Global API Management Market was valued at US$ 1.0Bn in 2017 and is expected to reach US$ 9.1Bn by 2026, at a CAGR of 31.79% during a forecast period.
API (Application programming interface) stands for a set to protocols, tools, and subroutines that are used to develop software applications. Acting as a communication code among software programs, API management allows an organization to monitor the functionalities of the interface and meet the requirements of the application and developers. API management allows traffic monitoring of individual applications and aids in cache memory management to improve the performance of the application.
Major factors expected to challenge the market from achieving its full potential are data security, legacy investments in SOA, and performance monitoring by skilled professionals. Digital transformation, System integrators, and SOA & PaaS integrations are some of the new opportunities available for the players in the API management market globally. However, poor API security and governance can hamper the growth of the market.
Services segment based on a component is dominating the global API management market. API management services have an extensive scope of usage, ranging from feasibility analysis, strategy and implementation, and valuations and development of modern APIs to provide business-specific needs of organizations. API management services assistance businesses bridge legacy systems to modern applications and supply connected experiences to clients and partners while also maintaining control and reliability of backend systems.
The cloud deployment type is predictable to grow at a higher CAGR throughout the forecast period. Cloud-based services reduce the total costs while providing highly flexible and scalable access to solutions. Companies are deploying API management solutions on the cloud to increase mobility and accelerate the API development cycle.
North America is projected to account for the highest share of the market in 2018. The region includes developed countries, for example, 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 proposing API management solutions, and its financial position assists it to invest majorly in leading tools and technologies for effective business operations.
IBM, a leader in offering a wide set of solutions and services in the API management market, provides to the needs of organizations across the world. The company offers IBM API Connect to its global custom for leveraging API management. IBM’s API Connect addresses the critical process of the API lifecycle in a cloud and on-premises platforms. The company’s API management solution helps the initiatives create, manage, run, and secure APIs.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global API Management Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global API Management Market.
