Reports - API Management Market
API Management Market Size, Share & Trends Analysis Report by Components (Solutions, API Platform, API Analytics, API Security, Services, Integration & Implementation, Consulting, Support & Maintenance, Training & Education) by Deployment Types (On-premises, Cloud) by Verticals (BFSI, IT & Telecom, Retail & Consumer Goods, Travel & Transportation, Government, Media & Entertainment, Healthcare & Life Sciences, Manufacturing, Other Verticals (Education, Energy & Utilities)) by Organization Sizes (Large Enterprises, Small & Medium-Sized Enterprises) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2018 - 2023) & Forecast (2024 - 2032)
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USD 4,198.6 Million
USD 15863.24 Million
24.70%
USD 5234.91 Million
USD 30608.41 Million
24.8%
North America
42.3%
Asia Pacific
USD 1776 Billion
The global
API Management Market is valued at USD 4,198.6 Million in 2021
USD 15863.24 Million by 2028
24.70%
Premium Insights
API security is a method of securing APIs from external or internal cyberattacks. APIs are regularly used to enable access to software functions and databases. This frequent usage enables cyberattacks and phishing threats for hackers and attackers. The primary driver for the global API Management market to flourish during the forecast period is the rising number of businesses that rely on critical data and the growing utilization of data-driven decision-making solutions.
Additionally, the rising penetration of smartphones and laptops and improving internet access globally will contribute to the global API Management market during the forecast period.
Increasing functionality of APIs, such as publishing, documenting, and managing the application programming interface, is expected to act as a boon for the global API Management market. Globally, firms have begun implementing data-driven strategies for dealing with their application programmer interfaces to respond swiftly to client requirements changes. Additionally, the integration of advanced solutions such as SOAs, and PaaS integrators and the transformation of digital networks will further increase the viability of the market growth.
Since APIs use a wide range of tools such as subroutines, tools, and different protocols for developing and managing different applications, they are considered a constant mediator between software and hardware. This is an important bridge that is valuable for developers. These factors are expected to contribute to the sustainable growth of the global API Management market during the forecast period. However, issues related to data security, legacy investments in the SOA sector, and a lack of skilled professionals are emerging as major restraints for the global API Management market during the forecast period.
Top Market Trends
1. Wider Utilization:
2. Increasing Security Countermeasures:
3. Application Proliferation:
4. Growing Integration of APIs in SMEs:
5. Retail & Manufacturing to See Heavy Usage:
6. Increasing Mobile Applications:
Market Segmentation
The global API Management market can be categorized on the following:
Component, Deployment Type, Organization Size, Vertical, and Regions
Based on Components
Solutions to Occupy the Largest Market Share Owing to Large Data Generation Through IoT Devices
The solution segment is expected to occupy the largest market share in revenue and sales during the forecast period. A rising number of external and internal users is expected to push the segmental growth during the forecast period. Rising IoT devices and increasing mobile applications will further sustainably fuel the markets growth. Businesses worldwide require higher manipulation of data through APIs to improve user experiences. Services will grow at the fastest growing CAGR during the forecast period owing to the rising integration of APIs within the training & education sector.
Based on Deployment Types
On-Premises to Account for the Largest Market Size Due to Rising Utilization in BSFI & IT
Rising integration of On-Premise deployment is expected to register the largest market share during the forecast period. The user can easily access API Management solutions deployed on-premises as it is a physical presence within the companys data center. Organizations that deal with critical user data, such as many consumers’ sensitive data, often opt for On-Premise deployment mode as security is of the utmost importance. The cloud deployment type is expected to grow with the fastest growing CAGR during the forecast period owing to growing maintenance costs, hardware and software costs, and other necessary tools.
Based on Enterprise Sizes
Large Organizations Reign Dominance while SMEs Grow with the Fastest CAGR
The sub-segmental growth for large organizations is expected to dominate the market share in the enterprise size segment. Large organizations have a huge budget for deploying countermeasures and setting up on-premise systems within their data centers. This will lead to a higher adoption rate for large organizations during the forecast. Large organizations are also economies of scale and handle a wider array of web applications and mobile devices, contributing to higher growth over its counterpart. SMEs are expected to grow with the fastest CAGR during the forecast period owing to the rising integration of IoT-based devices and increasing awareness.
Based on Verticals
BSFI to Dominate Maximum Revenue Share due to Rising Modes of Banking
The BSFI segment will account for the largest market share in revenue and sales as major industry sections have begun monetizing APIs and standardizing API technology within banking systems. The BSFI industry is expected to move within transforming its business operations and enhancing customers' and bankers' experiences. Continuous adoption of APIs into banking is expected to change how data is often handled, along with a wide range of integration of services. IT & telecom will grow with the fastest growing CAGR during the forecast period owing to increased data handling applications and rising security measures.
Based on Region
Asia Pacific to Register Dominance While North America to Grow with a Rapid Pace
The maximum growth for the global API Management market is expected to be displayed in Asia Pacific. Factors such as the rising integration of cloud technology and widening initiatives undertaken by various government bodies will contribute to market growth. Additionally, the rising utilization of Internet of Things (IoT) based devices in the region will pull a fruitful role in the development of the market. The rising number of SMEs within the region and an increased focus on cloud deployment will increase the markets footprint during the forecast period.
North America is expected to grow with the fastest-growing CAGR during the forecast period. Mobile APIs are particularly utilized in a large number in the region. Increasing mobile phone numbers and rising e-commerce platforms are expected to propel market growth.
Competitive Landscape
The prominent global API Management market players have a huge consumer base and a strong geographic presence. This larger consumer base is attributed to the strong distribution channel these companies focus on, leading to driven business revenue. Leaders in the market are focusing on product development by participating in strategies such as acquisitions, mergers, & accelerated product development.
The key players in the global API Management market are FrieslandCampina (The Netherlands), Groupe Lactalis (France), Arla Foods (Denmark), Saputo (Canada), Fonterra Co-operative Group (New Zealand), Dairy Farmers of America (US), Kerry Group (Ireland), Ornua (Ireland), AMCO Proteins (US), Prolactal (Austria), Valio (Finland), Glanbia (Ireland), Hoogwegt Group (The Netherlands), Batory Foods (US) and Ingredia SA (France), to note a few.
Recent Market Developments
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Segmentation of the Global API Management Market
Source: www.vantagemarketresearch.com
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis | |
Pricing and purchase options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
Base Year
2023
Historic Year
2018 - 2022
Forecast Year
2023 - 2032
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