API Management Market Size, Share, Growth Analysis, By Component (Solutions, Services), By Deployment Type (On-Premises, Cloud), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Vertical (BFSI, IT & Telecom), By Region - Industry Forecast 2024-2031

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).

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.