Overview and Scope
API management is the process of designing, distributing, publishing, and controlling APIs that create APIs or use others’ APIs to monitor activity and ensure that the needs of the developers and applications using the API are being met.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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)
Top Major Players:
International Business Machines Corporation
Google LLC
Oracle Corporation
Red Hat Inc.
Software AG
Axway Software SA
North America was the largest region in the API management market share in 2023. .
North America was the largest region in the API management market share in 2023. The regions covered in the api management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the api management market report are International Business Machines Corporation, Google LLC, Oracle Corporation, Red Hat Inc., Software AG, Axway Software SA, MuleSoft Inc., Microsoft Corporation, SAP SE, Amazon Web Services Inc., TIBCO Software Inc., Kony Inc., Rogue Wave Software Inc., Sensedia S.A, DigitalML Limited, Cloud Elements Inc., Solo.io, Stoplight, Teejlab Inc., Nexright Inc., WSO2 Inc., Mashape Inc., SnapLogic Inc., TYK Technologies Ltd., Broadcom Inc., Fiorano Software Inc., Postman Labs Inc., Workato Inc., MuleSoft LLC, SmartBear Software Inc.
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
…
31. Global API Management Market Competitive Benchmarking
32. Global API Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The API Management Market
34.API Management Market Future Outlook and Potential Analysis
35. Appendix
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