API Management Market - Global Industry Analysis, Share, Growth, Trends, Forecast 2024

Application programming interface (API) is a set of tools, protocols, and subroutines used to build applications and software. API can also be defined as a code which allows communication between software programs. API facilitates program development by providing the necessary building blocks to the programmer. APIs are realized by function calls which are composed of nouns and verbs. The required syntax description is provided in the documentation of the called application in order to facilitate usage. API management is the process of documenting, overseeing, and publishing APIs in a scalable and secure environment. The purpose of API management is to enable an organization that publishes an API to monitor the lifecycle of the interface, and ensure that the requirements of the applications and developers are satisfied. API management tools control and automate connections between an application and API while ensuring consistency between different API versions and implementations. They also monitor traffic between individual applications and provide cache memory management mechanisms for improving the performance of the application. Such tools employ security procedures and policies to authorize, authenticate, and manage access to API data. As APIs have strategic importance, API management is critical for any organization’s API approach. API management software can be developed in-house by organizations or can be purchased through third-party providers.

Today’s businesses are increasingly becoming software-powered, customer-centric, and depend on connectivity. Connectivity thrives on APIs, thus organizations are increasingly employing API management solutions. Furthermore, the rise in mobile applications developed for customer engagement that require APIs to link transactions and enterprise data is another vital factor to drive the growth of API management market. Implementation of digital strategies is of utmost importance for businesses to reach out to their customers. This requires significant amount of investments in cloud, Internet of Things, mobile, and big data technologies.

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These digital advancements are driving organizations to incorporate and better integrate APIs through API management. A good API management platform allows organizations to reshape the backend in case of any change in API, or integration with an external API. This capability of API management solutions eliminate the need for the development team to make changes in the backend code, thus reducing their workload. Furthermore, API management allows the systematic enforcement of policies, production assurance of SLAs, and visualization of analytics with deep insights, thereby transforming an API into a platform.

The API management market can be categorized on the basis of type of API, deployment type, industry vertical, and geography. On the basis of type of API, the market can be further segmented into internal, external, and partner. Furthermore, on the basis of deployment type, the market can be further categorized into on-premise, cloud, and hybrid. Moreover, by industry vertical, the API management market can be segmented into retail, telecom, travel and transport, insurance, banking, energy and utilities, media and entertainment, government, aerospace and defense, healthcare, and automotive. Geographically, the market is segmented as North America, South America, Europe, Asia-Pacific and Middle East and Africa.

The major players in the API management market include International Business Machine Corporation, HP Development Company, L.P., Oracle Corporation, Microsoft Corporation, 3scale API Management, Akana, Inc., Apigee Corp., Axway, CA Technologies, MuleSoft, Inc., and TIBCO Software, Inc.

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