The Cloud API Market analysis 2020 offers a steady compound annual growth rate (CAGR) from 2018 to 2023 of 20% during the years between 2016 and 2022. Market Research Future estimates the figures and reveals that the market will witness high growth prospects in the coming years.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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Top Impacting Factors
In the current time, cloud APIs have become more accessible and intelligent to developers, in support of the increased power of analytics and cloud technologies. APIs are known to deliver exceptional user experience and have gained maximum prominence around the world. Speech recognition and cognitive computing are a few more applications of Cloud APIs, and these are rising for its capabilities. These developments are providing developers numerous opportunities to grow the mobile market and the market of cloud API also. These factors are thus leading the global market of cloud API to gain more prominence in the coming years.
The study further indicates that the main driving factor for the cloud API market is the mounting number of applications that are built using micro-services architectural design. It has been observed that in the recent past, several easy ways to use developer tools have been launched by cloud API providers, which has augmented the market to a great extent. Moreover, large cloud API providers are acquiring niche cloud API platform providers in an attempt to raise their total market share. Thus, cloud APIs provide the necessary flexibility so that they can quickly and precisely perform user-defined actions.
Cloud APIs differ as per the provided service or solution, which are software as a service (SaaS), infrastructure as a service (IaaS), and platform as a service (PaaS). IaaS APIs offer raw computing and storage, SaaS APIs provision connectivity and interaction with a software suite and PaaS APIs provide backend architecture for building intensive and feature intense applications. These play a vital role in the market’s expansion.
From the segmental analysis viewpoint, the global Covid 19 Cloud API Market has included various segments such as end-users and vertical.
Depending on end-users, the market has included large enterprises and small & medium enterprises.
Depending on vertical segment, the market has included BFSI, Healthcare, IT and Telecommunication, Manufacturing, Education, Media & Entertainment, and others.
From the regional viewpoint, the global market of cloud API has included various regions such as North America, Asia Pacific, Europe, and the Rest of the World.
The study observed that the North America region would lead the cloud API market in support of the factors such as the wide adoption of micro-services by various organizations. The research also indicates that the European region has the second biggest market share in the cloud API market.
Whereas, Asia Pacific cloud API market might also display a positive growth over the assessment period for the factors such as wide adoption of cloud API by small and medium enterprises. Asia-Pacific countries like China and Japan are implementing easy to use developer tools to access cloud API owing to which the study reveals that these countries would display an unexpected hike in cloud API market by the forecast period.
Top Market Contenders
The well-known players in the cloud API market are listed as Google Inc. (U.S.), Amazon Web Services (U.S.), International Business Machines Corporation (U.S.), CA Technologies Inc. (U.S.), TIBCO Software Inc. (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Red Hat, Inc. (U.S.), VMware, Inc. (U.S.) and more. They have been investing a heavy amount to make the market more valuable in the forecast period.
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