Market Overview:
The Global API Management Market size is expected to grow from USD 2.94 billion in 2023 to USD 31.16 billion by 2032, at a CAGR of 29.9% during the forecast period (2024-2032).
API Management involves the process of controlling, monitoring and evaluating the APIs (application programming interfaces) that connect different applications and data within an organization and between different cloud platforms. The main goal of API Management is to help organizations that create APIs or use APIs from others by keeping track of their usage and ensuring that the needs of developers and applications using the APIs are met. Many businesses are adopting API Management solutions to keep up with changing customer expectations. Managing these APIs helps businesses make sure that they are used according to company standards and protected with appropriate security measures, as different services may have different security requirements.
Top Key Players Covered in The API Management Market:
- IBM (US)
- Google (US)
- AWS (Amazon Web Services) (US)
- Oracle (US)
- Red Hat (US)
- MuleSoft (US)
- Sensedia (Brazil)
- Software AG (Germany)
- Osaango (Finland)
- Axway (France)
- SAP SE (Germany)
- CA Technologies (US)
- Rogue Wave Software (US)
- TIBCO (US)
- Kony (US)
- Microsoft (US) And Other Major Players.
Market Dynamics and Factors:
The application programming interfaces (API) management market is expected to grow rapidly due to several factors. One of these factors is the increasing demand for modern APIs, which are needed to connect important data with applications and devices. Another factor is the growing adoption of advanced analytics to gain more knowledge and improve usage. Additionally, there is a rising demand for API-led connectivity and the use of public and private APIs to drive digital transformation, further fueling the market's growth. However, the market faces challenges due to limitations in server availability and security issues associated with APIs, which may hinder its growth.
Low-code programming is a method that uses a user-friendly interface to show the code and how it works. Instead of writing code from scratch, users can adjust visual components in the interface to specify what they want the program to do. The software behind the scenes understands these visual layouts and creates the necessary code to integrate different parts of the program. This eliminates the need for a skilled programmer who knows how to build these integrations. The low-code tool also makes it easier to maintain and manage various program parts that rely on different external services.
The API Management Market Report Highlight:
- By Offering, the solution segment is dominating the API Management market in the forecast period, as businesses increasingly rely on APIs to enhance app experiences and connect their systems with applications and devices, leading to a growing demand for comprehensive API management solutions.
- By Type, the cloud segment is dominating the market in the forecast period. Cloud-based API management solutions offer cost savings, scalability, and flexibility for businesses, although they may compromise some security compared to on-premises deployments.
- By Industry Vertical, BFSI is expected to dominate the API Management Market in the forecast period. The BFSI industry has undergone a significant shift with the rise of payment innovation and API utilization. Established banking institutions can enhance their business and profitability by embracing digital transformation, while tech giants like Apple and Google have expanded their offerings with payment services.
- North America has dominated the API management market in the forecast period. North America experiences high adoption rates of Cloud, IoT, mobility, big data, analytics, and digital transformation, supported by numerous API management solution manufacturers, continuous technological advancements, and a pool of skilled technical expertise.
Key Industry Development:
- In April 2023, IBM launched New QRadar Security Suite to Speed up Threat Detection and Response. The IBM Security QRadar Suite represents a major evolution and expansion of the QRadar brand, spanning all core threat detection, investigation, and response technologies, with significant investment in innovations across the portfolio.
API Management Market Segmentation:
By Offering
- Solution
- Service
By Type
- Cloud
- On-Premises
By Industry Vertical
- BFSI
- IT & Telecom
- Government
- Healthcare & Life Sciences
- Others
For this report, Introspective Market Research has segmented the API Management Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
