According to a comprehensive research report by Market Research Future (MRFR),” Global API Management Market by Component (Solutions, Services), by Service (Training and Consulting, Integration, Support Maintenance) and Deployment (On-premises, Cloud) - Forecast to 2030” will touch USD 6.56 billion at a 21.2% CAGR by 2030.
API Management Market Overview
The growing popularity of web APIs coupled with the advances on Big Data and IoT will boost market growth over the forecast period. Because of the growing popularity of ecommerce the powerful influence of social media, businesses from all industries may now provide interactive information to their customers, resulting in increased sales. The API market is expected to perform strongly in the coming years, as Big Data and the IoT gain traction.
Key Players
Eminent players profiled in the global API management market report include,
- Akana Inc. (U.S.)
- SAP SE (Germany)
- CA Technologies Inc. (U.S.)
- IBM Corporation (U.S.)
- RedHat Inc. (U.S.)
- Microsoft Corporation (U.S.)
- MuleSoft Inc. (U.S.)
- Oracle Corporation (U.S.)
- Hewlett-Packard Enterprises Co. (U.S.)
- Mashape Inc. (U.S.)
- Cloud Elements Inc. (U.S.)
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API Management Market Opportunities
Need for Advanced Application Programming Interfaces to offer Robust Opportunities
The need for advanced application programming interfaces to augment documenting, publishing, and overseeing processes will offer robust opportunities for the API management market over the forecast period.
Restraints and Challenges
Dearth of Skilled Developers to act as Market Restraints
The dearth of skilled developers for developing as well as implementing API management solutions in different regions may act as a market restraint over the forecast period.
API Management Market Segmentation
The global API management market is bifurcated based on deployment, service, and component.
By component, solutions will lead the market over the forecast period. API management solutions are in great demand because enterprises need to effectively link systems and components with applications and devices.
By service, support and maintenance will dominate the market over the forecast period.
By deployment, cloud will spearhead the market over the forecast period. Cloud-based services lower overall expenses while allowing for more scalable and flexible access to solutions. API management solutions are being deployed in the cloud to boost mobility and speed up the cycle of the API development. In on-premises deployments, the APIs security is higher; but, enterprises can indeed save money on the storage, technical staff, and solution, by utilizing an effective API management solution that is cloud-based. Majority of the vendors are transitioning from on-premises deployment to SaaS-based software because of these benefits.
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COVID-19 Analysis
Due to the tight enforcement implemented by different governments to prevent COVID spreading, the worldwide API Management market has experienced a slash in sales or solutions. As people were not left with any choice but to stay indoors, sales of solutions and services had plummeted. Besides, the limits enforced via most countries to curb COVID halted manufacturing, resulting in disruption all through the industry's supply chain and affecting the API market too. However, the world marketplaces are gradually opening up to their full potential, and demand for solutions and services are increasing.
API Management Market Regional Analysis
North America to Lead API Management Market
The highest market share is predicted to be in North America. This is due to the region's technical improvements and the presence of the bulk of cloud-based service providers. IoT, cloud, big data, mobility, analytics, digital transformation have the highest adoption rates in the North American region. The presence of a significant API management solution providers, ongoing technological enhancements, and the accessibility of skilled technical experience together are all contributing to the market's growth in North America. Because of the expanding usage of application programming interfaces (API) management services and the data generated on a daily basis, North America is expected to dominate the market throughout the forecast period.
In 2018, North America grabbed the largest share of the market. This region includes developed countries such as the United States and Canada and is regarded as highly advanced with regards to digital technology use. The North American region has a large number of prominent industry players offering API management solutions, its strong financial position enables it to spend heavily in cutting-edge tools and technology to improve business processes. The rise in need for API management can be ascribed to the increased usage of modern technology. The region is growing as a result of the increased usage of big data, as it generates a vast volume of data that is needed for API management. The region has advanced information and communication technology and has adopted a greater number of connected gadgets.
APAC to Have Healthy Growth in API Management Market
Due to a rise in need for API management solutions and services, APAC is predicted to expand at the highest CAGR over the projection period. Growing economies in nations like China, Japan, Australia, and New Zealand, as well as India, offer significant prospects for API management solution service adoption in the APAC area. API management suppliers are likely to benefit from the APAC region's embrace of APIs to improve the necessary facets for success within the application economy. The rise in need for API management can be ascribed to an increase in the usage of modern technology. The region is growing as a result of the increased usage of big data, as it generates a vast volume of data that is needed for API management. The region has advanced information and communication technology and has adopted a greater number of connected gadgets. Because organizations in the APAC region are embracing APIs to enhance the necessary aspects for success within the application economy, APAC is likely to create lucrative prospects for API management vendors.
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