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API Management Market Share, Statistics, Size, Outlook and Dynamics Till 2030
API Management Market Overview
API management is the process of designing 1, publishing, documenting, and analyzing APIs in a secure environment 1. It involves managing the entire lifecycle of an API, from development to deployment and beyond. API management helps organizations to expose their data and services through APIs, while maintaining control over how they are accessed and used.
Some common features of API management platforms include authentication and authorization, rate limiting, analytics and monitoring, documentation generation, and developer portals. They may also provide tools for versioning, testing, and debugging APIs, as well as enforcing access controls and securing data transmission.
In 2021, the API management market size was estimated at 3.28 billion USD. From USD 4.52 billion in 2022 to USD 27.32 billion in 2030, the API Management market industry is anticipated to expand at a compound annual growth rate (CAGR) of 25.22 percent (2022-2030).
The process of publishing, describing, and monitoring application programming interfaces in a safe, scalable environment is known as application programming interface management. Mobility and application proliferation, the rise of social media apps, the demand for both private and public APIs, the popularity of web APIs, the development of the internet of things and big data are some of the key factors driving the growth of the application programming interface management market. Application programming interface management enables a business to publish an API while keeping track of the API lifespan and the requirements of the API developers.
The software for the application programming interface might be created internally or purchased as a service. A programming interface for applications performs a wide range of tasks. These capabilities can include automation and linkages between applications and an application programming interface. This guarantees consistency among various interface apps while concurrently monitoring traffic from various applications. Data security, legacy SOA investments, and performance monitoring by qualified specialists are impeding the market's expansion, nevertheless.
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Regional Analysis:
North America is seeing a surge in the IT sector. Due to technical improvements and the presence of numerous cloud service providers, this area holds the biggest market share. The ability for the company to store, use, and administer the application interfaces remotely made cloud service providers a huge game changer for API management. Additionally, the use of cloud as a service for API management is growing as a result of its flexible pricing. The majority of the major players in this market are integrating APIs into a range of industrial applications, including those for smartphones, healthcare, and even the automotive and transportation industries. However, during the projected period, the Asia Pacific region is anticipated to grow at a rate comparable to that of Europe.
Market Segmentation:
Segmentation by Component: Solution, Services (training, consulting, integration, security & maintenance).
Segmentation by deployment: Cloud based, on premise
Segmentation by region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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Key Players
The key players of global API Management market report include IBM Corporation (U.S.), Microsoft Corporation (U.S.), Akana, Inc. (U.S.), CA Technologies, Inc. (U.S.), Cloud Elements, Inc. (U.S.), Hewlett-Packard Enterprises Co. (U.S.), Mashape Inc. (U.S.), MuleSoft, Inc. (U.S.), Oracle Corporation (U.S.), RedHat, Inc. (U.S.), SAP SE (Germany), and others are profiled in MRFR Analysis and are at the forefront of competition in the global application programming interface management market.
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