API Management Market size and growth:
The API Management market is projected to grow from USD 4.52 billion in 2022 to USD 27.32 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 25.22% during the forecast period (2022-2030).
Key players
- 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
- Amazon Web Services
- Akamai Technologies
- WSO2
- Axeway
- Tibco software, among others
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Market segmentation
The API management market can be segmented by component, deployment type, organization size, vertical, and region.
- By component: The market is divided into solutions and services. The solutions segment is expected to hold the largest market share throughout the forecast period.
- By deployment type: The market is divided into on-premise, cloud-based, and hybrid. The cloud-based segment is expected to witness the fastest growth during the forecast period.
- By organization size: The market is divided into large enterprises and small and medium-sized businesses (SMBs). The large enterprises segment is expected to hold the largest market share throughout the forecast period.
- By vertical: The market is divided into BFSI, IT & telecom, healthcare, retail, media & entertainment, manufacturing, and others. The BFSI segment is expected to hold the largest market share throughout the forecast period.
- By region: The market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share throughout the forecast period.
Factors driving the market
The growth of the API management market is being driven by a number of factors, including:
- The increasing adoption of APIs: APIs are essential for enabling digital transformation and creating new business models. As more businesses adopt APIs, the need for API management solutions will continue to grow.
- The need for better API security and governance: As APIs become more widely used, the need to secure them and ensure that they are used in a compliant manner is becoming increasingly important. API management solutions can help businesses to do this.
- The growing popularity of cloud-based API management solutions: Cloud-based API management solutions are more flexible and scalable than on-premise solutions, and they are also easier to deploy and manage. This is making them increasingly popular among businesses of all sizes.
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Challenges facing the market
The API management market also faces a number of challenges, including:
- The complexity of API management: API management can be complex, especially for large enterprises with a large number of APIs. This can make it difficult for businesses to get started with API management or to scale their API management solutions.
- The lack of skilled API management professionals: There is a shortage of skilled API management professionals, which can make it difficult for businesses to find the talent they need to implement and manage their API management solutions.
- The cost of API management solutions: API management solutions can be expensive, especially for large enterprises. This can make it difficult for some businesses to justify the cost of investing in an API management solution.
Overall, the API management market is expected to grow significantly in the coming years, driven by the increasing adoption of APIs, the need for better API security and governance, and the growing popularity of cloud-based API management solutions. However, the market also faces a number of challenges, such as the complexity of API management, the lack of skilled API management professionals, and the cost of API management solutions.
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