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

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.