PORTLAND, Oregon, Sept. 30, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Cloud API Market by Type (PaaS APIs, SaaS APIs, IaaS APIs, and Cross-platform APIs), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), and Industry Vertical (BFSI, IT and Telecommunication, Manufacturing, Education, Healthcare, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026". As per the report, the global cloud API market was estimated at $417.3 million in 2018 and is expected to reach $1.78 billion by 2026, growing at a CAGR of 20.3% from 2019 to 2026. The report offers an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Drivers, restraints, and opportunities-
Rise in cloud computing adoption, improved operational efficiency & DevOps automation, and surge in adoption of microservices by organizations drive the growth of the global cloud API market. On the other hand, cloud API security issues hamper the growth to certain extent. However, rise in demand for cloud native API is expected to create lucrative opportunities in the near future.
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The SaaS APIs segment to maintain its leadership status till 2026-
Based on type, the SaaS APIs segment contributed to more than half of the global cloud API market share in 2018 and is expected to dominate throughout the forecast period. Rise in number of connected devices and smartphones that are driven by software applications across the globe, specifically in the Asia-Pacific region is one of the major reasons driving the growth of SaaS APIs segment in the market. The IaaS APIs segment, on the other hand, is projected to grow at the fastest CAGR of 21.6% during 2019–2026.
The large enterprises segment to remain lucrative during the estimated period-
Based on enterprise size, the large enterprises segment accounted for more than four-fifths of the global cloud API market revenue in 2018 and is anticipated to rule the roost by 2026. This is due to availability of investments among these organizations. Simultaneously, the small and medium enterprises (SMEs) segment would register the fastest CAGR of 23.7% by 2026.
North America to maintain its dominance throughout the forecast period-
Based on geography, North America held the major share in 2018, generating nearly half of the global cloud API market. This is due to adoption of cloud API at a high rate to bring great improvements in operational efficiency in IT infrastructure. At the same time, the Asia-Pacific region would cite the fastest CAGR of 23.7% till 2026. This is due to strong penetration of software-based services and increase in digitalization in developing economies such as China and India.
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Key market players-
- IBM Corporation
- Microsoft Corporation
- Google Inc
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- TIBCO Software Inc.
- Amazon Web Services, Inc.
- CA, Inc.
- Dell, Inc.
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SOURCE Allied Market Research