Published Date : Oct 17, 2016
Albany, NY, Oct 17, 2016: The strong control over cloud product development that application program interface (API) as a service offers will arguably be the biggest driver for the market, says a new report titled, “Global Application Program Interface As A Service Market 2016-2020.” The report projects the compounded annual growth rate (CAGR) of the global APIaaS market at 30.1% between 2016 and 2020.
The report finds that the key vendors in the application program interface (API) as a service market are IBM Corp., TIBCO Software, MuleSoft Inc., and CA Technologies Inc. At a time when the scales are tipping in favor of cloud-based and cloud hosting services, rational IT services are fast becoming obsolete. Numerous integrated business services are now provided through cloud computing platforms. Where a higher degree of customization is required, it is now becoming increasingly common to see application program interface as a service being deployed. This is being seen as a means to improve the overall cloud hosting experience. Moreover, in instances where applications need to be integrated with the cloud environment, reliance on API as a service is becoming commonplace.
The report cites these reasons as being the key drivers for the global API as a service market. Going forward, the API as a service market will also gain immensely from the fact that APIaaS is helping businesses move close to their digital transformation goals as well as driving revenue channels. Currently, revenues in the application program interface as a service market predominantly come from businesses adopting API management services. This trend is gaining traction because API management services opens up their internal services to a community of internal developers. This, in turn, ensures that applications are consistently developed and updated. Glitches, if any, can also be proactively fixed. In the long run, this endeavor plays a pivotal role in ensuring that enterprise-approved services are used per the prevailing standards. Overall, these things can help rationalize costs in the IT infrastructure across organizations.
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The report paints a clear picture of the competitive landscape of the global application program interface as a service market by profiling the leading players as well as companies that have recently entered the market but are displaying astounding growth. The authors of the report, however, warn that the market could face an impediment from the yet-to-be-standardized security measures in application program interface in the wake of the IoT trend that is sweeping across the world.
The report, published in March 2016, is composed of 57 pages and a comprehensive list of exhibits to pictorially represent data. The key challenges to market growth, the projected size of the market in 2020, trends influencing the market, and sunrise areas within this space are all included in the scope of this study.
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