Cloud API Market Projected to Hit USD 3.71 Billion at a 23.2% CAGR by 2030

Market Overview:

The Cloud API Market is estimated to grow at a CAGR of 23.2%, reaching USD 3.71 billion by 2030.

A cloud API facilitates the development of applications and services for the supply of software, cloud hardware, and platforms. This platform serves as a gateway or interfaces for customers to access direct and indirect cloud infrastructure and software services. The cloud API communicates with cloud infrastructure to assign storage, compute, and network resources for the cloud applications and services that have been requested.

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Several factors are expected to drive the growth of the Cloud API market, including the adoption of cloud computing services by a wide range of end-use industries, the growing demand for technologically advanced services among migrating industries, and the need for high operational efficiency and DevOps automation to shorten product launch times.

Because of the constant availability of internet data, the Cloud API Market thrived even during the Covid 19 pandemic. Due to unprotected network utilization for communication, security breaches and data loss were an increasing issue during COVID-19 times as more firms chose the cloud strategy.

Cloud API Market Report Scope:

Market Segmentation

By End-User

The market is divided into four segments: IaaS APIs, PaaS APIs, SaaS APIs, and Cross-platform APIs. The SaaS APIs segment has the most market share. The SaaS APIs segment has the most market share. Factors such as an increase in the development of software applications such as mobile apps, which are in high demand among individuals worldwide, and an increase in migration activities among industries, particularly in emerging nations, will drive demand for this category.

By Vertical

The market is classified as BFSI, IT and Telecommunications, Education, Manufacturing, Healthcare, Media & Entertainment, and Others. The BFSI is expected to have the greatest CAGR during the projection period. Cloud APIs are becoming an important aspect of software development in the BFSI business. The financial services industry is upgrading its old apps by adding new functionality and capabilities. The fundamental financial system is being migrated to the cloud. A bank’s operations rely on on-premise software, which is still closed and lacks open APIs. This reason is driving the demand for this market segment.

Regional Classification

Countries have taken tremendous steps to expand the ICT industry over the last century, and North America has been a pioneer in this regard.

With a thriving ICT dominating the landscape and a quick transition toward digital empowerment, Asia Pacific has been driving market success, particularly with mobile communication and internet penetration yielding important returns.

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Microsystems, networking, robots, cyber-security, Internet of Things (IoT), Artificial intelligence (AI), and machine learning are examples of how European markets are decades ahead in technology and ICT.

In the ICT domain, the United Kingdom and the United States have been market leaders. The Middle East and Africa region are not new to digital transformation, which is the region’s key growth driver.

Industry News

Alibaba’s income from cloud computing interfaces reached 2.19 billion US dollars in September 2020. As a result, China has emerged as a global superpower in the digital industry.

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Google Workspace and Google Cloud Platform both hit 3.44 billion US dollars last year as a result of collaboration with many other organizations, cloud deployment, and acquisition of other cloud web services.

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