Cloud API Market Expected to Grow from $3.71 Billion to One
New York, USA, Sept. 28, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Cloud API Market by end users and vertical – Forecast to 2030”, the market is expected to acquire a valuation of approximately USD 3.71 billion by the end of 2030. The reports further predict that the market will thrive at a robust CAGR of more than 23.2% during the evaluation. Time range.
Cloud API Market Analysis
Prominent market players profiled in the Global Cloud API Market report include-
- Amazon Web Services (US)
- Google Inc. (USA)
- CA Technologies Inc. (USA)
- International Business Machines Corporation (USA)
- Microsoft Corporation (USA)
- TIBCO Software Inc. (USA)
- Red Hat, Inc. (USA)
- Oracle Corporation (USA)
- VMware, Inc. (USA)
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|Revenue forecasts in 2030||$3.71 billion|
|Rate of growth||CAGR of 23.2% from 2022 to 2030|
|Key market opportunities||Growing threat during COVID-19 due to unprotected use of network for communication|
|Key Market Drivers||low investment cost and even lower maintenance cost of these services|
Using DevOps Automation to Drive Market Growth
Using devOps automation to reduce marketing time will drive the market growth over the forecast period. DevOps is a set of processes that integrates software development and IT operations to deliver high quality products. DevOps APIs give teams collaborating on a project more control, integration, management, and access to application functionality.
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Growing adoption of cloud technology to provide strong opportunities
One of the major elements driving a positive outlook for the market is the growing acceptance of cloud technology across industries due to its many benefits including flexibility, remote access, and cost effectiveness.
Lack of skilled labor to hold back the market
Lack of skilled labor and growing concern over cloud API security might act as a drag on the market during the forecast period.
The global cloud API market is split based on vertical and end users.
By end users, major companies will dominate the market during the forecast period.
By vertical, BFSI will dominate the market during the forecast period.
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Due to the adoption of cloud APIs by the healthcare industry during the Covid-19 outbreak, the global cloud API market has witnessed phenomenal growth. Cloud APIs have enabled frontline authorities, including researchers, healthcare professionals and government experts, to access real-time data such as patient numbers and drug availability. During the outbreak, e-commerce also grew and cloud APIs facilitated easy money transfers between businesses and customers.
North America leads the Cloud API market
Due to the presence of several key competitors and its mature IT infrastructure, North America dominated the global cloud API market share in 2018. Additionally, during the projected period, the high IT spending capacity of North American countries will contribute significantly to the expansion of the cloud. API in this region. One of the key elements that has contributed to North America’s cloud API leadership position is the strong dominance of digitization and cloud platforms. Moreover, the presence of many elite companies would help to increase the demand in this sector. The engagement of leading companies such as Google, Microsoft, IBM, Oracle and others has enhanced the cloud API market in this region. In 2021, North America dominated the global cloud API market, and it is expected to continue to do so during the forecast period. The emergence of artificial intelligence (AI) and the Internet of Things (IoT) is expected to drive technical advancements in North America’s information and communications technology (ICT) sector, which will fuel the expansion of the cloud API market. Artificial intelligence (AI) applications such as chatbots can be connected to current software to perform various tasks. Examples of such applications are Amazon Echo, IBM Watson Assistant, Azure Bot Service and others. Applications can scan photos and automatically detect components such as public counting and cataloging using cloud AI APIs and services such as Microsoft Azure Computer Vision API, Amazon Rekognition, and Google Cloud Vision API. The largest market share belongs to North America. One of the key elements that gives the North American cloud application programming interface a leading position is the strong dominance of digitization and cloud platforms. Moreover, the market in this field will grow due to the high concentration of leading organizations.
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APAC will have admirable growth in the cloud API market
During the projection period for the cloud API market, Asia-Pacific is expected to experience the fastest CAGR growth due to factors such as the significant inclination of developing countries in the region towards open architectures and cloud computing services. Asia-Pacific is expected to experience the fastest CAGR growth during the forecast period for the cloud API market due to factors such as a significant trend towards open architectures and cloud computing services among countries developing in this region. During the projected period, the cloud API market is expected to rise significantly in Asia-Pacific region. Emerging economies like China, India, and Indonesia are experiencing phenomenal growth in e-commerce through digitalization. People are more likely to shop on the Internet. Retail industry revenue has increased due to the adoption of cloud APIs in e-commerce. The use of cloud APIs is growing in the e-commerce industry, which has a direct impact on the cloud API market in the Asia-Pacific region. APIs help e-retailers to reach more customers, offer a wide range of products to customers, and improve automation process like invoice processing, marketing promotion deployment, etc. Due to the tremendous shift towards open architectures and cloud computing services in developing countries, the Asia-Pacific cloud application programming interface (API) market is expected to witness significant growth. Additionally, an increase in industry outsourcing activities is expected to fuel the expansion of the region’s cloud application programming interface (API) market in the coming years.
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