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API Management Market 2024: Industry Trends, Innovations, and Growth
API Management Market 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to rise of api economy, digitalization and cloud adoption, increasing adoption of microservices architecture, growth of mobile and web applications, focus on developer experience.
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%. The growth in the forecast period can be attributed to expansion of partner ecosystems, edge computing and edge apis, regulatory landscape changes, enhanced developer experience, api monetization strategies. Major trends in the forecast period include digital transformation acceleration, proliferation of apis, hybrid and multi-cloud environments, open banking and financial services, partner ecosystem expansion.
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Market Drivers and Trends:
The rapid adoption of mobile devices is expected to propel the growth of the API management market going forward. A mobile device refers to a small, hand-held device that has a display screen with touch input and provides users with telephony capabilities. With the increasing use of smartphones and tablets, there has been a surge in mobile app development. APIs play a crucial role in enabling communication and data exchange between mobile apps and backend systems. For instance, according to the Economic Times, an India-based daily newspaper, as of October 2021, there were 1.18 billion mobile connections, 700 million Internet users, and 600 million smartphones in use in India. Therefore, the rapid adoption of mobile devices is driving the API management market growth during forecast period.
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.
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Major Key Players of the Market:
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.
API Management Market 2024 Key Insights:
• 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%.
• Increasing Usage Of Data-Driven Decision Making
• Technological Advancements Propel Api Management Market, Highlighted By Google's Apigee X Launch
• North America was the largest region in the API management market share in 2023
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