API Management Market Set to Attain USD 41.5 Billion by 2031, Reports Allied Market Research
API Management Market
The rise in demand for cloud-based solutions is anticipated to be opportunistic for the market growth during the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATES, December 12, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “API Management Market," The API management market was valued at $2.2 billion in 2021, and is estimated to reach $41.5 billion by 2031, growing at a CAGR of 34.5% from 2022 to 2031.
API management involves a comprehensive set of tools, protocols, and subroutines designed for constructing software applications. These tools assist in the creation and publication of web application programming interfaces, enforcement of usage policies, access control, community development, collection and analysis of usage statistics, and performance reporting. The escalating demand for API-led connectivity, coupled with the necessity for both public and private APIs to expedite digital transformation, is expected to significantly contribute to the growth of the global API management market. Lucrative opportunities are anticipated to emerge from system integrators, as well as integrations with Service-Oriented Architecture (SOA) and Platform as a Service (PaaS).
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Based on industry vertical, the IT and telecom segment dominated the API Management market in 2021, and is expected to maintain its dominance in the upcoming years. The market is likely to benefit from increased adoption of the Internet of Things (IoT), device integration, and wearable devices in the telecom industry. However, the healthcare segment is expected to witness the highest growth rate during the forecast period, as API is built within healthcare organizations to increase interoperability, efficiency, or analytics visibility of applications, services, or digital tools.
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Based on organization size, the large enterprises segment dominated the API Management market in 2021, and is expected to maintain its dominance in the upcoming years, as large businesses increasingly depend on software-based services to generate revenue, the creation and maintenance of APIs has become a major part of business strategy. However, the SMEs segment is expected to witness the highest growth rate during the forecast period, SMEs will be able to obtain a greater number of electronic invoices and technology upgrades. This will make working more convenient. This is also gaining traction in mid-sized businesses.
In 2021, based on components, the solutions segment dominated the API Management Industry in 2021, and is expected to maintain its dominance in the upcoming years. Moreover, businesses must disclose more data through APIs to create rich, personalized app experiences for internal users, customers, and partners, as the number of apps and smart devices required in the digital world grows exponentially. Organizations across all industries require a strong life cycle API Management Software solution that allows them to track the success of their API-driven enterprises. The API management market is divided into three segments: API platform, API analytics, and API security. API Management Software solutions are in high demand because enterprises need to seamlessly link their systems and components with apps and devices.
The Asia-Pacific region is poised to experience the highest growth rate in the forecast period. The surge in investments for API Management solutions in countries like China, Japan, India, Australia, South Korea, and the rest of Asia-Pacific is driving market expansion. The increasing demand for APIs to support digital transformation is a significant factor contributing to the industry's remarkable growth in the region. The shift in customer behavior, influenced by enhanced connectivity through smartphones and social media, is a key driver of the market. API management involves consolidating control over API programming, encompassing analytics, access control, flexibility, and developer workflows. For example, Red Hat 3scale API Management offers flexibility, reliability, speed, and quality. Additionally, API Management includes features such as rate limits, access control, and usage policies at its core.
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Post-COVID-19, the API Management market size is estimated to grow from $2,215.1 million in 2021 to reach $41,460.6 billion by 2031, at a CAGR of 34.5%. The COVID-19 outbreak has low impact on the growth of API management market, as the adoption of API management solutions has increased in the face of unprecedented circumstances. The ongoing pandemic has caused social stress and economic devastation throughout the world. Countries' unemployment rates have risen because of the closure of production facilities and manufacturing units around the world. In addition, outburst effects of COVID-19 are leading countries, as well as the global economy towards recession. However, the world markets, on the other hand, are gradually opening up to their full potential, and demand for solutions and services is witnessing growth. The adoption of API management is increasing significantly after COVID, due to surge in digitalization, increase in sales of smartphones and WFH policies. Post COVID-19 impact, the penetration of API managements has increased significantly as they offers several advantages such as public and private APIs that is accelerating digital transformation.
Some of the key API management industry players profiled in the report include Amazon Web Services (AWS), Axway, Google, IBM, Microsoft Corporation, Oracle Corporation, Red Hat, SAP SE, Software AG, TIBCO. This study includes API management market share, API Management Market Trends, API management market analysis, and future estimations to determine the imminent investment pockets.
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APIs represent a crucial component for numerous organizations, facilitating informed decision-making through data that serves as an intermediary between machines and consumers. The widespread adoption of APIs in recent years attests to their ability to provide organizations with complete flexibility and enhance user experiences. API management solutions often employ a data-first monitoring approach, emphasizing a data-driven methodology to ensure the protection and accessibility of data for authorized users. Security is a pivotal factor contributing to market growth, as API management solutions can identify network vulnerabilities, thereby safeguarding data privacy and security. The consolidation and management of various tools and applications on a unified platform further contribute to the overall efficacy of API management solutions.
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