API Management Market

API Management Market Size (2023 - 2028)

The global application programming interface management (API) market size will grow from US $4.1 billion in 2022 to US $8.41 billion in 2028, recording a CAGR of about 34% during the forecast period.

The API, in general, includes several protocols, tools, and subroutines that can be used to develop various applications. It acts as a major communication code between software and API management that enables any organization to track the performance of the interface and meet the needs of the developers. API management helps monitor traffic for individual applications and facilitates cache management to improve application performance. Because API management software can be created internally by an organization or imported from external suppliers, it has become an essential tool for many commercial suppliers to improve their customer experience.

The API has been used as a tool to access data via mobile applications, the Internet of Things (IoT) and cloud platforms. APIs allow a company to securely expose its content or services inside and outside the company. API management solutions refer to the process of designing, distributing, publishing, controlling and analyzing APIs. An API management solution typically includes a developer portal, API gateway, API lifecycle management, and analytics.

API management consists of a set of processes through which organizations can gain control and visibility of the APIs used to connect data and applications to the cloud and businesses. API management provides businesses with an API gateway, developer portal, API lifecycle management, API monetization support, and API lifecycle management. To determine the full potential of their data services, organizations use API management which publishes APIs to internal, external and partner developers. It also helps to create, protect, manage, evolve and analyze APIs.

Market Growth and Trends

The mobility and proliferation of applications is the main factor that increases the demand for API management. With the growing number of mobile subscribers, the rise of social media and the penetration of electronic commerce, suppliers from various industries are now able to interactively provide information to their consumers, thereby increasing their sales. The advancement of the Internet of Things and Big Data, as well as the cost benefits and features, are two other important factors driving the global API market. In addition, as API management contributes to the systematic application of policies and insightful analytical visualization, the demand should extend to several organizations wishing to increase their productivity.

Market Drivers and Restraints

The increased demand for API-based connectivity is primarily driving the growth of the global API management market. Additionally, companies around the world are implementing strategies to manage their application program interface to quickly respond to changing customer demands. This is an important factor that is expected to drive growth in the global API management market. Businesses in various industries focus on providing an enhanced store or store experience, as well as personalized recommendations, product support, and offers based on gender, location, and customer behavior through API Management Solutions. These are the main factors that should drive the growth of the global API management market. However, the shortage of professionals required to develop and implement API management solutions is a difficult factor that can hinder the growth of the global API management market. By contrast, the low-code API development platform should offer significant opportunities for this market.

API MANAGEMENT MARKET REPORT COVERAGE:

Market Segmentation

The global API management market has been segmented by deployment type, services, industry and region.

API Management Market - By Deployment Type:

• Cloud

• On-Premises

• Hybrid

The demand for cloud-based implementation is expected to increase significantly in the forecast due to the high flexibility and scalable implementation provided by the cloud at a low cost.

API Management Market - By Services:

• Analytics

• Portal

• Gateway

• Governance

• Security

• Others

Security meditates and protects the traffic between companies and developers or client application programming interfaces. Analytics offers visualization tools, dashboards, and reports that can help end-users to measure the data flow between application programming interfaces.

API Management Market - By Industry:

• Aerospace & Defense

• Banking & Finance

• Automotive & Transportation

• Public Sector & Government

• Retail & Consumer

• Healthcare & Life Sciences

• Technology & Media

Competitive Landscape

A leader in providing a complete suite of API management solutions and services, IBM meets the needs of organizations around the world. The company offers IBM API Connect to its global customers to take advantage of API management. The IBM Connect API addresses the critical API life cycle process in the cloud and on-premises platforms. The Enterprise API Management Solution helps businesses create, manage, run, and protect APIs. IBM has created strong brand value in the technology space, targeting customers in all industries. The company is stepping up its focus on innovation and stands out for the quality of its products. It also continually invests in R&D activities to strengthen its solutions. IBM has a widely integrated supply chain and has optimized inventory over time, allowing IBM to reduce risk during market changes.

Key players in the market

Leading players in the global API management market are:

1. IBM (USA)

2. Google (USA)

3. Oracle (USA)

4. Red Hat (United States)

5. Software AG (Germany)

6. Axway (United States)

7. MuleSoft (United States)

8. Microsoft (United States)

9. SAP SE (Germany)

10. AWS (United States)

11. CA Technologies (United States)

12. TIBCO (United States)

13. Kony (United States)

14. Rogue Wave Software (United States)

15. Sensedia (Brazil)

16. Torry Harris Business Solutions (United States)

17. Tyk Technologies (England)

18. WSO2 (United States)

19. Osaango (Finland)

20. Dell Boomi (United States)

21. Postman (United States)

Recent developments:

• In July, Microsoft (United States) announced the launch of the integration of Azure API Management (APIM) with Azure Application Insights (AI). This functionality enables customers to implement APIM telemetry to artificial intelligence and employ the full set of AI features to manage and troubleshoot their APIs.

• Microsoft (USA) in March introduced a novel Custom Vision service on Azure. This is utilized as cloud-hosted APIs that can assist developers to combine artificial intelligence abilities for speech, language, vision, knowledge, and research.

• IBM Corp developed IBM API Connect to integrate APIs directly from SwaggerHub, this solution will help ensure and provide stability and improve performance.

• IBM has sponsored conferences on the application programming interface (API) worldwide, where the main initiative of the company was to provide professionals with the opportunity to solve real business problems.