API Management Market size worth USD 13.56 Billion, Globally, by 2028 at 28.77% CAGR: Verified Market Research®
The "Global API Management Market Size By Component, By Deployment Type, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global API Management Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Sept. 28, 2023 /PRNewswire/ -- The Global API Management Market is projected to grow at a CAGR of 28.77% from 2021 to 2028, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 1.8 Billion in 2020 and is expected to reach USD 13.56 Billion by the end of the forecast period.
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Browse in-depth TOC on "API Management Market"
API Management Market Poised for Growth Amid Digital Transformation Trends
The global API Management Market is on the cusp of significant growth, driven by the pivotal role of Application Programming Interfaces (APIs) in facilitating data access through mobile applications, the Internet of Things (IoT), and cloud platforms. As organizations seek to bolster their digital transformation efforts, the API Management sector is witnessing an upsurge in demand, coupled with evolving consumer habits influenced by smartphone usage and social media.
API Management Market Drivers:
API Management Market Outlook:
API Management solutions encompass a comprehensive suite of tools and processes, including developer portals, API gateways, API lifecycle management, and robust analytics capabilities. These elements collectively ensure control and transparency over APIs, facilitating seamless data and application integration across enterprises and cloud environments.
The market presents ample opportunities for growth, particularly in the development and implementation of API management solutions. The emergence of low-code platforms for API development is set to unlock significant potential for industry players.
The shortage of skilled professionals capable of developing and implementing API management solutions remains a notable challenge in the market. Overcoming this talent gap is crucial for sustained growth.
API Management Market Key Player:
Prominent players in the API Management Market include IBM, Google, Oracle, Red Hat, Software AG, Axway, MuleSoft, Microsoft, SAP SE, AWS, CA Technologies, Broadcom company, TIBCO, Kony, Rogue Wave Software, Sensedia, Torry Harris Business Solutions, Tyk Technologies, WSO2, Osaango, Dell Boomi, and Postman.
The API Management Market is poised for substantial growth, driven by digital transformation imperatives and changing consumer behaviors. As organizations seek to enhance their in-store and out-store customer experiences through tailored recommendations, product support, and location-based offers, API Management will remain at the forefront of these endeavors. While challenges such as the talent gap persist, the market's outlook remains promising, with opportunities emerging through low-code API development platforms.
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Based on the research, Verified Market Research® has segmented the global API Management Market into Component, Deployment Type, And Geography.
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