GLOBAL API MANAGEMENT MARKET (2023 - 2030)
As per our research report, the global API Management Market size is estimated to be growing at a CAGR of 31.05% from 2023 to 2030.
Following COVID-19, it is predicted that the current projection for 2030 will be greater than pre-COVID-19 forecasts. Meanwhile, the spreading pandemic has devastated the global economy and prompted societal unrest. Due to the shutdown of industrial and production facilities worldwide, unemployment rates have increased in several economies. Moreover, COVID-19's explosive aftereffects are pushing economies around the world into the depth of the recession. On the other hand, the demand for products and services is also continuously increasing as the global markets steadily develop to their full potential. Since the advent of the COVID-19 pandemic, API management use has remarkably increased as a result of increased digitization, growing smartphone sales, and WFH policies. The COVID-19 pandemic has not had a negative impact on market growth, and during the projected period, it is anticipated to present numerous opportunities for market advancement. The demand for API management is predicted to be driven by significant investments in robust consumer connectivity and API technologies in both developing and developed economies.
Similar to web apps, mobile apps use an application programming interface. It gives programmers access to a different platform or application. To truly put the vast amounts of data a company generates into a framework that can be used on a mobile device, mobile APIs are required. Most users are familiar with a mobile app's front end. Mobile apps frequently rely on integrated data from various sources as user demand and capabilities increase. The tool that enables user interaction with data from many applications is provided by mobile APIs. They all originate from various sources.
The demand for agility, scalability, and quicker time-to-market is driving the increasing usage of micro services architecture. Businesses can divide complicated programs into smaller, modular services that can be created and deployed independently due to micro services design.
Additionally, both public and private APIs are actively advancing global digitalization in their respective fields. Also, businesses all around the world are putting management techniques for their application program interface in place so they can react rapidly to changing client demands.
KEY MARKET INSIGHTS:
- The increasing adoption of APIs by businesses in many industries is fuelling the rapid growth of the API management market. Initiatives like mobile applications, cloud computing, and the Internet of Things are all dependent on APIs to function (IoT). The API management market is estimated to grow at a CAGR of 31.05% during the upcoming years. The market is expanding as a result of factors such as the rising popularity of micro services architecture, the rising demand for secure and scalable APIs, and the rising usage of cloud-based services.
- Organizations are using APIs more frequently to support digital transformation goals and boost operational effectiveness. By integrating various applications, systems, and data sources, firms are able to develop new business models, enhance customer satisfaction, and increase operational effectiveness. The need of protecting APIs from cyberattacks and ensuring their security is growing as their use becomes more pervasive. Security features like authentication, authorisation, and encryption are offered by API management platforms to safeguard APIs from unauthorized access and online attacks.
- The popularity of micro services architecture is growing as a result of its ability to help businesses create and deploy applications more quickly, more effectively, and more affordably. The ability to manage and administer several APIs across various micro services makes API management solutions a crucial part of micro services architecture. As analytics gives businesses access to information about how APIs are used, performed, and secured, it is quickly becoming a crucial part of API administration. The monitoring, analysis, and optimization of API performance, as well as the identification and mitigation of security risks, are all made possible by analytics tools in API management solutions. Because it makes it possible for businesses to roll out API management solutions quickly, simply, and affordably, cloud-based deployment is gaining popularity. Scalability is a feature of cloud-based API management solutions.
- To help enterprises manage and govern APIs as part of their DevOps processes, API management solutions are being linked with DevOps technologies. Organizations can automate API testing, deployment, and monitoring through integration with DevOps tools, increasing operational efficiency and decreasing time to market. Due to the presence of multiple major competitors and a sizable number of small and medium-sized businesses vying for market share, the API management industry is extremely competitive. In order to obtain a competitive advantage, businesses concentrate on product innovation, quality, and price competitiveness. The market is defined by the presence of both international and regional competitors.
- API Gateway
- API Analytics
- API Portal
- API Lifecycle Management
- API Security
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- Government and Public Sector
- Banking, Financial Services, and Insurance (BFSI)
- Retail and E-commerce
- IT and Telecom
- Rest of the World