CHICAGO, July 12, 2022 /PRNewswire/ -- According to a research report "API Management Market by Component (Solutions and Services), Deployment Type (On-premises, Cloud), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, IT & Telecom, and Retail & Consumer Goods) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the API management market size is expected to grow from USD 4.5 billion in 2022 to USD 13.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.1% during the forecast period. Strong digital transformation and multiple foreign investments, and growing internet penetration are some of the major factors driving the demand for API management solutions globally.
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API platform segment to hold largest market share of API management platform in 2022.
API platform is a framework that enables the creation of web applications and services without affecting the existing APIs. Thus, the API platform forms a crucial element of a mature API strategy. API platform is further segmented as API Portal, API Gateway, API administration, and API Monetization.
Consulting services to hold significant share of API management market during the forecast period.
Consulting services in the API management market helps understand the functionalities and complexities associated with adopting an API management solution. Consultants help understand the business process's problems and suggest ways to overcome them. These services are important for deploying API management solutions as they examine the budget and business requirements and reduce complexities.
Cloud deployment type to grow at a higher CAGR during the forecast period
The cloud deployment type is expected to grow at a higher CAGR during the forecast period. Cloud-based API management solutions support organizations in focusing on core business operations rather than on developing IT infrastructure. It also eliminates the cost of hardware, software, storage device, and other technical requirements. Organizations with limited budgets will benefit from cloud-based API management solutions due to scalability, speed, and security. Cloud-based API solutions provide a centralized system for accessing and integrating its components with web applications and accelerate the application development process.
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Small and medium enterprises are likely to adopt API management solutions at a higher rate during the forecast period
SMEs are utilizing cost-effective API management solutions to meet the growing demand for web applications and system integration. API management solutions help organizations manage API calls and usage with enhanced security capabilities.
North America holds the largest market size in 2022
The adoption of API management solutions is expected to be higher in North America during the forecast period. This is mainly due to the growing adoption of web-based applications and the rising number of internet and mobile users. For instance, as per Statista, in 2021, North America had approximately 417 million internet users. The region accounts for the biggest online audience, which is expected to drive the demand for API management solutions in eCommerce, media, and entertainment industries.
The major players for API management market includes 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), and more.
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