Press release
API Management Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
API Management
How Large Will the API Management Market Size By 2025?
The dimension of the API management market has seen a rapid expansion over the recent years. The market is projected to increase from $4.11 billion in 2024 to $5.24 billion in 2025, showing a compound annual growth rate (CAGR) of 27.5%. The historical growth trajectory is associated with the surge in the API economy, growing digitalization and cloud adoption, enhanced use of the microservices architecture, development in mobile and web applications, and an increased emphasis on the user experience for developers.
How Big Is the API Management Market Size Expected to Grow by 2029?
The market size for API management is anticipated to grow dramatically in upcoming years. It's projected to surge to $16.01 billion by 2029 with a compound annual growth rate (CAGR) of 32.2%. This growth during the forecast period can be associated with extension of partner ecosystems, advancement in edge computing and edge APIs, modifications in regulatory landscape, improved developer experience and API monetization tactics. The main trends during the forecast period encompass acceleration in digital transformation, API proliferation, hybrid and multi-cloud environments, open banking and financial services and expansion of partner ecosystem.
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Which Key Market Drivers Powering API Management Market Expansion and Growth?
The advancement of the API management market is propelled by the rising adoption of data-accentuated decision-making strategies. Instead of relying on intuition or hunches, businesses are making decisions based on data-driven strategies. The appeal for such decision-making methods is escalating, with API management giving organizations the tools to adopt these strategies, assessing data transmission routes before tackling underlying issues. As indicated by a study conducted by Foundry, a media, events, and research firm, in 2022, a majority of organizations had embarked on data-driven initiatives, with over a third (33%) having launched such projects; this showed a rise from the 28% in 2021. Furthermore, 55% of organizations are anticipating augmentations in their data initiative budgets, marking an increase from 44% in the prior year. Consequently, the mounting demand for incorporating data-focused decision-making practices is presumed to fuel the progression of the API management market.
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Which Fast-Growing Trends Are Poised to Disrupt the API Management Market?
The advancement of technology is a notable trend on the rise in the API management market. Key players in this market are innovating and ushering in novel technologies in order to secure their advantage over the competition. For instance, in November 2022, Advent International, a US-based private equity firm with extensive knowledge in various sectors, unveiled Cohance Lifesciences -- a new brand identity for its API and CDMO platform. This platform brings together all of Advent's API-oriented assets under one banner and incorporates advancements in pellets, formulations, and clinical research to deliver comprehensive end-to-end solutions for clients. The establishment of Cohance Lifesciences embodies the firm's vision and executing ethos with regard to the pharmaceutical industry.
What Are the Emerging Segments in the API Management Market?
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)
Subsegments:
1) By Solutions: API Gateway, API Analytics, API Security, API Design And Development, API Testing Tools, API Documentation
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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Who Are the Global Leaders in the API Management Market?
Major companies operating in the API management market 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.
Which are the Top Profitable Regional Markets for the API Management Industry?
North America was the largest region in the API management market share in 2024. The regions covered in the API management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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