API Management Market Skyrockets to $35.40 Billion by 2031 Dominated by Tech Giants - Broadcom Inc., Microsoft Corporation and Oracle Corporation | The Insight Partners
The global API management market is set for explosive growth, with projections indicating a surge to $35.40 Billion by 2031. This remarkable expansion, driven by increasing use of application programming interfaces (API) management across industries and rising focus on data-driven decision-making.
NEW YORK, Dec. 3, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, "API Management Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component, Deployment, Organization Size, End User, and Geography," the global API (Application Programming Interface) management market is observing significant growth owing to increase in number of job immigrants and gig economy and rise in employee fraudulent activities.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the API management market comprises a vast array of services, organizations size, application and geography which are expected to register strength during the coming years.
Market Overview and Growth Trajectory:
API Management Market Growth: According to an exhaustive report by The Insight Partners, the API Management Market is experiencing significant growth, driven by integration of API with artificial intelligence (AI), rising digital transformation and integration of multi-cloud API management. The market, valued at $4.29 Billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 30.2% during 2023–2031.
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Emergence of AI and ML Technologies Drives: Artificial intelligence (AI) and machine learning (ML) technologies have the potential to transform the API management industry. API management platforms are leveraging these technologies to automate processes such as API discovery, threat detection, and anomaly detection. This helps organizations reduce the burden on their IT teams and improve the efficiency and accuracy of their API management processes. AI in API management helps automatically generate documentation, provide recommendations for improvements, and monitor usage trends. Businesses can save money and time by utilizing AI instead of physical labor for certain operations. A large number of enterprises will start utilizing AI or ML technology services such as speech recognition, chatbots, predictive analytics, and customer service automation tools via API management. In the next two to three years, the market will witness a massive increase in applying ML for API management and provisioning. As the world of API development evolves and API adoption increases, new trends and functionality will emerge. Thus, the emergence of technologies such as AI and ML will provide lucrative opportunities for the API management market growth in the future.
Increased internet penetration and consumption and the rapid adoption of API management: Increased internet penetration and consumption and the rapid adoption of API management fuel the API management market growth in India. According to a survey by CA Technologies, a majority of surveyed organizations in India recognized the importance of APIs in business growth, and API adoption has skyrocketed, with about 91% of organizations adopting APIs. Moreover, online banking has emerged as the primary mode of accessing banking services for customers in India due to its numerous advantages in the digital era. UPI has been widely adopted in the country, as it provides a straightforward, safe, and effective payment method, fostering digital payments and financial inclusion. APIs are fundamental to the UPI and online banking as they provide the technological framework for smooth communication and interaction between various organizations within the UPI ecosystem. Secure and effective API management is becoming important as the Indian banking industry embraces open banking and digital transformation.
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Rising Digital Transformation: Digital transformation is driven by rapidly changing user expectations and the need to connect a growing number of applications and digital experiences. API integration is considered critical by 83% of IT specialists, according to the State of API Integration Report. APIs have become a standardized mechanism to connect partners and are increasingly seen as products in their own right. Large enterprises are leveraging APIs to enable change and drive digital transformation. APIs play a crucial role in enabling connected customer experiences, digital business excellence, and the emergence of an ecosystem-driven economy.
Geographical Insights: North America dominated the API management market in 2023. Europe is the second-largest contributor to the global API management market, followed by Asia Pacific.
API Management Market Segmentation, Applications, Geographical Insights:
- Based on component, the API management market is segmented into solutions and services. The solutions segment dominated the market in 2023.
- In terms of deployment, the API management market is segmented into cloud and on-premises. The cloud segment dominated the market in 2023.
- Based on organization size, the market is segmented into large enterprises and SMEs. Large enterprises segment dominated the market in 2023.
- Based on end user, the market is segmented into IT & Telecom, BFSI, healthcare, government, manufacturing, and others. IT & Telecom segment dominated the market in 2023.
- The API management market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The API Management Market is characterized by the presence of several major players, including:
- Broadcom Inc.
- Microsoft Corporation
- Oracle Corporation
- Software AG
- IBM Corporation
- Postman, Inc
- TIBCO Software Inc.
- SAP SE
- Red Hat
- Amazon Web Services
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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API Management Market Recent Developments and Innovations:
- "Cequence Solutions integrated with the Broadcom Layer7 API Gateway. Cequence now supports and integrates with the Broadcom Layer7 API Gateway using the Cequence Broadcom API Gateway Policy Plugin. Broadcom Layer7 API Gateways are extensible, scalable, and high-performance gateways to connect businesses' important data and applications across any combination of container, cloud, or on-premises environments."
- "Akamai Technologies, Inc., the cloud company that powers and protects life online, announced that it had entered a definitive agreement to acquire an API security company, Noname Security. Noname, one of the top API security vendors in the market, will enhance Akamai's existing API Security solution and accelerate its ability to meet growing customer demand and market requirements as the use of APIs continues to expand. Akamai also expects to gain greater scale with Noname's additional sales and marketing resources and established channel and alliance relationships."
Conclusion:
Application Programming Interface (API) management is the scalable and unified process of building, publishing, and maintaining API connections, sharing them, measuring usage, regulating access, and enforcing security regulations in an enterprise or multi-cloud environment. API management enables businesses to share and socialize API setups, collect and analyze usage statistics, control access, and enforce security regulations all at the same time. One significant advantage of adopting an API management system is the ability to deploy and reuse integration assets quickly and efficiently. Enterprises may distribute API documentation and coding components among teams by managing all APIs on a single, uniform, and centrally viewable platform. Moreover, API management has become a crucial component of digital transformation initiatives, allowing firms to establish seamless linkages across their digital assets. As organizations increase their daily operations, the adoption of new tools and services to strengthen their digital ecosystem becomes increasingly important.
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The global API management market is experiencing significant growth in terms of revenues pertaining to an increasing focus on data-driven decision making. North America dominates the global API management market. The ongoing digital transformation across industries creates a need for businesses to seamlessly integrate their applications, systems, and services. API management plays a crucial role in enabling this integration, facilitating secure and efficient communication between diverse applications. As organizations focus on enhancing their digital capabilities, the API Management market in North America is experiencing substantial growth.
With projected growth to $35.40 Billion by 2031, the API Management Market represents a significant opportunity for solution providers, system integrators, end-users, investors, industry stakeholders, and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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SOURCE The Insight Partners
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