Portland, OR , July 21, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global API management market generated $2.2 billion in 2021, and is expected to reach $41.5 billion by 2031, registering a CAGR of 34.5% from 2022 to 2031.
Increase in demand for public and private APIs to accelerate digital transformation, rise in social media penetration, and surge in mobile application and users have boosted the growth of the global API management market. Moreover, increased need for customer satisfaction and improve customer experience would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic positively affected the market due to surge in demand for digitization, increase in sales of smartphones, and rise in adoption of work from policies.
- During the pandemic, companies invested more in accelerating digital transformation and increasing customer connectivity.
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The report segments the global API management market on the basis of deployment types, organization size, component, industries, and region.
Based on deployment types, the cloud segment is projected to register the highest CAGR of 37.4% during the forecast period. However, the on-premises segment held the largest share in 2021, accounting for more than half of the market.
On the basis of component, the solution segment is estimated to portray the highest CAGR of 36.5% from 2022 to 2031. Moreover, the segment dominated the market in 2021 in terms of revenue, contributing to more than two-thirds of the market.
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The global API management market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2021, accounting for around two-fifths of the market. However, Asia-Pacific is estimated to register the highest CAGR of 36.4% during the forecast period.
The global API management industry report includes an in-depth analysis of the prime market players such as IBM, Google, Oracle, Red Hat, Software AG, Axway, TIBCO, Amazon Web Services, Microsoft Corporation, and SAP SE.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
