New York, United States, March 12, 2024 (GLOBE NEWSWIRE) -- API management refers to distributing, regulating, and evaluating the APIs that connect applications and data within the company and between clouds. API management aims to enable companies that establish or use APIs to monitor activities and guarantee that the demands of developers and apps utilizing the API are met. Organizations are creating techniques to manage their APIs to adapt quickly to fluctuating client needs. These firms use a microservices architecture to accelerate software development to fulfill demand in most situations. APIs based on HTTP are now the standard way for synchronous interaction between microservices architectures. These APIs serve as the adhesive between all the microservices. Managing these APIs enables a company to ensure that the APIs are utilized under the corporate policy and enables governance by appropriate security levels, as various services may require different security policies.
Control over your API program, including analytics, access control, monetization, and developer workflows, is fundamental to API administration. Red Hat 3scale API Management is an API management system that combines dependability, flexibility, quality, and speed. To fulfill these objectives and guarantee that both public and internal APIs are consumable and secure, an API management solution must provide minimum access control, rate restrictions, and usage policies.
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Increasing demand for API-based connection and API security Drives the Global Market
According to Straits Research, “The global API management market size was valued at USD 1.16 billion in 2021. It is expected to reach USD 7.02 billion, growing at a CAGR of 22.15% during the forecast period (2022–2030).” This is the market's primary driver, as the rising connectivity of smartphone technology and social media has revolutionized customer behavior. API Management's primary purpose is to centralize control over API development, including analytics, access control, flexibility, and engineering work methodologies. For instance, Red Hat 3scale API Management offers adaptability, consistency, speed, and quality. In addition, API Management provides rate restrictions, access control, and utilization strategies at a fundamental level. Mobility, an increase in mobile users, the proliferation of apps, the emergence of social media, and the expansion of public and private sector APIs are among the major market contributors to API administration. In addition, the momentum of web APIs, the advancements connected to IoTs, and the demand for big data are accumulating.
API-based connection services are growing prominence within enterprises as their use to engage customers, employees, and business partners increases. Incorporating modern technologies, such as IoT, SaaS, big data, social, mobile, and APIs, increases the potential for new businesses, thereby providing channels for income streams and getting a practical and creative method of consumer understanding.
The expansion of assaults against API technology has increased the necessity for adequate security measures, elevating the significance of API security. Security issues must be of the utmost importance when creating, testing, and deploying REST API. Security levels are commonly underestimated in the design and development of REST APIs due to their fantastic expansion. Today, developers prioritize protecting sensitive data, whether organizational or personal. As a component of essential systems that must be secured from security risks and breaches, REST APIs are not an exception.
Regional Analysis
North America dominates the API Management Market due to technological developments and cloud-based service providers in the region. The highest use rate of cloud, IoT, mobile, big data, analytics, and digital transformation is found in North America.
Regarding API management market expansion, Asia-Pacific will trail behind North America and the US. The Internet of Things, analytics, and Big data is also growing. As organizations in Asia-Pacific embrace APIs to promote the application economy, API board providers have good opportunities.
Competitive Players
The global API management market’s key players are IBM(USA), Google (USA), Oracle Corporation (U.S.), Red Hat (US), Software AG(Germany), Axway (US), MuleSoft (US), Microsoft (US), SAP SE(Germany), AWS (US), CA Technologies (US), TIBCO (US), Kony (US), Rogue Wave Software (US), Sensedia (Brazil), Torry Harris Business Solutions (US), Tyk Technologies (England), WSO2(US), Osaango (Finland), Dell Boomi (US), Postman (US), and Cloud Elements, Inc. (U.S.).
Market News
- May 2022, New Oracle Solutions Help Utilities Transform Critical Network Operations.
- May 2022, Red Hat's “Corporate Banking Innovation Survey”: Industry transformation & challenges — now and what's next.
Global API Management Market: Segmentation:
By Component
- API Analytics
- API Platform
- Security
- Services
By Deployment Type
- Cloud
- On-Premises
By End-User
- BFSI
- IT and Telecom
- Government
- Healthcare and Life Sciences
- Retail and Consumer Goods
- Media and Entertainment
- Travel and Transportation
- Manufacturing
By Regions
- North America
- Europe
- Asia-Pacific
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