USD 2.8 billion
Report ID: SQMIG45E2121 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 115 | Figures: 77
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).
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.
Global Market Size
USD 2.8 billion
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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.
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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.
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API Management Market Driver
API Management Market Restraints
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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
API Management Market Recent Developments
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.
|Market size value in 2021||USD 2.8 billion|
|Market size value in 2030||USD 3.77 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global API Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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The global 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.
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