Global cloud API market was valued at US$ 610 Million in 2021 and is expected to surpass US$ 2947.3 Million by 2030, registering a CAGR of 19.5% during the forecast period (2022-2030), according to the Global Cloud API Market Report, By Organization Size (Small and Medium Enterprises, Large Enterprises), By End-User (BFSI, Healthcare, Hospitality, IT and Telecommunication, Media and Entertainment, Retail, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Healthcare organizations are rapidly adopting cloud services and hence the global cloud API market is expected to witness a high CAGR in the forecasted period. Cloud healthcare API enables easy and consistent exchange of data between healthcare applications and solutions that are built on google cloud. Industry-standard protocols and formats are provided by cloud health care API (Application Programming Interface) for ingesting, accumulating, analyzing, and integrating healthcare data with cloud-based applications. For instance, In April 2020, Google, a multinational technology company announced that it would make its cloud healthcare API available to the healthcare industry, which would help in exchange of data between healthcare applications such as electronic health record and medical imaging systems that are built on google cloud and present complete patient data.
Digital transformation is also propelling growth of the global cloud API market. Digital transformation is the use of modern digital technologies such as public, private, and hybrid cloud platforms to establish or improve corporate processes, culture, and consumer experiences. Cloud-based API enables the organizations such as finance, customer services, manufacturing, and others to create risk free modernization and integration of process without interruption. Cloud based API integrate all services together by enabling workflow automation, which allows smooth flow of data and helps take prompt and informed decisions. Cloud based API helps improve enterprise transparency and visibility as it integrates siloed (isolated) tools and applications. Hence, rising adoption of digital transformation in organizations is driving growth of the global cloud API market.
- In January 2022, Amazon Web Services, Inc. posted on their website that IPv6 (Internet Protocol version 6) was now supported by the AWS Cloud Map API. This would allow the application to connect to AWS Cloud Map endpoints over IPv6. The AWS Cloud Map API support on IPV6 will help reduce costly networking equipment that is used for IP address translation i.e. IPV4 (Internet Protocol version 4) and IPV6
- In April 2021, Software AG, an enterprise software & technology company announced new innovations of its webMethods platform for APIs, integration, and microservices. The updates in webMethods include AI (Artificial Intelligence) and ML (Machine Learning) -assisted smart mapping, drag and drop UI, AppMesh, and improved DevOps capabilities that include open APIs
Global Cloud API Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 epidemic has had a severe impact on businesses around the world. Though the pandemic had a severe impact on people and businesses, demand for cloud API improved during the pandemic as the use of digital payment services gained traction. Online payments applications such as Google Pay, PayPal, and others use API for android and web applications. Hence the global cloud API market witnessed positive market growth during the pandemic.
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Key Trends and Analysis of the Global Cloud API Market:
- North America holds the dominant position in 2021 and is projected to retain its dominance throughout the forecast period. Due to early adoption technology culture in this region have provided the dominant position to the market. In addition to this, due to high dominance of digitalization and highly presence of top leading companies such as Oracle, Microsoft, IBM, Google, etc. have uplifted the cloud API market in this region. The United States and Canada are some of the major countries which drives the market in this region.
- Asia Pacific region is expected to witness significant growth over the forecast period owing to increasing adoption of cloud computing services across the region. Cloud computing services include computing services such as storage, servers, databases, networking, analytics, software, and intelligence that provide advantages such as agile deployment, low total cost ownership, secure & storage management, high level computing, and utility-based sharing models. A cloud API enables users to access these cloud computing services and functions as a service gateway for cloud customers to access direct and indirect infrastructure services and cloud software. Due to all the advantages provided by cloud API the cloud API market is expected to gain traction in the forecast period in the Asia Pacific region.
- Among organization size, the small and medium size enterprises segment is projected to grow with the highest CAGR in the forecast period. The rising trend among business and consumers for integrating mobile and web application in their daily routine encourage small and medium size companies of various verticals to adopt digital platform. Hence, this adoption of digital platform helps SMEs to increase their footprints in the market. Basically, SMEs adopts cloud platform due to less investment and maintenance cost for IT infrastructure and feature for access in remote location have increased the demand of Cloud APIs in SMEs. .
- Major players operating in the global cloud API market include Amazon Web Services, Inc., CA Technologies, Inc., Citrix Systems, Inc., Google Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation., Rackspace Inc., Red Hat, Inc., Tibco Software Inc., VMware, Inc., and Zend Technologies Ltd.