructure and high number of early adopters of cloud technology coupled with significant number of major players operating in this region. Asia-Pacific registered highest CAGR and is further expected to witness significant rise over the forecast period, owing to increase in number of cloud service providers from this region and rise in digitalization initiatives.”
KEY FINDINGS of THE STUDY
• By type, the SaaS APIs segment dominated the cloud API market. However, the IaaS APIs segment is expected to exhibit significant growth during the forecast period in the cloud API industry.
• Based on enterprise size, the large enterprise segment accounted for the highest revenue in 2018.
• Depending on industry vertical, the healthcare industry generated the highest revenue in 2018. However, IT and telecommunications sector is expected to witness considerable growth in the near future.
• Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the upcoming years.
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Some of the key market players profiled in the report includes,
• Amazon Web Services Inc.
• CA Inc.
• Dell Inc.
• Google Inc.
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Salesforce.com Inc.
• SAP SE
• TIBCO Software Inc.
Major players operating in this market have witnessed high growth in demand for predictive analytics solutions especially due to Industry 4.0 evolution. This study includes cloud API market analysis, trends, and future estimations to determine the imminent investment pockets.