Global 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) - Industry Forecast 2024-2031

Report ID: SQMIG45E2121 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 115 | Figures: 77

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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.

API Management Market size was valued at USD 2.8 billion in 2019 and is poised to grow from USD 3.77 billion in 2023 to USD 54.25 billion by 2031, growing at a CAGR of 34.5% in the forecast period (2024-2031).

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. '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.'

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.

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.

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.

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Global 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) - Industry Forecast 2024-2031

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