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API Management Market Overview, Analysis Through 2024-2033
API Management Market Overview
As per the report, the api management market size has grown exponentially in recent years. It will grow from $3.25 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 28.7%. The api management market size is expected to see exponential growth in the next few years. It will grow to $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 30.1%.
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Increasing Usage Of Data-Driven Decision Making
The growing utilization of data-driven decision-making is driving the API management market forward. Data-driven decision-making is the process of making business decisions based on data instead of gut feelings or instincts. The demand for data-driven decision-making is increasing, and API management enables organizations to adopt the data-driven approach by assessing channels for data transfer before solving the actual problems. For instance, in 2022, according to a data and analytics study by Foundry, a media, events, and research company, most of the organizations had already implemented data-driven projects, and more than 1/3rd (33%) of the organizations had already deployed data-driven projects, which was up from 28% in 2021. Moreover, 55% of the organizations expect an increase in their data initiative budgets, up from 44% in 2021. Therefore, the increasing demand for the utilization of data-driven decision-making is expected to propel the growth of the API management market.
Technological Advancements Propel Api Management Market, Highlighted By Google's Apigee X Launch
Technological advancements are a key trend gaining popularity in the API management market. Major companies in the API management market are innovating and introducing new technologies to gain a competitive edge in the market. For instance, in February 2021, Google, a US-based technology company, launched the """"Apigee X"""" API management platform. The platform uses Google's AI-ML-based technology for anomaly detection and operations management. The platform also integrates Google's cloud armor firewall and cloud identity access management platform, so the user doesn't have to use third-party firewall and identity management tools.
The api management market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Deployment: On-premises, Cloud
3) By Organization Size: Large Enterprises, Small and Medium Size Enterprises
4) By Vertical: BFSI, IT and Telecom, Retail and Consumer Goods, Travel and Transportation, Government, Media and Entertainment, Healthcare and Life Sciences, Manufacturing, Other Verticals (Education and Energy and Utilities)
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Major companies operating in the api management market report are International Business Machines Corporation, Google LLC, Oracle Corporation, Red Hat Inc., Software AG, Axway Software SA, MuleSoft Inc., Microsoft Corporation, SAP SE, Amazon Web Services Inc., TIBCO Software Inc., Kony Inc., Rogue Wave Software Inc., Sensedia S.A, DigitalML Limited, Cloud Elements Inc., Solo.io, Stoplight, Teejlab Inc., Nexright Inc., WSO2 Inc., Mashape Inc., SnapLogic Inc., TYK Technologies Ltd., Broadcom Inc., Fiorano Software Inc., Postman Labs Inc., Workato Inc., MuleSoft LLC, SmartBear Software Inc.
Contents of the report:
1. Executive Summary
2. API Management Market Report Structure
3. API Management Market Trends And Strategies
4. API Management Market - Macro Economic Scenario
5. API Management Market Size And Growth
…..
27. API Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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