The cloud API is growing at a faster phase owing to the wide adoption of smartphones and cloud applications for back-end services. Cloud API differ as per the service and solution, for instance, three major types of services are Platform as a Service (PaaS), Software as a Service (SaaS), and Infrastructure as a Service (IaaS).
Businesses globally are also adopting cloud technology, this is driving the demand for cloud API. Increasing number of connected devices with the emergence of Internet of Things (IoT) is also playing an important role in the growth of cloud API.
As faster analysis and monitoring is possible through cloud API, which has become necessary for connected devices.
Various groups are working on developing standards for cloud API, as the goal is to move towards a common cloud API. Cloud APIs are also working on creating interoperability between clouds which will allow users to move data easily and also prevent cloud providers to lock users in their platforms.
Increasing customer needs is leading towards the efficient API development program. Companies are developing complex APIs with an aim of providing intelligent real-time experience.
The need for cross-platform compatibility is rising. Hence, cross-platform API allows people to access resources, not just from primary cloud provider bust also from other.
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According to the Persistence Market Research (PMR), the global cloud API market is anticipated to witness significant growth throughout the forecast period 2017-2026. By 2026 end, the global market for cloud API is likely to surpass US$ 1,000 Million revenue.
Concerns about security, flexibility, efficiency are growing. Hence, companies are focusing on providing Enterprise as a Service and Enterprise as a Platform to address all these issues.
Large Enterprises to Emerge as the Biggest Users of Cloud API
Based on the end users, large enterprises are likely to emerge as the largest users of cloud API as compared to the SMEs. By the end of 2026, large enterprises are estimated to surpass US$ 1,000 Million revenue.
On the basis of vertical, Banking, Financial Services and Insurance (BFSI) is anticipated to emerge as one of the largest sector using cloud API. The BFSI sector is projected to bring in close to US$ 400 Million in terms of revenue by 2026 end.
North America to Lead the Global Market for Cloud API through 2026
Region-wise, North America is expected to emerge as a leading region in the global cloud API market. Towards 2026 end, North America is likely to bring in more than US$ 800 Million revenue.
Presence of all the top leading companies operating in the cloud API and increasing adoption of cloud API is driving the growth in the region. Cloud-based business applications such as enterprise resource planning and customer relationship management are also becoming popular in North America.
The U.S. and Canada are witnessing the growth in adoption of cloud API.
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Prominent Players in the Global Cloud API Market
Google Inc., Apigee Corporation, 3scale Inc., SAP SE, Microsoft Corporation, TIBCO Mashery, CA Technologies, Inc., International Business Machine Corporation, Axway Software SA, and Amazon Web Services, Inc., are some of the leading players in the global market for cloud API.
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