Global API Management Market was valued at US$ 1.0Bn in 2019 and is expected to reach US$ 9.1Bn by 2027, at a CAGR of 31.79% during a forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global API Management Market
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Global API Management Market Dynamics
API (Application programming interface) stands for a set of protocols, tools, and subroutines that are used to develop software applications. Acting as a communication code among software programs, API management allows an organization to monitor the functionalities of the interface and meet the requirements of the application and developers. API management allows traffic monitoring of individual applications and aids in cache memory management to improve the performance of the application.
The rapid rise in the use of smart mobile devices with advanced specifications to run an application is one of the major factors driving the growth of the global API management market. The numerous beneficial functions of the application programming interface (API) such as automation of connections between an API and the applications, monitoring traffic from individual apps, and others are creating traction for the API management software in the global market.
Major factors expected to challenge the market from achieving its full potential are data security, legacy investments in SOA, and performance monitoring by skilled professionals. Digital transformation, System integrators, and SOA & PaaS integrations are some of the new opportunities available for the players in the API management market globally. However, poor API security and governance can hamper the growth of the market.
Segment Analysis of the Global API Management Market
Services segment based on a component is dominating the global API management market. API management services have an extensive scope of usage, ranging from feasibility analysis, strategy, and implementation, and valuations and development of modern APIs to provide business-specific needs of organizations. API management services assistance businesses bridge legacy systems to modern applications and supply connected experiences to clients and partners while also maintaining control and reliability of backend systems.
The cloud deployment type is predictable to grow at a higher CAGR throughout the forecast period. Cloud-based services reduce the total costs while providing highly flexible and scalable access to solutions. Companies are deploying API management solutions on the cloud to increase mobility and accelerate the API development cycle.
Regional Insights of the Global API Management Market
North America is projected to account for the highest share of the market in 2019. The region includes developed countries, for example, the US and Canada, and is considered the most advanced region in terms of adopting digital technologies. The North American region exhibits a wide presence of key industry players proposing API management solutions, and its financial position assists it to invest majorly in leading tools and technologies for effective business operations.
IBM, a leader in offering a wide set of solutions and services in the API management market, provided to the needs of organizations across the world. The company offers IBM API Connect to its global custom for leveraging API management. IBM’s API Connect addresses the critical process of the API lifecycle in cloud and on-premises platforms. The company’s API management solution helps the initiatives create, manage, run, and secure APIs.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global API Management Market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence.
Global API Management Market, Key Highlights:
• Global API Management Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global API Management Market
• Global API Management Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global API Management Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global API Management Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global API Management Market are also profiled.
The report has considered the base year of 2019 and past four years trend. 2020 figures are at actuals, however due to different dynamics of year 2020, market forecast is not only dependent upon 2020, but on the basis of 2016-2020.
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Scope of the Global API Management Market: Inquire before buying
Global API Management Market, by Component
• Solution
o API Platform
API Portal
API Gateway
API Administration
API Monetization
o API Analytics
o Security
• Services
o Integration and Implementation
o Consulting
o Support and Maintenance
o Training and Education
Global API Management Market, by Deployment Type
• On-Premises
• Cloud
Global API Management Market, by Organization Size
• Small and Medium Enterprises
• Large Enterprises
Global API Management Market, by Industry
• Banking, Financial Services, and Insurance
• IT and Telecom
• Government
• Healthcare and Life Sciences
• Retail and Consumer Goods
• Media and Entertainment
• Travel and Transportation
• Manufacturing
• Others
Global API Management Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global API Management Market Key Player
• Axway
• CA Technologies
• Google
• IBM
• Microsoft
• MuleSoft
• Oracle
• Red Hat
• SAP
• Software AG
• TIBCO Software
• Amazon Web Services
• Dell Boomi
• Kony
• Osaango
• Postman
• Rogue Wave Software
• Sensedia
• Torry Harris Business Solutions
• Tyk
• WSOT
• Layer7
• SOA, Microservices
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