Application Programming Interface (API) is emerging as one of the most important tools to provide access to data. Businesses are increasingly moving towards using APIs for digital transformation. API for companies is emerging as the important component to merge the old and new IT platforms and to capture and store a vast amount of data. A business model of the majority of the companies exists around the Software as a Service platform. Moreover, many mobile applications depend on APIs. Hence, tech-savvy companies rely on public, private or partner APIs. Companies are providing comprehensive API management solution by focusing on usage, access control and documentation and also on how the DevOps will handle maintenance.
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Cloud computing is the fastest growing technology and cloud API works as a gateway providing indirect and direct cloud infrastructure and software services. Majority of companies are also entering into mergers and acquisitions to provide API platform in order to support analytical capabilities. Companies are also providing data loss and security services with the help of cloud API. This is enabling discovering and handling sensitive data in a real-time. Companies are developing cloud integration solution with the open platform allowing enterprises to migrate and integrate data and applications.
The report provided by the Persistence Market Research expects the global market for cloud API to grow significantly during 2017-2026. The global cloud API market is also projected to bring in US$ 1,773.9 Million revenue by end of the forecast period.
Large Enterprises to Use Cloud API on a Large Scale than SMEs
Large enterprises are likely to use cloud API on a large scale than SMEs between 2017 and 2026. Healthcare companies are moving towards innovating services and processes including the delivery of vital information to the patient, insurance companies and patient support services. All these activities require a reliable system, hence cloud API is witnessing an increasing demand across the healthcare industry. Companies are adopting API models to offer innovative services and products. Driving efficiency, enabling automation, cost saving and consistency are some of the factors resulting in the increasing use of cloud API.
Before selecting cloud API provider, companies focus on the performance and security. The companies are also testing public and private cloud using the API. Here, the features and functions of cloud API are being tested.
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Global Cloud API Market to Reflect Significant Growth in BFSI Sector
BFSI sector is adopting cloud API as a key part of software development. BFSI sector is modernizing their existing applications offering new functionality and features. Core banking system is moving towards cloud. Operations of a bank depend on the on-premise software system which are still closed and lack open APIs. Hence, IT department in banks are deploying cloud services including private, public and hybrid cloud. BFSI being a heavily regulated sector, banks and financial institutions are adopting highly secured cloud APIs. Cloud solutions minimizing custom coding, and proprietary modules have an advantage in the BFSI sector. Majority of companies are adopting open APIs in the payment systems. For instance, the new regulation in Europe provides protection to the consumers making digital payments. The new regulation is known as PSD2, it requires banks to offer APIs that financial organizations can access only after customer’s permission.