API Management Market - SWOT Analysis, Opportunities and Future Prospects

Growing demand for API-led connectivity, and need for public and private APIs to accelerate digital transformation are the major driving factors for the growth of API management market.

However, security of API can hamper the growth of market. Contrarily, API management solutions powered with advanced analytics capabilities is an opportunistic factor for global market.

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API based connectivity services is turning out to be a significant procedure within the enterprises, owing to its growing usage in engaging customers, employees and partners. Integration of newer technologies such as IoT, SaaS, big data, social, mobile, and APIs are widening the for new business, thereby creating various paths for revenue streams and gaining an efficient & innovative method for understanding the customer.

Initially, these integration were primarily done via point-to-point connections, however this methodology are more susceptible to failure and also consumer a large portion of IT's time and resource. IoT and API's is gaining a rapid traction, which is estimated to have a positive impact on the overall market. For instance, one of the restaurant chain Buffalo Wild Wings implemented an IoT and API strategy for forecasting its beer consumption references.

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Moreover, the frequency with which these new systems change has also increased. For example, whereas the database schema of a core banking system may change only on an annual basis, the requirements of the online and mobile banking applications connecting to those systems may change weekly, daily or even hourly.

The speed of these changes cannot be accommodated by traditional point-to-point integration methods. Another approach is required API-led connectivity.

Digital security has been one of the trending topics, followed by rapid adoption of wireless technologies and services coupled with increasing security breaches within few years.

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Security factor within API technology has been gaining a rapid traction, owing to increasing cyber breaches within the technology, which has alerted the demand for effective security measures.

Securities issues must be an important aspect to consider any time REST API is been design, testing, and deploying. With the mind-blowing development of REST APIs, the security levels most times are underestimated in the design and development of the API.

Security of sensitive data, be it organizational or personal information, is an important factor troubling developers and everybody nowadays. REST APIs is not an exception, being part of essential systems that require protection against security threats and breaches.

Major players analyzed include Axway Inc., CA Technologies Inc., Cloud Elements Inc., Dell Boomi Inc, Fioranco Software Inc., Google LLC, IBM Corporation, Kong Inc., Microsoft Corporation, and MuleSoft Inc.,

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Impact of COVID-19 on API Management Market:

• Overall behavior of security teams is likely to be disrupted, owing to the COVID-19 pandemic, which in turn cause hard in detecting malicious activities and responding them turning out to be complicated.

• Organizations should take hands-on steps by advising their staff and customers to be more attentive and cautious especially when opening links, emails or documents related to the subject COVID-19.

• Organizations should safeguard their detection and alerting capabilities are useful while keeping an eye on the impact of having many remote workers.

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