The global cloud API market is estimated to register a high CAGR of over 19% during the forecast period (2021-2031). The market is set to expand around 6X and close in on a valuation of US$ 9 Bn by 2031.
Due to wide adoption of mobile and cloud platforms for back-end services, use of cloud API management platforms has significantly increased, especially among small- and medium-scale enterprises. This has aided enterprises in integrating and moving more workloads to public, private, and hybrid clouds.
Open APIs enable efficient machine-to-machine interface, thereby increasing cloud-based application processing requirements. By 2025, over 85% of IT organizations will adapt to hybrid cloud architecture, which is expected to directly impact implementation of cloud APIs and management platforms.
Additionally, several advantages of microservices-based architecture include eliminating long-term commitment to a single technology stack and improving fault isolation, which has led many enterprises to shift to this model from other conventional models. Microservices refers to a software architectural style, in which an application is made up of small, independent processes that use API to communicate with each other.
In the recent past, companies have been offering services to a wide range of clients across different verticals using various platforms by making use of microservices to deliver data due, to ease of use. This has led to increase in usage of cloud API services across regions.
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Key Takeaways from Market Study
- Demand for cross-platform APIs is estimated to surge. However, SaaS APIs are estimated to continue to hold a significant market share through 2031.
- The healthcare sector expected to emerge as a high-growth market. This is mainly due to increase in adoption of API-integrated electronic health records (EHRs) that provide ease of data accessibility.
- By enterprise size, large enterprises are estimated to hold substantial market share during the forecast period; however, SMEs are expected to expand faster at a CAGR of over 20% over the next ten years.
- The South Asia & Pacific cloud API market is expected to register a high CAGR, owing to major shift toward open architectures and cloud computing services across developing countries in the region.
- The market for cloud APIs in Japan and the U.K. is expected to surge ahead at growth rates of around 22% and 19%, respectively.
- Cloud API integration in the U.S. is anticipated to witness strong growth of over 14% through 2031.
- The Mexico market for cloud API is projected to expand at are markable CAGR of close to 21% through 2031.
“API and integration product vendors are investing heavily in advancing features and capabilities of their platforms. With disruptive and aspirational use cases such as artificial intelligence (AI), robotic process automation (RPA), machine learning (ML), blockchain, and the Internet of Things (IoT) gaining traction, vendors are working harder than ever to ensure that their platforms / products are equipped to meet these demands of the near future,” says a Persistence Market Research analyst.
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Increasing Hybrid Cloud-based API Deployments
Organizations are still grappling whether to go ‘all in’ with a single platform, a vendor that offers end-to-end API management and integration capabilities, or to stay on multiple, fragmented-but-cohesive sets of API and integration platforms at the enterprise level.
A hybrid platform provides the enterprise all the technology capabilities to integrate data and applications across any on-premise or multi-cloud environment for internal or external consumption. Key capabilities of hybrid platforms are end-to-end API lifecycle management, application integration, data integration, and high-speed and high-volume data transfer.
More Valuable Insights
Persistence Market Research’s report on the cloud API market is segmented into four major sections – type (SaaS APIs, IaaS APIs, PaaS APIs, and cross-platform APIs), enterprise size (small & medium enterprises (SMEs) and large enterprises), industry (BFSI, IT & telecom, education, media & entertainment, manufacturing, healthcare, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the market.
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