API Management Market Segmentation, Application, Growth Drivers
The API management market is projected to grow from USD 4.5 billion in 2022 to USD 13.7 billion by 2027, at a CAGR of 25.1% during the forecast period. The growth is driven by strong digital transformation efforts, increasing foreign investments, and growing internet penetration worldwide.
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Key Segment Insights:
API Platform Segment:
Largest Market Share in 2022: The API platform, which enables the creation of web applications and services without disrupting existing APIs, is expected to dominate the market. This segment includes API Portal, API Gateway, API Administration, and API Monetization.
Consulting Services:
Significant Market Share: Consulting services help businesses understand the complexities of adopting API management solutions, assess budgets, and align solutions with business requirements, thereby playing a critical role in API management deployment.
Cloud Deployment:
Higher CAGR Expected: Cloud-based API management solutions are expected to grow at a higher CAGR during the forecast period. These solutions allow organizations to focus on core operations without the need to develop IT infrastructure, offering scalability, speed, and security. This is particularly beneficial for organizations with limited budgets.
SMEs:
Increased Adoption: Small and medium enterprises (SMEs) are expected to adopt API management solutions at a higher rate due to the growing demand for web applications and system integration. These solutions help SMEs manage API calls and enhance security.
Regional Insights:
North America:
Largest Market Size in 2022: North America is expected to maintain the largest market share due to the high adoption of web-based applications, growing internet and mobile users, and the region's large online audience. The demand for API management solutions is expected to be particularly strong in eCommerce, media, and entertainment industries.
Get More Info : https://www.prnewswire.com/news-releases/api-management-market-worth-13-7-billion-by-2027--exclusive-report-by-marketsandmarkets-301584677.html The major players in the API management market include:
Top Companies in API Management
Google (US)
IBM (US)
Microsoft (US)
Axway Software (US)
Broadcom Inc. (US)
MuleSoft (US)
Oracle Corporation (US)
Software AG (Germany)
Kong Inc. (US)
Red Hat (US)
SAP SE (Germany)
TIBCO Software (US)
Amazon Web Services (US)
Boomi (US)
Postman (US)
These companies are recognized for their significant contributions to the API management market, offering a range of solutions and services that help organizations manage, secure, and optimize their APIs.
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