Cloud API Market is Expected to Grow at a CAGR of 23.50% from 2024 to 2032

Market Research Future Published a Half Cooked Research Report on Cloud API Market

Market Highlights

The Cloud API market industry is projected to grow from USD 1.2 billion in 2023. The Cloud API market industry is projected to grow from USD 1.5 Billion in 2024 to USD 8.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.50% during the forecast period (2023 - 2032).  It has been observed that over the past few years, increased implementation of microservices architectural style for developing a single application and easy integration of cloud application programming interfaces with existing applications of organizations are driving the cloud API market. In addition to this, use of speech recognition and cognitive computing applications, of which cloud API is an integral part is another key factor accelerating the cloud API market.

The study indicates that cloud API is significant for any company that is focusing towards deploying their services to cloud. The study indicates that cloud API enables organizations to perform deployment processes and infrastructure management according to their business requirements that aids the growth in the cloud API market. In addition to this, cloud API provide flexibility to perform user defined actions in a quick and precise manner that allows users to deploy and manage resources as per their requirements which is another driving factor for the cloud API market. The improper maintenance and documentation of cloud API services and failure to clearly define the operations of cloud API which makes it difficult for end users to understand the services are few restraining factors for the cloud API market.

Cloud API Market Segmentation

The Cloud API market has been segmented on the basis of end-users and vertical. The end-users segment consists of large enterprises and small and medium enterprises. The study indicates that by end-users segment, large enterprises has a larger share in the cloud API market. The vertical segment consists of BFSI, IT & telecommunication, healthcare, manufacturing, education, media & entertainment and others. The study indicates that by vertical, the BFSI sub-segment would hold a major share in the cloud API market

Recently, it has been observed that many large companies like Google Inc. and Microsoft Corporation are acquiring small cloud API platform vendors in order to increase their total market share.

Key Players:

The prominent players in the cloud API market are- 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.) among others 

Market Research Analysis:

Regional analysis for cloud API market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in cloud API market followed by Europe. It has been observed that North America region is fast adopting cloud API for integration of their existing applications as several of the organizations applications are built using microservices.

The study reveals that Asia-Pacific region is expected to have a significant growth in cloud API market by the forecast period. In Asia-Pacific countries like China, Japan and Korea small and medium enterprises are adopting cloud API at a significantly high rate as compared to large enterprises which is the primary growth driver for the Asia-Pacific region.