API Management Market Growth, Size, Share, Trends, and Forecast 2032

API Management Market Insights

Zion Market Research has published a report on the global API Management Market, estimating its value at USD 5.82 Billion in 2023, with projections indicating that it will reach USD 65.00 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 27.3% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the API Management Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Market Overview    

Globally, customers are specialized in various digital solutions like the web, laptops, smartphones, tablets, and even for sharing data and applications within the corporate. This has pushed organizations towards the adoption of more efficient frameworks to deliver enhanced end-user experience. This has led to the adoption of the Application Programming Interface (API). API technology assists the enterprises in sharing the content across organizations, it also comprises a set of the process through which the organization can gain control. The API management provides companies with an API gateway, developer portal, API lifecycle management, support for API monetization, and API lifecycle management.

Nevertheless, PaaS and SOA integrations alongside system integrators are expected to unlock up new alluring avenues in near future. Moreover, new product launches by market players also are set to power the event of the API management market. For instance, in August 2018, Microsoft announced plans for rolling a replacement BizTalk Server service additionally to details about its dream of Azure Integration Services.

API management platforms have come into vogue as the apps proliferate within the enterprise across the globe. As APIs go up in importance, so has the increasing need for better practices in API creation, development & management. The major API management services have built strategies that they CAN use as guiding principles when working with their customers. The rapid growth in the number of application programming interfaces (APIs) and micro services has created a business environment that allows the user to expand beyond users existing organization. With APIs, the user can add new partners, reach new demographics and expand to new geographies seamlessly.

The growth of API management is mainly attributed to rapidly increasing the popularity of web APIs paired with the mounting demand for private and public APIs. In addition, mobility and apps explosion is another key factor favoring the global API market growth massively. Furthermore, increasing needs to manage API traffic, advancements of the Internet of Things & Big Data and cost and feature benefits are expected to flourish the growth of API management market over the analysis period. However, security issues related to API is expected to have an adverse impact on the growth of API management market in the analysis period. Even so, system integrators and SOA and PaaS integrations may disclose new avenues for API management market in near future.

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Growth Factors

Advancements of the large Data and Internet of Things, increasing requirements to manage API traffic, and have & cost benefits are a number of the main factors assumed to tower the event of API management market. Security problems associated with API are predicted to restrain the event of the API management market within the forecast period.

API Management Market: Report Scope

API Management Market Segments Analysis

Solution Segment Analysis Preview  

API security ruled the answer sector of the API management market in 2016 thanks to perimeter security and encoding. Integration service and maintenance & support sector of API management market are likely to ascertain remarkable development in years to return. The industry section of the API management market is split into IT & telecom, BFSI, healthcare, government, manufacturing, retail & commodity, et al. sectors. BFSI has surfaced as a number one industry section of the API management market and is probably going to develop with the uppermost CAGR within the near future.

Deployment Segment Analysis Preview  

Cloud-based services reduce the general costs while providing highly flexible and scalable access to solutions. Companies are deploying API management solutions on the cloud to enhance mobility and accelerate the API development cycle. Security of APIs is higher in on-premises deployment type; however, cloud-based API management solution enables organizations to scale back the prices associated with the answer, storage, and technical staff. thanks to these advantages, many vendors are switching from an on-premises deployment model to the SaaS-based software.

Industry Segment Analysis Preview  

The industry vertical segment within the API management market comprises BFSI, IT and telecom, retail and travel, commodity, transportation, government, media & entertainment, healthcare & life sciences, manufacturing, and others. Among these, the BFSI industry vertical is predicted to carry the most important market size, as enterprises during this vertical are adopting API management solutions to create a lean, flexible, and efficient approach and streamline their digital business for banking, insurance, trading, capital markets, and payments.

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Regional Segment Analysis Preview  

North America is probably going to carry the biggest market share in the coming years in the API management market. The rising popularity of web APIs is going to be the main boosting factor for the growth of the API management market during this area. The high acceptance rate of the latest tech is probably going to support the event of the API management market in Europe. Increasing numbers of mobile users paired with penetration of e-commerce in up-and-coming nations are probably going to spice up the API management market in the Asia Pacific extremely. China held the most important share of the API management market in the Asia Pacific. Latin America is additionally likely to point out obvious development within the API management market in near future.

North America is estimated to hold largest market share in API management market in coming years owing to increasing popularity of web APIs, Europe is estimated as a most lucrative market for API Management market in near future. Growing numbers of mobile subscribers coupled with penetration of e-commerce in emerging economies will be key driving factors for Asia Pacific region in years to come.

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Key Market Players & Competitive Landscape

Major players in this API management market are:

• CA Technologies
• Microsoft Corporation
• Apiary, Inc.
• Google, Inc.
• Red Hat, Inc.
• Axway, Inc.
• Fiorano Software
• HP
• Sensedia
• SAP SE
• TYK Technologies
• Tibco Software
• IBM Corporation
• Cloud Elements amongst others.

The global API Management Market is segmented as follows:   

By Solution

• API Portal
• Security
• Monetization
• API Gateway
• API Analytics
• Administration

By Service

• Training & Consulting
• Support & Maintenance
• Integration

By Deployment

• On-Premises
• Cloud

By Industry

• BFSI
• IT & Telecom
• Government
• Healthcare
• Retail & Consumer Goods
• Manufacturing
• Others Industry

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa