The API Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s API Management Global Market Report 2024, The api management market size has grown exponentially in recent years. It will grow from $3.25 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 28.7%. The growth in the historic period can be attributed to rise of api economy, digitalization and cloud adoption, increasing adoption of microservices architecture, growth of mobile and web applications, focus on developer experience.
The api management market size is expected to see exponential growth in the next few years. It will grow to $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 30.1%. The growth in the forecast period can be attributed to expansion of partner ecosystems, edge computing and edge apis, regulatory landscape changes, enhanced developer experience, api monetization strategies.. Major trends in the forecast period include digital transformation acceleration, proliferation of apis, hybrid and multi-cloud environments, open banking and financial services, partner ecosystem expansion.
The growing utilization of data-driven decision-making is driving the API management market forward. Data-driven decision-making is the process of making business decisions based on data instead of gut feelings or instincts. The demand for data-driven decision-making is increasing, and API management enables organizations to adopt the data-driven approach by assessing channels for data transfer before solving the actual problems. For instance, in 2022, according to a data and analytics study by Foundry, a media, events, and research company, most of the organizations had already implemented data-driven projects, and more than 1/3rd (33%) of the organizations had already deployed data-driven projects, which was up from 28% in 2021. Moreover, 55% of the organizations expect an increase in their data initiative budgets, up from 44% in 2021. Therefore, the increasing demand for the utilization of data-driven decision-making is expected to propel the growth of the API management market.
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The api management market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment: On-premises, Cloud
3) By Organization Size: Large Enterprises, Small and Medium Size Enterprises
4) By Vertical: BFSI, IT and Telecom, Retail and Consumer Goods, Travel and Transportation, Government, Media and Entertainment, Healthcare and Life Sciences, Manufacturing, Other Verticals (Education and Energy and Utilities)
Technological advancements are a key trend gaining popularity in the API management market. Major companies in the API management market are innovating and introducing new technologies to gain a competitive edge in the market. For instance, in February 2021, Google, a US-based technology company, launched the “”Apigee X”” API management platform. The platform uses Google’s AI-ML-based technology for anomaly detection and operations management. The platform also integrates Google’s cloud armor firewall and cloud identity access management platform, so the user doesn’t have to use third-party firewall and identity management tools.
The api management market report table of contents includes:
1. Executive Summary
2. API Management Market Characteristics
3. API Management Market Trends And Strategies
4. API Management Market – Macro Economic Scenario
5. Global API Management Market Size and Growth
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26. South America API Management Market
27. Brazil API Management Market
28. Middle East API Management Market
29. Africa API Management Market
30. API Management Market Competitive Landscape And Company Profiles
Top Major Players:
- nternational Business Machines Corporation
- Google LLC
- Oracle Corporation
- Red Hat Inc
- Software AG
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