New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Cloud API Market by End-Users and Vertical - Forecast to 2030”, the market is anticipated to acquire a valuation of approximately USD 3.71 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 23.2% during the assessment timeframe.
Cloud API Market Analysis
Key Players
Eminent market players profiled in the global cloud API market report include-
- Amazon Web Services (U.S.)
- Google Inc. (U.S.)
- CA Technologies Inc. (U.S.)
- International Business Machines Corporation (U.S.)
- Microsoft Corporation (U.S.)
- TIBCO Software Inc. (U.S.)
- Red Hat, Inc. (U.S.)
- Oracle Corporation (U.S.)
- VMware, Inc. (U.S.)
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 3.71 Billion |
| Growth Rate | CAGR of 23.2% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing threat during COVID-19 times due to unprotected network usage for communication |
| Key Market Drivers | low investment cost and even lesser maintenance cost of these services |
Market Drivers
Use of DevOps Automation to Boost Market Growth
The use of devOps automation for reducing the time for marketing will boost market growth over the forecast period. DevOps is a collection of processes that integrates software development and IT operations to provide high-quality products. DevOps APIs give the teams collaborating on a project more control over, integration with, management of, and access to application capabilities.
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Market Opportunities
Growing Adoption of Cloud Technology to offer Robust Opportunities
One of the main elements driving a positive outlook for the market is the growing acceptance of cloud technology across industries due to its many benefits, including flexibility, remote location access, and cost-effectiveness.
Market Restraints
Lack of Skilled Workforce to act as Market Restraint
The lack of skilled workforce and growing concerns regarding cloud API security may act as a market restraint over the forecast period.
Market Segmentation
The global cloud API market is bifurcated based on vertical and end users.
By end users, large enterprises will lead the market over the forecast period.
By vertical, BFSI will dominate the market over the forecast period.
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COVID-19 Analysis
Due to the healthcare sector's adoption of cloud APIs during the Covid-19 outbreak, the global cloud API market saw tremendous growth. The cloud APIs made it possible for front-line authorities including researchers, medical professionals, and government experts to access real-time data such as patient counts and drug availability. During the epidemic, e-commerce also grew, and cloud APIs facilitated easy money transfers between companies and customers
Regional Analysis
North America to Lead Cloud API Market
Due to the presence of multiple key competitors and its matured IT infrastructure, North America led the global cloud API market share in 2018. Additionally, during the projected period, the high IT expenditure capacity of North American nations will significantly contribute to the expansion of cloud API in this region. One of the key elements that have contributed to the North American cloud API's leading position is the high dominance of digitalization and cloud platforms. Additionally, the presence of numerous elite businesses would contribute to increasing demand in this sector. The engagement of top leading businesses like Google, Microsoft, IBM, Oracle, and others has enhanced the market for cloud APIs in this region. In 2021, North America dominated the worldwide cloud API market, and it is anticipated that it would continue to do so during the forecast period. The emergence of artificial intelligence (AI) and the internet of things (IoT) are anticipated to foster technical advancements in the North American information and communication technology (ICT) sector, which will fuel the expansion of the cloud API market. Artificial intelligence (AI) applications like chatbots can be connected with current software to do a variety of tasks. Examples of such applications are Amazon Echo, IBM Watson Assistant, Azure Bot Service, and others. Applications may scan photos and automatically detect components like public counting and cataloguing thanks to cloud AI APIs and services like Microsoft Azure Computer Vision API, Amazon Rekognition, and Google Cloud Vision API. The largest market share belongs to North America. One of the key elements that gives the North American cloud application programming interface a prominent position is the high dominance of digitalization and cloud platforms. Additionally, the market in this area will grow as a result of the high concentration of top leading organizations.
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APAC to Have Admirable Growth in Cloud API Market
During the projection period for the cloud API market, Asia-Pacific is anticipated to experience the fastest CAGR growth due to factors including the region's developing nations' significant inclination toward open architectures and cloud computing services. Asia-Pacific is anticipated to experience the quickest CAGR growth over the course of the forecast period for the cloud API market due to factors like a significant trend toward open architectures and cloud computing services among developing nations in this region. During the projected period, the cloud API market is anticipated to rise significantly in the Asia Pacific region. Emerging economies like China, India, & Indonesia are experiencing tremendous growth in e-commerce as a result of digitization. People are more likely to engage in internet shopping. The retail industry's earnings have increased thanks to the adoption of cloud APIs in e-commerce. The use of cloud APIs is expanding in the e-commerce industry, which has a direct impact on the cloud API market in the Asia Pacific region. APIs assist online retailers in reaching out to more customers, offering a wide range of products to customers, and helping to improve the automation process such as processing invoices, rolling out marketing promotions, and others. Due to the considerable shift toward open architectures and cloud computing services among developing nations, the cloud application programming interface (API) market in Asia-Pacific is predicted to have significant growth. Additionally, it is predicted that an increase in industry relocation activities would fuel the region's cloud application programming interface (API) market expansion during the ensuing years.
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