According to the report by Expert Market Research (EMR), the global Cloud API Market Trends reached a value of approximately USD 1073.6 million in 2022. Aided by the accelerating demand for cloud computing and digital transformation initiatives across a variety of industries, the market is projected to further grow at a CAGR of 15.30% between 2023 and 2028 to reach a value of USD 2548.68 million by 2028.
Cloud API, or Cloud Application Programming Interface, allows software to request data and computations from services by connecting applications to the cloud. It plays a key role in allowing developers to create, manage, and run applications effectively in cloud environments, and it supports cloud computing in both public and private sectors. Besides, it offers an interface that assists with the interaction between different software intermediaries and hence, is an essential element of digital transformation.
The rise in the adoption of cloud computing technologies is propelling the global cloud API market growth. With the mounting amount of data generation, the need for effective data storage, management, and processing solutions has intensified. This has led to increased demand for cloud APIs, as they provide developers with the flexibility and scalability to build, deploy, and manage applications in the cloud environment.
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Additionally, the growing digital transformation across various industries, including retail, banking, manufacturing, and healthcare, among others, is also fuelling the cloud API market demand. Businesses are leveraging digital technologies to transform their business operations and customer experiences, driving the need for robust and efficient cloud solutions, thus promoting the cloud API market.
The widespread applications of cloud APIs across different sectors contribute significantly to cloud API market development. In the IT and telecom industry, cloud APIs are used to accelerate the delivery of innovative services and applications. The healthcare sector utilises cloud APIs for managing and analysing large volumes of health data, improving patient care and operational efficiency. Moreover, the BFSI sector is adopting cloud APIs to improve their service delivery and customer experience.
Furthermore, the increasing adoption of microservices and the rapid growth of the Internet of Things (IoT) are also fostering the cloud API market expansion. Microservices architecture allows developers to create applications as a suite of small services, which can be developed, deployed, and scaled independently. This is leading to an upsurge in the demand for cloud APIs, as they provide the necessary interoperability for microservices.
Cloud API Market Segmentation
The market can be divided based on type, enterprise size, industry vertical, and region.
Market Breakup by Type
- SaaS APIs
- PaaS APIs
- IaaS APIs
- Cross-platform APIs
Market Breakup by Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
Market Breakup by Industry Vertical
- Healthcare
- BFSI
- IT and Telecommunication
- Manufacturing
- Education
- Media and Entertainment
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Cloud API Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cloud API companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Amazon Web Services, Inc
- Broadcom, Inc
- Citrix Systems, Inc
- Google LLC
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Rackspace Technology Inc
- Salesforce, Inc
- SAP SE
- Cloud Software Group, Inc (TIBCO Software Inc)
- Others
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