Application Programming Interface (API) is emerging as one of the most important tools to provide access to data. Businesses are increasingly moving towards using APIs for digital transformation. API for companies is emerging as the important component to merge the old and new IT platforms and to capture and store a vast amount of data. A business model of the majority of the companies exists around the Software as a Service platform. Moreover, many mobile applications depend on APIs. Hence, tech-savvy companies rely on public, private or partner APIs. Companies are providing comprehensive API management solution by focusing on usage, access control and documentation and also on how the DevOps will handle maintenance.
Cloud computing is the fastest growing technology and cloud API works as a gateway providing indirect and direct cloud infrastructure and software services. Majority of companies are also entering into mergers and acquisitions to provide API platform in order to support analytical capabilities. Companies are also providing data loss and security services with the help of cloud API. This is enabling discovering and handling sensitive data in a real-time. Companies are developing cloud integration solution with the open platform allowing enterprises to migrate and integrate data and applications.
The report provided by the Persistence Market Research expects the global market for cloud API to grow significantly during 2017-2026. The global cloud API market is also projected to bring in US$ 1,773.9 Million revenue by end of the forecast period.
Large Enterprises to Use Cloud API on a Large Scale than SMEs
Large enterprises are likely to use cloud API on a large scale than SMEs between 2017 and 2026. Healthcare companies are moving towards innovating services and processes including the delivery of vital information to the patient, insurance companies and patient support services. All these activities require a reliable system, hence cloud API is witnessing an increasing demand across the healthcare industry. Companies are adopting API models to offer innovative services and products. Driving efficiency, enabling automation, cost saving and consistency are some of the factors resulting in the increasing use of cloud API.
Before selecting cloud API provider, companies focus on the performance and security. The companies are also testing public and private cloud using the API. Here, the features and functions of cloud API are being tested.
Global Cloud API Market to Reflect Significant Growth in BFSI Sector
BFSI sector is adopting cloud API as a key part of software development. BFSI sector is modernizing their existing applications offering new functionality and features. Core banking system is moving towards cloud. Operations of a bank depend on the on-premise software system which are still closed and lack open APIs. Hence, IT department in banks are deploying cloud services including private, public and hybrid cloud. BFSI being a heavily regulated sector, banks and financial institutions are adopting highly secured cloud APIs. Cloud solutions minimizing custom coding, and proprietary modules have an advantage in the BFSI sector. Majority of companies are adopting open APIs in the payment systems. For instance, the new regulation in Europe provides protection to the consumers making digital payments. The new regulation is known as PSD2, it requires banks to offer APIs that financial organizations can access only after customer’s permission.
Persistence Market Research offers an in-depth study of the global cloud API market titled. The report provides market dynamics including latest trends, opportunities, market drivers, and challenges. Latest trends across various regions including Western Europe, Eastern Europe, Latin America, Asia Pacific Excluding Japan (APEJ), North America, Japan, and the Middle East and Africa (MEA) have been provided in the report. The report offers an overall view of the global market for cloud API and also sheds light on the market segments and market size. A detailed description of the challenges and drivers offers a clear picture of how the market is expected to perform throughout the forecast period 2017-2026.
This report offers key insights into the global cloud API market and key factors resulting in the market popularity. The report also provides an assessment of long-term and short-term strategies and requirements for achieving success in this business. The report has segmented the global market for cloud API based on the vertical, end users, and regions. The report begins with an executive summary including definition and introduction of the market. Along with this, the section also includes analysis of the market based on the demand and supply in the global cloud API market. Impact analysis of based on the weighted average model is provided to help take correct decision for growth.
All the segments are further divided into sub-segments and regions are further segmented into countries. The market size analysis across various regions is provided in the report. The report also offers incremental opportunity and basis point share analysis. Information on the latest technologies and key developments is offered in the global cloud API market. This study also focuses on the key trends within countries playing an important role in the market growth. Furthermore, drivers and restraints impacting market growth in all the key regions are given in the report.
In order to calculate the market size, we have considered revenue contribution of cloud API vendors. The report offers a forecast on the market to show the impact of all of the important factors on the global cloud API market. A forecast also helps in identifying opportunities in the market for manufacturers.
The forecast on the value and volume is offered in the report across the global market for cloud API. To provide an accurate forecast on the market, the report focuses on the current market size. The market size also shows how the global cloud API market will perform in the near future. In terms of features of the market, analysts have triangulated the results obtained through analyses based on various trends.
Key Metrics Covered
The report provides forecasts in terms of CAGR, and year-on-year growth. This helps in understanding the overall market and to recognize the growth opportunities in the global market for cloud API. The report also provides a detailed profile of all the major market players currently active in the global cloud API market. The companies covered in the report are evaluated on the basis of latest developments, financial and business overview, product portfolio, key trends in the market, long-term and short-term strategies by the companies in order to stay competitive in the market.