With cloud computing becoming a popular phenomenon for data storage, various Application Programming Interfaces (APIs), applications, and services are coming up for easy programming, access, and security. Cloud Application Programming Interface (API), a significant component of any public cloud solution, enables the development of applications and services that are used for provisioning of cloud hardware, software, and platforms. Acting as a gateway or interface, a cloud API service provides direct and indirect cloud infrastructure and software services to users.
Market Research Future (MRFR) has published a research report that predicts a massive boost in the global cloud API market with 20% CAGR (Compound Annual Growth Rate) between 2016 and 2022. In terms of cash, the market is expected to grow with US $ 763 mn. Analyzing the market structure, this report evaluates the future growth potential and observes the strategies of the key players in this market. It also tracks the competitive developments such as joint ventures, mergers, and acquisitions, new product developments, new product developments (R & D) in the market.
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The global cloud API market has been segmented on the basis of end-users, vertical, and the region. Based on end-users, the market has been segmented into large enterprises and small & medium enterprises. The vertical-based segmentation of the market covers the segments namely Banking, Financial Services and Insurance (BFSI), education, healthcare, Information Technology (IT) & telecommunication, manufacturing, media & entertainment, and others. BFSI uses cloud API to store and secure the client data. Education sector uses it for storing and securing the records of students and teachers, along with academic study materials. Cloud computing is an integral part of IT, and cloud APIs are useful for communication that often requires satellites. In the entertainment industry, online entertainment portals use cloud APIs to make their services more efficient.
The regional segmentation of the global cloud API market segments the market into regions namely Asia Pacific, Europe, North America, Middle East & Africa (MEA), and the rest of the world. Due to technological advancement and mass level adoption of cloud computing, this report observes North America as the biggest market for cloud API. In this region, the maximum market revenue comes from the United States of America (USA) and Canada. The research reports indicate that Europe has the second biggest market share in Cloud API Market Size because, after North America, maximum technological advancement is in Europe. France, Germany, and the United Kingdom (UK) rule the roost of the Europe market, followed by rest of Europe.
During the forecast period, Asia Pacific region is expected to witness significant growth in cloud API market due to various IT activities and cloud computing activities being outsourced in this region. In countries like China, Japan, India and South Korea, medium enterprises are adopting cloud API at a significantly high rate. This is driving the market growth in this region. In the MEA region, the market is limited due to lack of technological advancement, lack of education, political instability in this region.
The key players in the global cloud API market include Amazon Web Services (USA), CA Technologies Inc. (USA), Google Inc. (USA), International Business Machines Corporation (USA), Microsoft Corporation (USA), Oracle Corporation (USA), Red Hat, Inc. (the USA), TIBCO Software Inc. (USA), and VMware, Inc. (USA).
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