NEW YORK, Sept. 15, 2021 /PRNewswire/ -- The global API Management market accounted for USD 2493.9 Million in 2020 and is expected to reach USD 6263.0 Million by 2028, growing at a CAGR of 11.3% from 2021 to 2028.
Globally, customers are specialized in various digital solutions like the web, laptops, smartphones, tablets, and even for sharing data and applications within the corporate. This has pushed organizations towards the adoption of more efficient frameworks to deliver enhanced end-user experience. This has led to the adoption of the Application Programming Interface (API). API technology assists the enterprises in sharing the content across organizations, it also comprises a set of the process through which the organization can gain control. The API management provides companies with an API gateway, developer portal, API lifecycle management, support for API monetization, and API lifecycle management.
Nevertheless, PaaS and SOA integrations alongside system integrators are expected to unlock up new alluring avenues in near future. Moreover, new product launches by market players also are set to power the event of the API management market. For instance, in August 2018, Microsoft announced plans for rolling a replacement BizTalk Server service additionally to details about its dream of Azure Integration Services.
COVID-19 Impact Analysis:
The global API Management market has witnessed a decrease in sales/solutions due to the lockdown enforcement placed by various governments to contain COVID spreading. People had no option but to remain indoors, so the sales of services and solutions had decreased drastically. The restrictions imposed by various nations to contain COVID had stopped the production resulting in disruption across the whole supply chain in the industry which has further affected the API market as well. However, the world markets are slowly opening to their full potential, and theirs a surge in demand for solutions and services.
Advancements of the large Data and Internet of Things, increasing requirements to manage API traffic, and have & cost benefits are a number of the main factors assumed to tower the event of API management market. Security problems associated with API are predicted to restrain the event of the API management market within the forecast period.
Segment Analysis Preview
API security ruled the answer sector of the API management market in 2016 thanks to perimeter security and encoding. Integration service and maintenance & support sector of API management market are likely to ascertain remarkable development in years to return. The industry section of the API management market is split into IT & telecom, BFSI, healthcare, government, manufacturing, retail & commodity, et al. sectors. BFSI has surfaced as a number one industry section of the API management market and is probably going to develop with the uppermost CAGR within the near future.
Cloud-based services reduce the general costs while providing highly flexible and scalable access to solutions. Companies are deploying API management solutions on the cloud to enhance mobility and accelerate the API development cycle. Security of APIs is higher in on-premises deployment type; however, cloud-based API management solution enables organizations to scale back the prices associated with the answer, storage, and technical staff. Thanks to these advantages, many vendors are switching from an on-premises deployment model to the SaaS-based software.
Industry Segment Analysis Preview
The industry vertical segment within the API management market comprises BFSI, IT and telecom, retail and travel, commodity, transportation, government, media & entertainment, healthcare & life sciences, manufacturing, and others. Among these, the BFSI industry vertical is predicted to carry the most important market size, as enterprises during this vertical are adopting API management solutions to create a lean, flexible, and efficient approach and streamline their digital business for banking, insurance, trading, capital markets, and payments.
Regional Segment Analysis Preview
North America is probably going to carry the biggest market share in the coming years in the API management market. The rising popularity of web APIs is going to be the main boosting factor for the growth of the API management market during this area. The high acceptance rate of the latest tech is probably going to support the event of the API management market in Europe. Increasing numbers of mobile users paired with penetration of e-commerce in up-and-coming nations are probably going to spice up the API management market in the Asia Pacific extremely. China held the most important share of the API management market in the Asia Pacific. Latin America is additionally likely to point out obvious development within the API management market in near future.
Key Market Players & Competitive Landscape
Major players in this API management market are CA Technologies, Microsoft Corporation, Apiary, Inc., Google, Inc., Red Hat, Inc., Axway, Inc., Fiorano Software, HP, Sensedia, SAP SE, TYK Technologies, Tibco Software, IBM Corporation, and Cloud Elements amongst others.
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