API Management Market Estimated to Grow at 35?GR by 2030 API Management Market Share, Industry Forecast and Impact of COVID
Research Reports
Apr 06, 2022
The API management market has been proliferating at a rapid pace. The market growth attributes to the recent upgrades in API management solutions. Besides, rising market penetration of mobility solutions and various apps and increasing numbers of mobile subscribers drive the market growth. Rise of social media and the growing demand for private & public APIs positively impact the growth of the market. Moreover, the increasing popularity of web APIs and advances on the internet of things (IoT) devices and big data escalate market growth.
According to Market Research Future (MRFR), the global API Management Market is expected to reach approximately USD 3 BN by 2030, registering a whopping 35?GR throughout the review period (2020 – 2030). Increasing capabilities of analytic tools to analyze complex data accumulated by businesses is a key driving force behind the growth of the market. Also, the demand for advanced application programming interfaces to improve publishing, documenting, and overseeing processes substantiates the market growth.
COVID-19 Analysis
In May 2020, the world’s leading tech giants Apple and Google developed contact tracing APIs to help countries keep a tab on the spread of SARS-CoV-2. The APIs deploy Bluetooth for this purpose and will be available via software updates. More than 23 nations have gained access to these APIs and both the companies expect more orders in the coming period.
Following the onset of novel coronavirus, the front liners including medical professionals, government agencies and researchers have been in dire need of easy and fast access to real-time information with respect to the pandemic. This urgent need for accurate information exchange during the lockdown period is boosting the demand for APIs across the globe.
With communities joining hands to achieve a COVID-19 breakthrough, developers have emerged as important contributors in building crisis response apps as well as sites to keep the public well informed about the COVID-19 impact and how to curb its spread. To summarize, the COVID-19 outbreak has somewhat been a boon for the API management market, given the increasing worldwide crisis, surge in the number of mobile subscribers and social media users, and the continuous developments in IoT as well as big data.
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Top Drivers and Main Barriers
The massive popularity of web APIs, in addition to the soaring demand for private and public APIs, is anticipated to induce growth of the API management market over the next few years. Besides, the apps explosions along with the easy mobility of API solutions benefit the market to a large extent.
Given the increasing prevalence of ecommerce and the high impetus gained by social media, companies from diverse sectors are now able to offer information in an interactive form with their consumers, which leads to better sales. With Big Data and Internet of Things gaining immense traction, the API market is bound to perform well in the approaching years.
The API security management market is marked with intense rivalry between renowned multinational and local vendors. A majority of the participants in the market are mostly dependent on the technology-based innovations to boost their businesses. In the coming years, it is expected that these industry participants may focus on forming strategic alliances to better their position, which can also work in favor of the worldwide market.
Market Segmentation
The API management industry has been considered for component and deployment.
Component-dependent market categories are solution as well as services (consulting, training, security & maintenance, and integration).
Deployment-wise segments included in the study are cloud based and on premise.
Regional Insight
Latin America, North America, APAC/Asia Pacific, MEA/Middle East & Africa and Europe are the key markets for API management.
An extensive IT infrastructure has led North America to the top position in the global market for API management. The continuous technological innovations along with the concentration of well-established cloud service providers in the U.S speed up the market expansion in the region. A number of large-sized enterprises are opting for APIs for several industrial applications such as healthcare, medical, automotive & transportation, as well as for smartphones. There has been a rise in the number of enterprises that have deployed API management services on cloud to boost mobility and also speed up the API development cycle.
APAC offers promising opportunities to the API management firms, with a rising number of enterprises in the region deploying APIs to solidify the needed elements for profits in the application economy. Also, increasing uptake of IoT, cloud, big data, mobility, digital transformation and analytics in emerging countries like India and China also aids business growth in the region.
Top Companies
Top companies in the API Management market are RedHat, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Mashape Inc. (U.S.), Akana Inc. (U.S.), Hewlett-Packard Enterprises Co. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), MuleSoft, Inc. (U.S.), Cloud Elements, Inc. (U.S.), CA Technologies, Inc. (U.S.), and more.
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API Management Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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