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Cloud API Market is set to expand around 6X and close in on a valuation of US$ 9 Bn by 2031: Persistence Market Research
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.
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.
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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