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 to drive the overall growth of the API management market
The global Application Programming Interface (API) management market 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 API management market is driven by various factors, such as demand for API-led connectivity, and API management solution powered with API analytics to streamline various stages of API life cycle. However, poor API security and governance can hinder the growth of the market.
Retail and consumer goods segment to grow at the highest CAGR during the forecast period
With time, many retail organizations have deployed a mix of technologies, computer systems, and disparate applications to cater to the growing demands of customers. Customer experience proves to be a very vital differentiating factor among a wide array of online shopping options. Online retailers risk losing out on their users, because of negative customer experience. Hence, retailers around the globe are formulating API strategies that not only help them reach customer in new ways, but also help them build internal APIs for streamlining business operations. API management solution enables retailers to offer eCommerce services, on different digital channels, to deliver omni-channel experience to their customers.
Integration and implementation services segment to hold the highest market share during the forecast period
Integration and implementation services provide ease to organization in deploying API management solutions and accelerating digital transformation. These services ensure organizations that mission-critical applications would be integrated effortlessly with their internal and external systems and they would get the most out of investments made on API infrastructure. Connectivity between digital assets and maintaining security of these assets are of prime importance for any organization. System integrators help enterprises understand the operational functionalities of their existing systems and establish reliable connectivity between data, people, apps, and devices.
APAC to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period, due to the increase in demand for API management solution and services. Growing economies in countries, such as China, Japan, Australia and New Zealand, and India, provide huge opportunities for the adoption of the API management solution and services in the APAC region. Meanwhile, North America is projected to hold the largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the API management marketplace.
- By company type: Tier 1 – 40%, Tier 2 – 46%, and Tier 3 – 14%
- By designation: C-level – 42%, Director-level – 35%, and Others – 23%
- By region: North America – 40%, Europe – 30%, APAC – 20%, MEA – 5%, and Latin America – 5%
Major vendors offering API management solution 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). The study includes an in-depth competitive analysis of these key players in the API management market, with their company profiles, recent developments, and key market strategies.
- The market study covers the API management market size across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component (solutions and services), deployment type, organization size, industry, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall API management market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.