Rise in digitalization and favorable government initiatives especially in emerging counties to adopt cloud services is a major factor that drive the growth of the global Cloud API Market. In addition, significant growth of cloud migration activities is also among some of the major factors that fuel the growth of the cloud application programming interface market during the forecast period.
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Based on type, the SaaS APIs segment dominated the overall cloud application programming interface market in 2018, and is expected to continue this trend during the forecast period. This is attributed to rise in demand for software solution among individuals in this digital era with strong connectivity approach.
Furthermore, IaaS APIs segment witnessed significant growth in the cloud API market share in 2018, and is further expected to continue this drift over the forecast period. Moreover, large enterprises segment is expected to witness highest growth, owing to increase in demand for cloud API solutions and services among large scale industries to ease and reduce time consuming migration processes.
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The healthcare organizations dominated the cloud API market in 2018 and is expected to continue this trend during the forecast period. This is attributed to rapid adoption of cloud services among healthcare organizations. Further, the segment is expected to witness highest CAGR during the forecast period as the healthcare industry is opting for digitalization for transparent patient treatment solutions and to improve their patient-centric approach.
Moreover, healthcare institutes are developing strategic markets as part of a stiff competition to facilitate cloud adoption at ease, which is creating lucrative opportunities for the market. Furthermore, the IT and Telecommunication enterprise has witnessed significant growth rate in 2018 and is further expected to increase its adoption over the forecast period.
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North America dominated the overall cloud API market share in 2018, as several major players are operating from this region, owing to availability of well-developed IT infrastructure. In addition, high IT spending capability of the countries in the North America is also a supporting growth of cloud API in this region at a significant rate during the forecast period.
Asia-Pacific is expected to grow at the highest rate in terms of CAGR during the cloud API market forecast period due to factors such as major shift toward open architectures and cloud computing services among developing countries in this region.The key players include Amazon Web Services, Inc., CA, Inc., Dell, Inc., Google Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com, Inc., SAP SE, and TIBCO Software Inc.
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Key Findings Of The Study
- By type, the SaaS APIs segment dominated the cloud API market. However, the IaaS APIs segment is expected to exhibit significant growth during the forecast period in the cloud API industry.
- Based on enterprise size, the large enterprise segment accounted for the highest revenue in 2018.
- Depending on industry vertical, the healthcare industry generated the highest revenue in 2018. However, IT and telecommunications sector is expected to witness considerable growth in the near future.
- Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the upcoming years.
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