Global Demand for API Management Market Size Will Surpass $15863.24 Mn by 2028 at 24.8% CAGR | Vantage Market Research


WASHINGTON, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Global API Management Market is valued at USD 4,198.6 Million in 2021 and is projected to reach a value of USD 15863.24 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 24.8% over the forecast period 2022-2028.

Market Overview

The market growth is anticipated to be significantly influenced by several factors, including a rise in the demand for contemporary APIs, which are necessary to connect vital data with applications and devices, and a rise in the adoption of advanced analytics to explore more knowledge and its application.

We forecast that the BFSI category in API Management market sales will account for more than 15% of total sales by 2028. The BFSI industry has started standardizing open banking functions and making APIs profitable. The sector is changing to update company procedures and enhance the client and banking experiences.

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Market Dynamics

Growing Demand for APIs to Support Digital Transformation and Promote Industry Sharing

Consumer behavior has changed as a result of social media and smartphone connectivity. API Management's main goal is centralizing control over API development, including analytics, access control, adaptability, and engineering work techniques. For instance, red Hat 3 scale API Management offers quality, consistency, speed, and adaptability. Additionally, API Management provides usage guidelines, access controls, and base-level rate restrictions. A surge in mobile users, the proliferation of apps, the emergence of social media, and the expansion of public and private sector APIs are some major market factors influencing API administration.

Market is Anticipated to Grow due to COVID-19

The pandemic has improved the market for APl management. Due to the COVID-19 outbreak, businesses are actively undertaking digital transformation and modernizing their internal processes. The digital-first strategy has placed a much emphasis on API to adapt to new business practices like distant content sharing and communication. In light of the COVID-19 epidemic, businesses were compelled to reevaluate the economy and supply chains.

Top Players in the Global API Management Market

  • Google (US)
  • IBM (US)
  • Microsoft (US)
  • Axway Software (US)
  • Broadcom Inc. (US)

For Additional Information on API Management Market Players and Detail List, Download a Report PDF Brochure

Top Trends in Global API Management Market

  • One trend that Vantage Market Research (VMR) expects to see in the API Management industry is increased demand for public and private APIs. Both public and private APls aim to advance global digitalization in their specialized fields. Additionally, businesses everywhere are putting management techniques for their application programming interface into place so they can react rapidly to changing client demands.
  • Another trend that VMR predicts will continue in the API Management industry is growing mobile applications. Like in web apps, application program interfaces are employed in mobile apps. Access to a different platform or application is made possible for developers. Mobile APIs are required to effectively put the enormous volumes of data that a company produces into a mobile-friendly architecture.

Top Report Findings

  • Based on Components, most of the API Management market's revenue is controlled by the solution category. Enterprises must continuously coordinate frameworks and components with apps and devices, which is driving demand for API Management solutions. An appropriate framework must be in place for APIS to be safely designed, managed, and regulated.
  • Based on Deployment Types, most of the API Management market's revenue is controlled by the cloud category. Cloud-based services offer more flexible and mobile access to solutions while lowering total expenses. Businesses use cloud-based API Management tools to improve portability and quicken the API development process.
  • Based on Organization Sizes, most of the API Management market's revenue is controlled by the large enterprise's category due to economies of scale and the high budget for the newest technologies. Large enterprises' increasing use of online applications, mobile devices, and loT will probably fuel demand.
  • Based on Verticals, most of the API Management market's revenue is controlled by the BFSI category. Companies in this sector of the economy make use of API Management solutions to create a lean, adaptable, and successful digital operations strategy for banking, insurance, trading, capital markets, and payments.

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Recent Developments in the Global API Management Market

  • March 2022: Google announced that they would be launching the Last Mile Fleet Solutions and Cloud Fleet Routing API for marketing their fleet operators. This announcement is expected to improve the delivery process and meet the upcoming challenges caused by the pandemic.
  • March 2022: Microsoft announced the Azure Private Link Support for API Management service. With this announcement, consumers can configure a private endpoint for their API Management instances for clients within their private networks over Azure Private Link in a secure manner.

Cloud Category in API Management Market to Generate Over a Considerable amount of Revenue in the Forecast Period

Vantage Market Research has analyzed the market for API Management to understand its current state and potential future growth factors. For better understanding, based on the deployment type, the API Management market is divided into on-premises and cloud.

During the forecast period, the market for API Management is anticipated to experience the highest CAGR for the cloud category. Platforms for managing APIs in the cloud assist administrators and developers in automating the provisioning, activation, setup, monitoring, and troubleshooting of APIs. Additionally, cloud-based platforms provide abundant information to assist in pinpointing performance issues and determining which APIs are used most frequently.

On the other hand, the on-premises category is anticipated to grow significantly. Software that is housed inside of a company's data center is referred to as being "on-premise" in platform-neutral language. The majority of the time, developers and users can directly access this kind of software without the need for an API for it to operate. On-premise software can offer rapid response times and stability, which are important API management components.

Browse Market Data Tables and Figures spread through 143 Pages and in-depth TOC on API Management Market Forecast Report (2022-2028).

North America Region in API Management Market to Generate More a Major Revenue

North America dominates the market for API Management and continue throughout the projection period. The need for application programming interfaces (API) administration on a big scale has increased due to the increasing usage of API Management services and the data collected regularly.

Global API Management Market Segmentation

By Components

  • Solutions
    • API Platform
    • API Analytics
    • API Security
  • Services
    • Integration & Implementation
    • Consulting
    • Support & Maintenance
    • Training & Education

By Deployment Types

  • On-premises
  • Cloud

By Organization Sizes

  • Large Enterprises
  • Small & Medium Size Enterprises

By Verticals

  • BFSI
  • IT & Telecom
  • Retail & Consumer Goods
  • Travel & Transportation
  • Government
  • Media & Entertainment
  • Healthcare & Life Sciences
  • Manufacturing
  • Other Verticals (Education, Energy & Utilities)

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 4198.6 Million
Revenue Forecast by 2028USD 15863.24 Million
CAGR24.8% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersGoogle, IBM, Microsoft, Axway Software, Broadcom Inc.
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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