Cloud Application Programming Interface (API) Market Becoming the Next Billion Dollar Opportunity for Tech Stocks
- Financialnewsmedia.com News Commentary
PALM BEACH, Fla., Feb. 25, 2021 /PRNewswire/ -- Cloud Application Programming Interface (Cloud API) is a type of API that enables the development of applications and services used for the provisioning of cloud hardware, software, and platforms. Cloud APIs act as a gateway or interface, providing direct and indirect cloud infrastructure and software services to users and allows administrators to integrate applications and other workloads into the cloud. The Application Programming Interface (API) is one of the main elements of cloud services. ... APIs make the platform extensible which can lead to a rich feature set. They also speed up the platform access and direct a more efficient management of platform security. A report from Market Research Future predicts a massive boost in the global cloud API market with 20% CAGR through 2022. Another report from Allied Market Research projected that Global Cloud API Market is Expected to Reach $1.78 Billion by 2026 at a CAGR of over 20%! "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." Active tech companies in the market this week include Moovly Media Inc. (OTCPK: MVVYF) (TSX-V: MVY), VERB Technology Company, Inc. (NASDAQ: VERB), Cisco Systems, Inc. (NASDAQ: CSCO), Oracle Corporation (NYSE: ORCL), Twilio Inc. (NYSE: TWLO).
The Allied report continued: "Ongoing modernization of applications and rise in demand for instant access by applications from anywhere among individuals is a factor that boosts the global cloud API market. In addition, rise in demand for software application due to its exquisite user interactive display and commands is a factor expected to support the market growth. Based on type, the SaaS APIs segment dominated the overall cloud application programming interface market… 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… 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."