Pune, India, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The global API management market size was valued at USD 3.40 billion in 2022 and is projected to reach USD 23.66 billion by 2030, exhibiting a CAGR of 27.6% during the forecast period. Fortune Business Insights presents this information in their latest report titled "Global API Management Market Forecast, 2023-2030."
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Key Industry Development:
April 2023- Kong Inc. unveiled a collaboration with Imperva, Inc. to target the company’s customer base. This partnership would help clients directly access the API security plugin through the Kong Plugin hub.
Key Takeaways
- API management market size in North America was USD 1.26 billion in 2022.
- Surge in the Uptake of Advanced Digital Solutions Positively Impacted the Market Growth
- Secured Application Attributes of On-premise Solutions to Foster the Segment Growth
- Growing Deployment of API Security to Boost the Segment Expansion
Discover the Leading Players Featured in the Report:
“Companies leading the global API management market are Google LLC (Alphabet Inc.) (U.S.), MuleSoft Inc. (Salesforce Inc.) (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Software AG (Germany), TIBCO Software Inc. (U.S.), SAP SE (Germany), Amazon Web Services, Inc. (U.S.), Kong Inc. (U.S.), Axway Inc. (France).”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 27.6% |
| 2030 Value Projection | USD 23.66 Billion |
| Base Year | 2022 |
| API Management Market Size in 2022 | USD 3.40 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment, Enterprise Type, Application, End-user and Geography |
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Drivers and Restraints:
Increasing Demand for the Standardization of API to Impel the Market Growth
One of the major factors driving the API management market growth is a surge in the demand for the standardization of API. More collaboration among networks can be achieved through standardization as it reduces ambiguity and provides quality assurance.
Despite such growth opportunities, the steep investment cost related to API management may impede market growth.
Segmentation
By Deployment
- Cloud
- On-premises
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By Application
- Security
- Performance Analytics
- Governance
- Gateway
- Others (API catalog, and others)
By End-user
- IT & Telecom
- Government
- Retail
- Healthcare
- BFSI
- Transport & Logistics
- Others (Manufacturing, and others)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate Owing to Surging Investment By Industries in the Technology
North America API management market share is estimated to have dominant part over the forecast period. The regional expansion can be credited to the growing investments by rapidly expanding industries such as retail, healthcare, BFSI, and others in API management technology for secured data transfer.
Europe market for API management is anticipated to register a prominent growth rate during the forecast period. The regional expansion can be ascribed to the rising implementation of technology by social care and health networks for improving data security.
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Competitive Landscape:
Leading Companies Focus on Collaborations to Reinforce Their Industry Positions
Notable market players are deploying various competitive strategies such as mergers and acquisitions, joint ventures, product innovations, and others to capture the largest market share. Several companies are also focusing on collaboration strategies to sustain their industry leadership.
FAQs
How big is the API management market?
The API management market size was USD 3.40 billion in 2022. It is expected to reach USD 23.66 billion by 2030.
How fast is the API management market growing?
The API management market will exhibit a CAGR of 27.6% during the forecast period, 2023-2030.
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