Fort Collins, Colorado, Nov. 01, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the API Management Market size was valued at USD 5.2 Billion in 2022 and is expected to reach a market size of USD 41.9 Billion by 2032 at a CAGR of 23.3%.
Application Programming Interface (API) is a software interface for communicating and sharing data between two applications. API management is developing, designing, monitoring, and testing various APIs an organization requires. These solutions help the organization effectively manage the myriad APIs deployed in the cloud, on-premise, or hybrid environment. The growing digitization across various industries and integration of modern technologies are leading to rising demand for APIs and market growth.
The various benefits of implementing API management solutions are a prominent factor contributing to the market growth. API management ensures the smooth functioning of APIs and helps organizations monitor, secure, and manage their APIs efficiently and with ease. APIs are critical to business growth, and API management provides useful business insights for an organization. API management aids in monitoring the data and metrics on API usage in real-time, which helps organizations make more data-driven decisions. These aforementioned benefits of API management are propelling the adoption of these solutions.
The growing integration of API across various verticals is a major factor boosting market growth. API management provides a data-driven approach through data-first monitoring, ensuring that the data remains protected, and users must present correct signatures to ensure they are the actual users. APIs can help healthcare professionals improve and simplify care delivery. They are also utilized in the travel industry for flight booking and other use cases in the travel and tourism industry. APIs for travel software can search and book flights from various service providers. They also provide services such as flight schedules, availability, and flight pricing. Thus, different API applications contribute to the surge in demand for API management solutions.
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Segmentation Overview:
The global API management market has been segmented into component, deployment, organization size, vertical, and region. The on-premise segment held the dominant share in the API management market for 2022. This can be attributed to the various benefits of on-premise API management, such as data privacy and better control & security. North America held the largest market share in 2022. This can be attributed to prominent players such as Google, Microsoft, Oracle, and IBM and major technology companies in this region. Furthermore, various businesses anticipate automating various processes on their websites or apps.
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API Management Market Report Highlights:
- The global API management market growth is anticipated at a CAGR of 23.3% by 2032.
- Integrating advanced technologies such as artificial intelligence and machine learning presents growth opportunities to prominent market players.
- Based on the deployment, the market is segmented into on-premise and cloud.
- Based on the vertical, the IT and telecom industries segment held the largest market share in 2022.
- Some prominent players in the API management market report include Google, IBM, Microsoft, Axway Software, Broadcom Inc., MuleSoft, Oracle Corporation, Software AG, Kong Inc., Red Hat, SAP SE, TIBCO Software, Amazon Web Services, Boomi, Postman, Sensedia, and WSO2 among others.
Industry Trends and Insights:
- In September 2023, Kong Inc., cloud management technology, announced its expansion for Kong Mesh in its API management platform Kong Konnect.
- In February 2023, IBM acquired StepZen, a startup that offers tools for building GraphQL deployments for a hybrid cloud environment.
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API Management Market Segmentation:
- By Component: Solution, services.
- By Deployment: On-premise, cloud.
- By Organization Size: Large enterprises, SMEs.
- By Vertical: BFSI, IT & Telecom, Retail & Consumer Goods, Travel & Transportation, Government, Media & Entertainment, Healthcare & Life Sciences, Manufacturing,
Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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