USD 2.8 billion
API Management Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Deployment Type(On-premises, Cloud), By Organization Size(SMEs, Large Enterprises), By Vertical(BFSI, IT & Telecom, Retail & Consumer Goods, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2121 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
115
|Figures:
77
API Management Market Insights
API Management Market size was valued at USD 4.50 billion in 2022 and is poised to grow from USD 5.63 billion in 2023 to USD 33.77 billion by 2031, growing at a CAGR of 25.1% in the forecast period (2024-2031).
During the forecast term it is expected to see a strong increase in the market for API management worldwide. Customers all over the world are eager to connect with businesses through a variety of channels and devices, including the web, mobile devices, laptops, tablets, and even connected devices for sharing data with other connected devices through various applications. This has pushed businesses to embrace more effective frameworks to provide better end-user experiences. Due to this, Application Programming Interface has become widely used (API). By using apps created with API assistance, the application programming interface enables businesses to share material across organisational boundaries. The demand for API administration has increased as a result of the increased use of APIs.
An organisation can obtain control and insight over APIs that are used to connect data and apps across the cloud and enterprises by implementing a series of practices known as API management. The API management offers businesses an API gateway, developer portal, support for API monetization, API lifecycle management, and API lifecycle management. Organizations employ API management, which provides API to partner developers as well as internal, external, and external developers, to identify the full potential of their data services. It also aids in the development, management, scaling, and analysis of APIs.
US API Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solutions
Fastest Growth
Solutions
Growth Rate
34.5% CAGR
Global API Management Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
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API Management Market Segmental Analysis
The global API Management market is segmented based on the component, deployment type, organization size, vertical and region. Based on the component, it is segmented into solutions, and services. Based on deployment type, it is segmented into on-premises, and cloud. Based on organization size, it is segmented into SMEs, and large enterprises. Based on vertical, it is segmented into BFSI, IT & Telecom, retail & consumer goods, and others. Based on region API Management Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
API Management Market Analysis by Component
The global API Management market is segmented based on component into solutions, and services. The solutions segment holds a larger API Management market share. Businesses must expose more data through APIs to improve experiences for internal and external users as the number of apps and IoT devices grows. To design, control, and manage APIs in a secure environment, a proper framework is required. The solutions segment is divided into three sections: API platform, API analytics, and API security.
API Management Market Analysis by Deployment Type
The global API Management market is segmented based on deployment type into on-premises, and cloud. During the forecast period, on-premises deployment will be a larger contributor to the API management market growth. Due to their physical presence in the company's data centres, the API management solutions deployed on-premises are easily accessible by the client. With the introduction of cloud technology, cloud solution providers are developing necessary applications and solutions, which are influencing the market for on-premises software and solutions. Furthermore, the rising cost of on-premises solution maintenance, such as the cost of hardware, computing devices, and other necessary tools, is likely to impact demand for this deployment type. This deployment model is preferred by organisations that deal with critical user data for business functions. Banking and financial services are two industries that deal with customer financial information. As a result, these industries are more likely to choose on-premises API management solutions.
Global API Management Market By Component, 2021(%)
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API Management Market Regional Insights
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.
Because of the rise in the use of cloud-based services, the North American area now has the majority of the market share for API management. Due to the availability of cutting-edge IT infrastructure, the market trends are being shaped by a number of key companies. Additionally, throughout the course of the anticipated time, North American countries' high IT spending capacities will have a substantial impact on the growth of the cloud API and management market in this area.
Global API Management Market By Geography, 2021 - 2028
- Largest
- Fastest
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API Management Market Dynamics
API Management Market Driver
- 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.
API Management Market Restraints
- Data security issues, legacy investments in the SOA field, and the performance of monitoring performed by skilled professionals are emerging as major challenges in market growth.
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API Management Market Competitive Landscape
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.
API Management Market Top Players Company Profiles
- 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.
API Management Market Recent Developments
- In March 2022, Google has announced the release of the Last Mile Fleet Solution and Cloud Fleet Routing API to assist fleet operators in improving the delivery process and meeting the challenges posed by the pandemic.
- In March 2022, Microsoft has announced Azure Private Link Support for API management. Customers can now configure a private endpoint for their API management instance with Private Link support, allowing clients in their private network to securely access the instance via Azure Private Link.
API Management Key Market Trends
- 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.
API Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global API Management market analysis, APIs have been used to access data via mobile apps, the Internet of Things (IoT), and cloud platforms. APIs enable a company to securely expose its content or services both within and outside of the enterprise. The process of designing, distributing, publishing, controlling, and analysing APIs is referred to as API management solutions. A developer portal, an API gateway, API lifecycle management, and analytics are common components of an API Management solution. API Management has a number of cycles through which organisations can gain control and transparency in APIs, which are critical in connecting information and applications across projects and the cloud.
API-based connectivity services are rapidly becoming a significant methodology industry, as evidenced by their increasing use in connecting with customers, employees, and partners. A combination of more recent advancements, for example, IoT, SaaS, big data, social, portable, and APIs, are broadening the for new business, thereby creating different income streams and acquiring a proficient and creative strategy for understanding the client.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.50 billion |
| Market size value in 2031 | USD 33.77 billion |
| Growth Rate | 25.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on API Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on API Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the API Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the API Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the API Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the API Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
API Management Market Report Snapshots
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