Global API Management market demand 2024, Forecast To 2033
28 Feb, 2024
The API management market size has grown exponentially in recent years. It will increase 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 is attributed to the rise of API economy, digitalization and cloud adoption, increasing adoption of microservices architecture, growth of mobile and web applications, and focus on developer experience. The market is expected to see exponential growth, reaching $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 30.1%. The growth in the forecast period is driven by the expansion of partner ecosystems, edge computing and edge APIs, changes in the regulatory landscape, enhanced developer experience, and API monetization strategies. Major trends anticipated in the forecast period include digital transformation acceleration, proliferation of APIs, hybrid and multi-cloud environments, open banking and financial services, and expansion of partner ecosystems.
Global API Management Market Key Driver
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. The 2023 market size for API management solutions experienced significant expansion, driven by the growing adoption of data-driven strategies by organizations across various sectors. Looking ahead, the market is anticipated to witness sustained growth in 2024 and 2028, supported by the continuous evolution of data analytics technologies and the increasing reliance on data-driven insights for business decision-making.
Get A Free Sample Of The Global API Management Market ReportGlobal API Management Market Segments
The global 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)
By Geography: The regions covered in the api management market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major API Management Industry Players
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.
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API Management Market Overview
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.
API Management Global Market Report 2023 provides data on the global api management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The api management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.