Allied Market Research published a report, titled, "Cloud API Market by Type (PaaS APIs, SaaS APIs, IaaS APIs, and Cross-platform APIs), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), and Industry Vertical (BFSI, IT and Telecommunication, Manufacturing, Education, Healthcare, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global cloud API market garnered $417.3 million in 2018 and is estimated to generate $1.78 billion by 2026, registering a CAGR of 20.3% from 2019 to 2026.
Surge in adoption of cloud computing, enhanced efficiency, DevOps automation, and rise in microservices adoption by organizations facilitate the growth of the global cloud API industry. However, security issues related to cloud API restrain the market growth up to certain extent. On the other hand, significant increase in demand for cloud native API is estimated to present new opportunities in coming years.
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Based on type, the segments, SaaS APIs and IaaS APIs, together accounted for nearly three-fourth of total share of the global cloud API market in 2018, and is estimated to maintain its dominance during the forecast period. This is attributed to surge in number of smartphones and connected devices across the globe. However, the IaaS APIs segment is estimated to register the fastest growth rate with a CAGR of 21.6% from 2019 to 2026.
Based on enterprise size, the large enterprises segment held more than four-fifths of total market share in terms of revenue of the global cloud API market in 2018, and is expected to continue its lead position by 2026. On the other hand, the small and medium enterprises (SMEs) segment would grow at the highest CAGR of 23.7% during the forecast period.
On the basis of industry vertical, healthcare and IT & telecommunication segments together accounted for nearly two-fifths of the total share in 2018, and will dominate in terms of revenue by 2026. This is due to rise in implementation of cloud-based services in these verticals. However, the manufacturing segment is expected to grow at the highest CAGR of 22.4% from 2019 to 2026.
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Based on region, North America accounted for the major share in 2018, holding nearly half of the global cloud API market, and will maintain its highest share throughout the forecast period. This is owing to high rate of adoption of cloud API for enhancing operational efficiency in the IT infrastructure. On the other hand, Asia-Pacific is expected to register the largest growth rate of CAGR of 23.7% from 2019 to 2026. This is owing to increase in penetration of software-based services and trend of digitalization in developing countries including India and China.
Key Market Players
- Amazon Web Services, Inc.
- CA, Inc.
- Dell, Inc.
- Google Inc.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- TIBCO Software Inc.
Driving factors for the market
- Increase in cloud computing adoption
- Improved operational efficiency and DevOps automation
- Growing adoption of microservices by organizations
- Growing adoption of microservices by organizations
Market Restraints and Opportunities:
- Cloud API security issues
- Growing demand for Cloud native API
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