Application program interface (API) management is a set of processes that can design, publish, document, and analyze APIs in a secure environment. Also, it can distribute, control, and analyze various APIs that link applications and data across enterprise and clouds. Organizations can guarantee that the public and internal APIs created are consumable and secure through an API management solution. The primary goal of API management is to allow enterprises to utilize or publish an API, to monitor the interface's lifecycle, and to ensure that the developers and applications using the API needs are met. Hence, the global API management market size is anticipated to significant growth during the forecast period. API management is mainly about centralizing the control of API programming which includes analytics, access control, monetization, and developer workflows. For example, Red Hat 3scale API management solution, provides flexibility, dependability, speed, and quality. Also, an API management solution provides rate limits, access control, and usage policies at the minimum.
Increase in demand for API-led connectivity is primarily driving the growth of the API management market. In addition, businesses across the globe are implementing strategies to manage their application program interface to rapidly respond to the changes in customer demands. This is a major factor expected to boost the growth of the global API management market. Companies among various industry verticals are focusing on offering enhanced in-store or out-store experience along with customized recommendations, product support, and offers according to the gender, location, and behavior of the customer though API management solutions. These are the major factors that are expected to drive the growth of the global API management market. However, dearth of professionals required for developing and implementing API management solutions is a challenging factor that can hamper the growth of the global API management market. On the contrary, low-code platform for API development is expected to offer significant opportunities for this market.
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The global API management market is segmented based on component, deployment, enterprise size, industry vertical, and region. Based on component, it is bifurcated into solutions and services. By solution, the market is further sub-segmented into security, API platform, API analytics. By services, the market is further sub-segmented into consulting, support and maintenance, training and education, and integration and implementation. Based on deployment, the market is categorized into cloud and on-premises. Based on enterprise size, it is classified into large enterprises and small & medium enterprises (SMEs). Based on industry vertical, it is divided into travel & transportation, media & entertainment, retail, healthcare & life sciences, IT & telecommunications, banking, financial services & insurance (BFSI), and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global API management market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global API management market industry from 2018 to 2026 is provided to determine the market potential.
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KEY MARKET SEGMENTS
By Component
- Solution
- Security
- API Platform
- API Analytics
- Services
- Consulting
- Support and Maintenance
- Training and Education
- Integration and Implementation
By Deployment
- Cloud
- On-Premises
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Industry Vertical
- Travel & Transportation
- Media & Entertainment
- Retail
- Healthcare & Life Sciences
- IT & Telecommunications
- Banking, Financial Services & Insurance (BFSI)
Key Players
- CA Technologies
- Google LLC
- IBM Corporation
- Microsoft Corporation
- MuleSoft, LLC
- Oracle Corporation
- Red Hat, Inc.
- SAP SE
- Software AG
- TIBCO Software, Inc.
- Amazon Web Services, Inc.
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