Cloud APIs are considered a leapfrog of network integration, where applications use APIs to communicate with end users about the information flow.
PORTLAND, PORTLAND, OR, UNITED STATE, November 8, 2023 /EINPresswire.com/: A rise in cloud computing adoption, improved operational efficiency and DevOps automation, and a surge in the adoption of microservices by organizations drive the growth of the global cloud API market. On the other hand, cloud API security issues hamper growth to a certain extent. However, a rise in demand for cloud-native APIs is expected to create lucrative opportunities in the near future.
As per the report, the global cloud API market was estimated at $417.3 million in 2018 and is expected to reach $1.78 billion by 2026, growing at a CAGR of 20.3% from 2019 to 2026. The report offers an in-depth analysis of the top investment pockets, top winning strategies, drivers and opportunities, market size and estimations, competitive scenario, and wavering market trends.
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The global cloud API market is anticipated to experience significant growth due to the increasing adoption of cloud computing services across various industries. This surge in demand for technological advancements, especially among industries transitioning to the cloud, is expected to be a major driver of market expansion. Moreover, the growing need for improved operational efficiency and the adoption of DevOps automation by development engineers to expedite product launches are contributing to the upward trajectory of the cloud application programming interface (API) market. However, concerns related to cloud security are expected to pose a certain level of restraint on market growth as virtual networks face a growing threat from cyberattacks. On the positive side, the market is also expected to benefit from increased research and development (R&D) activities focused on the development of cloud-native applications, offering new growth opportunities for the global cloud API market.
Impact of COVID-19 on the Cloud API Market:
- The cloud API market is expected to grow during the COVID-19 pandemic outbreak. The cloud API helps upload real-time data to the cloud and provides it to front-line authorities such as researchers, health care professionals, and government experts.
- Moreover, the global lockdown has not impacted the IT industry, and as a result, the maintenance of cloud APIs can be possible by service providers such as Amazon Cloud Watch API in the active outbreak across the world.
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Based on type, the SaaS APIs segment contributed to more than half of the global cloud API market share in 2018 and is expected to dominate throughout the forecast period. The rise in the number of connected devices and smartphones that are driven by software applications across the globe, specifically in the Asia-Pacific region, is one of the major reasons driving the growth of the SaaS APIs segment in the market. The IaaS APIs segment, on the other hand, is projected to grow at the fastest CAGR of 21.6% during 2019–2026.
Based on enterprise size, the large enterprises segment accounted for more than four-fifths of the global cloud API market revenue in 2018 and is anticipated to rule the roost by 2026. This is due to the availability of investments among these organizations. Simultaneously, the small and medium enterprises (SMEs) segment would register the fastest CAGR of 23.7% by 2026.
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Based on geography, North America held the major share in 2018, generating nearly half of the global cloud API market. This is due to the adoption of cloud APIs at a high rate, which brings great improvements in operational efficiency in IT infrastructure. At the same time, the Asia-Pacific region would see the fastest CAGR of 23.7% until 2026. This is due to the strong penetration of software-based services and the increase in digitalization in developing economies such as China and India.
Leading market players:
➢ IBM Corporation
➢ Microsoft Corporation
➢ Google Inc.
➢ Oracle Corporation
➢ Salesforce.com, Inc.
➢ SAP SE
➢ TIBCO Software Inc.
➢ Amazon Web Services, Inc.
➢ CA, Inc.
➢ Dell, Inc.
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