Press release
API Management Market Poised to Hit $15.86 Billion by 2029 with Accelerating Growth Trends
API Management
API Management Market Size Growth Forecast: What to Expect by 2025?
The size of the api management market has seen significant increases over the past few years. Its projected growth will take it from a total market value of $4.11 billion in 2024 to an impressive $5.24 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 27.5%. Factors contributing to this exceptional growth have been the emergence of the API economy, the adoption of digitalization and cloud-based solutions, the increasing usage of microservice architecture, the expansion of mobile and web applications, and the concentration on improving the developer experience.
How Will the API Management Market Size Evolve and Grow by 2029?
In the upcoming years, the api management market size is set to witness a significant surge, swelling to $15.86 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 31.9%. The surge during this forecasted period can be credited to the broadening of partner ecosystems, advancements in edge computing and edge APIs, shifts in regulatory landscapes, improvement in developer experiences, and strategies for API monetization. The forecast period will also see major trends like accelerated digital transformation, widespread use of APIs, hybrid and multi-cloud environments, expansion in open banking and financial services, and partnership ecosystem growth.
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What Drivers Are Propelling the Growth of API Management Market Forward?
The continued adoption of data-informed decision-making is propelling the growth of the API management market. This kind of decision-making models centres on making business choices based on data, rather than on instinct or guesswork. The need for this approach is on the rise, and API management assists businesses in adopting this method by first evaluating the channels for data transmission before troubleshooting the actual issues. In illustration, a 2022 research by media, events, and research firm Foundry revealed that the majority of organizations had already embarked on data-driven projects. In fact, more than a third (33%) had already rolled out such projects, a rise from the previous year's 28%. In addition, 55% anticipate an increase in their data initiative budgets, a rise from 44% in the preceding year. Consequently, the mounting demand for data-centred decision-making is predicted to fuel the expansion of the API management market.
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Which Emerging Trends Are Transforming the API Management Market in 2025?
Emerging technologies constitute a key trend gaining momentum in the API management sector. To remain competitive, major players in the sector are innovating and incorporating novel technologies. For instance, in November 2022, Advent International, an American private equity firm with specialised sector knowledge, introduced Cohance Lifesciences, a fresh identity for their API and CDMO platform. This platform amalgamates Advent's assets related to API under one brand and is prospectively integrated into pellets, formulations, and clinical research, offering end-to-end solutions for its clientele. The unveiling of Cohance Lifesciences mirrors the company's vision and operational ethos in the pharmaceuticals industry.
What Are the Key Segments in the API Management Market?
The api managementmarket 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 Key Players Shaping the API Management Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth in the API Management Market?
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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