USD 47 billion Growth in API Management Market Size - Industry Analysis, Market Trends, Market Growth, Opportunities

NEW YORK, July 19, 2023 /PRNewswire/ -- According to Facts and Factors, the global API Management market size was worth around USD 5.4 billion in 2021 and is predicted to grow to around USD 47 billion by 2030 with a compound annual growth rate (CAGR) of roughly 31.1% during the forecast period (2023- 2030).

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API Management Market: Overview

API management revolves around designing followed by publishing and documenting the aspects of the Application programming interface (API). Another critical part of API management is the analysis of API systems in a safe and secure environment. By deploying a concrete and functioning API management system, businesses can ensure that the internal and public APIs created by them for the live market are secure and consumable by the end-users. These solutions encompass multiple facets and features.

However, in the majority of cases, API management tools include tasks like API design where the solution is responsible for providing its users, including partners and developers, with the ability that allows them with the designing, publish, and deployment of APIs along with documentation, descriptions, security policies runtime capabilities, usage limits, and other important or relevant information. Furthermore, the API gateway is another essential feature of modern-age API management systems. This acts as a gatekeeper from all the other application programming interfaces.

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Key Industry Insights & Findings of the API Management Market Reports:

• As per the analysis, the API Management market share is likely to grow above a CAGR of around 31.1% between 2023 and 2030.
• The API Management market size was worth around USD 5.4 billion in 2021 and is estimated to hit approximately USD 47 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The market is projected to grow at a significant rate due to the growing investments by businesses to integrate information technology (IT) setup
• Based on deployment segmentation, on-premises was predicted to show maximum market share in the year 2021
• Based on end-user segmentation, banking & financial institutes were the leading users in 2021
• On the basis of region, North America was the leading revenue generator in 2021

Facts and Factors published the latest report titled "API Management Market Size, Share, Growth Analysis Report By Deployment (Cloud and On-Premises), By Component (Services and Solutions), By End-User (Retail, Banking & Financial Institutes, Consumer Goods, and Others), By Organization Type (Small & Medium Enterprises and Large Enterprises), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" into their research database.

API Management Market: Growth Drivers

The global API management market is projected to benefit from the growing trend observed in businesses that tend to incorporate data-driven decision-making for operational purposes. Information technology (IT) has allowed businesses to analyse records and predict future trends making them less vulnerable to business environment changes. API and its management tools make use of advanced systems and technologies to help companies understand consumer expectations and deliver as per the requirement. They contribute to making smart and informed decisions by using data-first monitoring techniques making certain that the data remains uncompromised and safe for further use. The system security provided by API management tools is high and companies are investing in resources that can help them maintain privacy and data security.

Additionally, the global market is projected to benefit from the rising e-commerce industry which is currently one of the largest consumers of API management programs. They require these tools to maintain the high requirement of agility in the business along with data security and workflow automation. Since API programs can help businesses make better use of operation time while also reducing unnecessary expenses, they are projected to create a stronghold in the end-user segment during the forecast period.

API Management Market: Restraints

One of the key growth restrictions that the API management industry players may face would be in terms of the lack of availability of adequate skilled professionals that can meet the growing performance expectations in the segment. This is especially applicable to underdeveloped economies that do not have the necessary and supportive infrastructure to train such skills further discouraged by the lack of knowledge amongst students about the growing applications or API management and its importance.

The research toward the development of accommodative programs may provide growth opportunities whereas navigating through multi-cloud management programs could act as a major challenge.

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Global API Management Market: Segmental Overview

The global API management market is segmented based on deployment, component, end-user, organization type, and region

Based on deployment, the global market is divided into cloud and on-premises

• The on-premises segment is expected to generate the highest revenue during the forecast period since it is the most preferred way in terms of large-scale deployments
• On-premises systems allow better accessibility to the clients since systems are located at the consumer's site. They also offer higher control over the programs as compared to cloud-based services
• Companies operating in the banking or financing businesses prefer to use on-premise tools and programs
• In the last decade, Bank of America has consistently spent over USD 3 billion on new technology-oriented initiatives

Based on component, the global market is segmented into services and solutions

• In 2021, the API management industry registered the highest growth in the solutions segment and is anticipated to continue the same trend during the forecast period
• The growth is propelled by the rise in the number of high-technology applications along with the growing integration of internet of things (IoT) technologies
• Under such situations, businesses are required to ensure that more data passes through API systems for providing an enhanced external and internal customer experience
• The expense of using IBM API connect starts at around USD 100 per month

Based on end-user, the API management industry is divided into retail, banking & financial institutes, consumer goods, and others. By organization type, the market is divided into small & medium enterprises and large enterprises

Recent Developments:

• In April 2021, Google announced the launch of Apigee X. The newly launched product is the next-generation version of the Apigee API management platform which the company acquired in 2016. The company stated that the platform is responsible for handling more than 2.2 API calls annually
• In December 2021, Mulesoft, the world's leading provider of integration and API platform, registered the launch of a new universal API management capacities that can manage and secure all APIs from any place in the world

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Competitive Players

The report contains qualitative and quantitative research on the global API Management Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.

Some of the main players in the global API Management market include;

• IBM
• Google
• Microsoft
• Software AG
• Oracle Corporation
• Broadcom Inc.
• Red Hat
• TIBCO Software
• Kong Inc.
• Akana Inc.
• Cloud Elements Inc.
• CA Technologies Inc.
• Mashape Inc.
• Hewlett-Packard Enterprises Co.
• SAP SE
• Mulesoft Inc.
• WSO2
• Akamai Technologies
• Kony, and others

Key questions answered in this report:

• What is the growth rate forecast and market size for API Management Market?
• What are the key driving factors propelling the API Management Market forward?
• What are the most important companies in the API Management Market Industry?
• What segments does the API Management Market cover?
• How can I receive a free copy of the API Management Market sample report and company profiles?

Report Scope:

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Regional Overview:

The global API management market is projected to witness the highest growth in North America owing to the large-scale adoption of these systems across industries in the countries of the US and Canada. The highly developed IT infrastructure of these regions allows them to stay ahead in the game as they create a supportive environment for further research and development. Growth in Europe may be driven by the increasing rate of commercialization and growing technology adoption amongst businesses.

Asia-Pacific is anticipated to emerge as a lucrative market as the countries like India and China are making constant technological advancements and are likely to become the next IT hub worldwide. India is registering a high influx of foreign player entries while at the same time witnessing a growth in the number of local players.

Global API Management Market is segmented as follows:

By Deployment 

• Cloud
• On-Premises

By Component

• Services
• Solutions

By End-User

• Retail
• Banking & Financial Institutes
• Consumer Goods
• Others

By Organization Type

• Small & Medium Enterprises
• Large Enterprises

By Region

• North America
• The U.S.
• Canada
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Southeast Asia
• Rest of Southeast Asia
• The Middle East & Africa
• GCC
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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