What is the global market size of API Management Market?

API Management Market size was valued at USD 2.8 billion in 2021 and is poised to grow from USD 3.77 billion in 2022 to USD 54.25 billion by 2030, growing at a CAGR of 34.5% in the forecast period (2023-2030).

Who are the key vendors in the Global API Management Market?

The API management industry is noticing product developments as a result of key market players' acquisitions and mergers. Google, IBM, Microsoft, Axway Software, Broadcom Inc., MuleSoft, Oracle Corporation, Software AG, Kong Inc., Red Hat, SAP SE, TIBCO Software, Amazon Web Services, Boomi, Postman, Sensedia (Brazil), WSO2, and others dominate the API management market. To drive business revenue and growth, these vendors have a large customer base and a strong geographic presence, as well as global distribution channels. 'IBM Corporation', 'Microsoft Corporation', 'Google LLC', 'Oracle Corporation', 'SAP SE', 'Broadcom Inc. ', 'Red Hat, Inc.', 'Axway Software ', 'MuleSoft', 'Software AG', 'CA Technologies', 'Tyk Technologies Ltd.', 'Sensedia', 'TIBCO Software Inc.', 'Akana, Inc.', 'Amazon Web Services, Inc.', 'Dell Boomi, Inc.', 'Kong Inc.', 'Layer 7 Technologies Inc.', 'WSO2 Inc.'

What is the key driver of Global API Management Market?

Mobility, increased mobile subscribers, app proliferation, social media rise, and growth in both public and private sector APIs are some of the major contributors to the global API management market. There is also an increase in the momentum of web APIs, as well as increased advancements related to IoTs and big data requirements.

What is the key market trend for Global API Management Market?

Organizations understand the value of software in terms of growth and agility. API management platforms with low-code can help with proper implementation and optimization of API management solutions. Low code API management platforms improve platform security and reduce the likelihood of cyberattacks. It also gives executives technical insight into API lifecycle management, giving them more control and visibility into API development. Low-code platforms can benefit organizations of all sizes, including large corporations and small and medium-sized businesses.

Which region accounted for the largest share in Global API Management Market?

Asia Pacific held the largest share of the global API management market in 2021. During the forecast period, the growing adoption of digital initiatives such as cloud, IoT, and analytics is expected to drive API management platform adoption. According to the recent Intelligent Automation Network Report 2022, for example, 30% of digital transformation leaders invested in intelligent automation solutions, while 42% invested in robotic process automation. While 47% of businesses increase their budgets for such solutions. Organizations in the region are investing in iPaaS solutions to provide innovation and business continuity as more organisations embrace cloud technology. Furthermore, with the growing number of digital economies in Asia Pacific, open banking operations are the next biggest disruption. API technology is being actively adopted by countries such as Singapore in order to develop partnerships and create a larger ecosystem. Furthermore, SMEs are the backbone of the Asia Pacific economy, accounting for 96% of all businesses. By utilising API integration for automation, digital platforms are assisting SMEs in the region in gaining access to financial services.

API Management Market Size, Share, Growth Analysis, By Component(Solutions [API Platform (API Portal, API Gateway, API Administration, API Monetization)), By Deployment Type(On-premises, Cloud), By Organization Size(Large Enterprises, Small and Medium-Sized Enterprises), By Vertical(BFSI, IT & Telecom, Government, Healthcare & Life Sciences), By Region - Industry Forecast 2024-2031

Q: In which type the Global API Management Market is segmented on the basis of deployment type?

The global API management market is segmented on the basis of deployment type into on premise and cloud.

Report ID: SQMIG45E2121 | Region: Global | Published Date: September, 2024
Pages: 157 | Tables: 115 | Figures: 77

API Management Market News

February 2024: Microsoft Azure API Management announced that the V1 and V2 tiers will include TLS 1.3 compatibility. TLS 1.3 is the latest version of the internet's security protocol.
November 2023: To achieve greater visibility through the entire lifecycle of software development, US-based IT firm SmartBear Software announced three products, including OpenTelemetry, Test Management and API Management. API data can now be viewed in one place and functionality easily evaluated prior to investing precious time and devoting efforts to API integration through the latest version in API Management.
August 2023: SmartBear, based in Texas, acquires the API design-first startup Stoplight to expand its product line. The firm is looking to offer a user experience without friction and a no-code API experience.

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The API management market is segmented on the basis of deployment type into on premise and cloud .

The solution segment is divided in three sections in the API management market that includes API platform, API analytics and API security.

Global API Management Market size was valued at USD 4.4 billion in 2022 and is poised to grow from USD 5.49 billion in 2023 to USD 32.31 billion by 2031, growing at a CAGR of 24.80% during the forecast period (2024-2031).

Leading companies in the industry offer advanced network solutions. They are also offering straightforward tools that support hundreds of thousands of end users and no technical expertise is required. Firms are improving the customer experience through the usage of industry-specific management technologies. It is expected that the strategic partnerships, acquisition, and collaboration plans would boost the market share of key companies across the globe. 'Google Inc. (US) ', 'IBM (US) ', 'Amazon Web Services (US) ', 'Microsoft (US) ', 'Akamai Technologies (US) ', 'WSO2 (Sri Lanka) ', 'Broadcom (US) ', 'Axway (France) ', 'Tibco Software (US) ', 'Oracle (US) ', 'Software AG (Germany) ', 'Red Hat (US) ', 'SAP (Germany) ', 'Torry Harris Business Solutions (India) ', 'Sensedia (Brazil) ', 'Postman (India) ', 'Workato (US) ', 'Kong Inc. (US) ', 'Tray.io (UK) ', 'Tyk Technologies (UK) ', 'OpenLegacy Technologies (US) ', 'DreamFactory Software (US) ', 'Teejlab, Inc. (US) ', 'Nevatech, Inc. (Canada) ', 'PrestoAPI (US) ', 'Stoplight (US) ', 'Gravitee Topco Limited (France) ', 'Solo (US) ', 'Krakend (Italy)'

The rapidly rising demand for digital transformation in many industries is one of the critical factors driving the API management market. Companies are using APIs to better collaborate, streamline transactions, and connect varied systems. This revolution is allowing organizations to offer customized experiences to their customers, extend operational flexibility, and respond promptly to dynamic changes within an ever-changing market environment. In this scenario, with the increasing focus of more and more businesses on digital activities, there is a growing need for effective API administration solutions.

More Attention to API Security: API management companies are increasingly integrating advanced security features into management systems as more businesses grow concerned with security threats associated with APIs. Some of the functions include authorization, encryption, authentication, and monitoring over information to ensure legal compliance in protecting information. As such, to meet these market needs and gain the confidence of their clients, API management companies are focusing first on security enhancements.

In 2023, North America accounted for the most in the market for API management on basis of several critical factors. There are several companies manufacturing API management solutions in this region; a competitive environment encourages innovation and advancements in technology. Progress in technology, for instance, better integration capabilities and security features, are a few factors that more and more companies are drawn towards selecting an API management solution. Availability of highly skilled technical personnel in North America favors the efficient implementation and use of these systems by organizations. Going forward to the next years, API management solution demand in North America is expected to be high since the focus of business on digital transformation persists and the application of business process improvements.

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FAQs

In which type the API Management Market is segmented on the basis of deployment type?

What are the sections of the solution segment component in the API Management Market?

What is the global market size of API Management Market?

Who are the key vendors in the API Management Market?

What is the key driver of API Management Market?

What is the key market trend for API Management Market?

Which region accounted for the largest share in API Management Market?

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