API Management Market Worth $5.1 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 12, 2019 /PRNewswire/ -- According to a new market research report "API Management Market by Solution (API Platform, API Analytics, API Security), Service (Integration and Implementation, Consulting, Support and Maintenance, Training), Deployment Type, Organization Size, Industry, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Application Programming Interface (API) Management Market size is expected to grow from USD 1.2 billion in 2018 to USD 5.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period.
The growing demand for modern APIs to seamlessly connect various applications and devices as well as advanced analytics to get real-time insights on API performance and usage are some of the major factors driving the growth of the API Management Market.
Browse in-depth TOC on "API Management Market"
71 – Tables
37 – Figures
139 – Pages
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=178266736
BFSI vertical to hold the largest market size in the global API Management Market during the forecast period
The Banking, Financial Services, and Insurance (BFSI) sector is undergoing massive disruption, driven by regulatory changes and competitive pressures. Financial institutions are being forced to open up their systems to foster innovation, leading to better services for customers. Moreover, with the advent of mobile technology, customers' preferences and behavior are changing. Today, digital banking applications have grabbed a large share of customer transactions. API management solutions can help banks pursue new distribution channels, while also finding new ways to improve the customer digital banking experience and fasten the product development process.
The services segment to grow at the highest CAGR during the forecast period
API management services have a wide scope of usage, ranging from feasibility analysis, strategy and implementation, and valuations and development of modern APIs to cater business-specific needs of organizations. API management services help businesses bridge legacy systems to modern applications and deliver connected experiences to clients and partners while also maintaining control and reliability of backend systems. This has created opportunities for vendors to provide services to enterprises across different industry verticals and help them deal with complexities while configuring the API management solution.
Speak to our Expert Analyst:
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=178266736
North America to have the largest market size during the forecast period
North America is estimated to account for the highest share of the market in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies. The North American region exhibits a wide presence of key industry players offering API management solutions, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.
Major vendors offering API management solutions and services across the globe include IBM (US), Google (US), Oracle (US), Red Hat (US), Software AG (Germany), Axway (US), MuleSoft (US), Microsoft (US), SAP SE (Germany), AWS (US), CA Technologies, a Broadcom company (US), TIBCO (US), Kony (US), Rogue Wave Software (US), Sensedia (Brazil), Torry Harris Business Solutions (US), Tyk Technologies (England), WSO2 (US), Osaango (Finland), Dell Boomi (US), and Postman (US).
Browse Adjacent Markets: Software and Services Market Research Reports & Consulting
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/api-management-market.asp
Visit Our Website: https://www.marketsandmarkets.com
SOURCE MarketsandMarkets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article