Global cloud API revenues are expected to grow dramatically in the next few years thanks to businesses’ growing dependence on cloud computing. That’s according to a new report by Persistence Market Research.
The NY-based research firm predicts global revenues will soar from a lowly $295m in 2015 to $1.78bn by 2026. That works out to a compound growth rate per year of 23.7%.
North America only accounted for $100m of the global revenue number in 2015 but its dominance is expected to grow with time, accounting for $850m of the global figure by 2026. Western Europe will be the next biggest market accounting for 17% of global revenues.
It’s not just the US that’s expected to dominate the future cloud API market. Persistence expects large corporations to account for the lion’s share of revenues in the next ten years, taking $1bn of the global total by 2026.
Despite this rosy picture, the researchers have a word of warning for the retail, healthcare and financial services industries, saying poor or incomplete API docs could slow growth over the short term.