Cloud API Market poised to expand at 19.6% CAGR by 2026

Posted by Bisvjeet on November 15th, 2018

Up from US$ 295 Mn estimated for 2016, the global cloud API market is foreseen to reach US$ 1,773.9 Mn during the next decade. By 2026 end, the market will possibly witness steadfast growth at an impressive CAGR of 19.6% over the assessment period,” quoted an expert market research analyst from Research Report Insights (RRI).

A recently published report by the company, titled “Cloud API Market by 2026” indicates flourishing growth potential of the global market for cloud application programming interface (API). The report, as the title suggests, reflects rapid emergence of the SMEs end-user segment during the next decade.

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The analyst further added, “Growing business dependency on cloud applications and shooting adoption of connectivity devices are collectively favoring the market for cloud API globally. Moreover, rising adoption of micro service-based architecture will play a role in popularizing the implementation of cloud API globally.”

SMEs are rapidly embracing mobile and cloud-based platforms for managing their back-end services and applications, which prompts at bright future prospects for the cloud API market. Based on this market observation, it is quite clear that with a growing number of small and medium enterprise launches, the demand for cloud API will prevail progressively. While large enterprises continue to remain the dominant end-user segment with a value beyond US$ 1.0 Bn in 2026, ResearchReport Insights concludes a higher growth rate for SMEs end-user segment over 2016-2026, i.e. 21.9%.

Among BFSI, IT and telecommunications, hospitality, healthcare, and media and entertainment, the BFSI sector will maintain the top consumer position in the cloud API market, accounting for over US$ 350 Mn in terms of 2026 revenues.

The report further analyzes regional segmentation of the global cloud API market. According to market research, North America will continue to represent the largest revenue generator, contributing over US$ 850 Mn to the entire market value in 2026. The western European market will possibly experience an upswing owing to surging adoption of cloud API within the BFSI vertical, resulting in a total of nearly 17% value share in 2026.

Rampant proliferation of the digitization trend will however fuel the market in Asia Pacific (excluding Japan) at a rapid pace, eventually leading to a significant hike in revenues over the assessment period. The APEJ market is estimated to expand at the highest CAGR of 23.7%. Cloud API market in the MEA region will be at a nascent stage through 2026, which highlights multiple untapped opportunities in this market for domestic API players.

Among the key platform management providers, integration specialists, pure players, and system integrators operating in the global cloud API marketplace, Microsoft Corporation, Axway Software SA, Accenture, The Hewlett-Packard Company, Oracle Corporation, and IBM Corporation make it to the list. Moreover, the market is governed by a few core companies, including Google Inc., CA Technologies, Inc., TIBCO Mashrey, SAP S.E., Apigee Corporation, Amazon Web Services, Inc., and 3scale Inc.

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