Newark, April 27, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the API management market will grow from USD 4.56 billion in 2022 and reach USD 93.19 billion by 2032. Most companies view API management as a tool for increasing operational efficiency and providing data access to their employees. Several factors are responsible for API management growth, such as the rise in internet use and investments in cloud technology.
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Key Insight of the API Management Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the API management market. Key factors favouring the growth of the API management market in North America include adopting cloud technologies, IoT, etc. The expenditure on artificial intelligence and machine learning is increasing, and many companies in BFSI, IT and telecommunication, healthcare, and life sciences are integrating automation software into their existing operations. The U.S. has always been at the forefront of adapting to innovative technologies and implementing them in different industries.
The on-premises segment is expected to augment the market during the forecast period.
The deployment segment is divided into cloud and on-premises. The on-premises segment is expected to augment the market during the forecast period. Most commercial organizations prefer on-premises API management due to the cyber-security threat of cloud servers. The on-premises software allows access to the organization's current employees and thus maintains authenticity.
The service segment is expected to augment the market during the forecast period.
The component segment includes services and software. The services segment further includes consulting, training and education, support and maintenance. The software segment further includes API security, API platform and API analytics. The service segment is expected to augment the market during the forecast period. API management services help businesses meet their requirements using the existing infrastructure. Any size of organization may benefit from using marketing software services to get the most out of their existing resources. Additionally, these services help upgrade the software without disrupting the current operations.
The small and medium-scale organizations segment will likely grow at the highest CAGR during the forecast period.
The organization size segment includes small and medium-scale organizations and large-scale organizations. The small and medium-scale organizations segment will likely grow at the highest CAGR during the forecast period. Small and medium-sized enterprises require API management to gain a competitive edge in the industry and grab maximum market shares through the implementation of strategies formed based on analysis in a critical time.
The BFSI segment will likely grow at the highest CAGR during the forecast period.
The end-user segment includes retail, BFSI, telecom and IT, healthcare and life science, government and education, and others. The BFSI segment will likely grow at the highest CAGR during the forecast period. Banking and financial institutions can leverage valuable data to gain insights that can be used by implementing API management. Additionally, the integration of API management in BFSI operations ensures the efficient utilization and handling of financial data.
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Advancement in market
In March 2022, major player Google announced that it would launch Cloud Fleet Routing API and Last Mile Delivery. These solutions will help the fleet operators to improvise their delivery process.
Market Dynamics
Driver: Benefits of API management in several applications
API management has gained prominence in recent years due to its numerous attributes. The API management software helps companies to lead their audience through a customized customer journey and enhance their experience. Without API management, companies would have difficulty managing their operations with limited infrastructure. It is crucial to comprehend how consumers use API management to help their businesses. An API management dashboard shows the resource usage and load across different regions and includes real-time monitoring tools. Direct API exposure may be sufficient and controllable for small and medium-sized businesses. API administration is essential for advancing every large organization's digital transformation needs in this cutthroat digital environment.
Restraint: Data security risk and complex processes
Organizations are reluctant to share their crucial data with cloud solution providers. The cases of cyber data hacking have increased a lot in the recent decade. Many verified platforms have been found guilty of using the data of their end-consumers. Thus, all these factors highlight the risk of sharing crucial data with software providers. This also overlaps the benefit of using API management platforms on a long-term basis.
Opportunity: Adoption of cloud-based technology
The increasing adoption of cloud-based technology is a lucrative opportunity for API management. Commercial industries are increasingly moving towards the adoption of cloud-based technology, which is propelling the market growth. The use of cloud servers for data storage and management has become common in organizations. With the rise in preference for remote working, the data can be accessed easily by the employees and stakeholders with the help of API management cloud-based software. The increasing adoption of cloud-based technology has led to a rise in the use of API management software and services.
Challenge: Unskilled operators in developing region
In developing regions such as Asia-Pacific, there is a lack of skilled operators who can efficiently operate the software. In underdeveloped and developing countries, many small-scale commercial companies are unaware of the uses of software in data management. This leads to underutilization of the software, which limits its usage in potential applications. The training cost of unskilled labor can affect the profitability of the operating company. Thus, this factor hinders the market's growth in such countries.
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Some of the major players operating in the API Management market are:
• IBM
• Microsoft
• Google
• Broadcom Inc.
• Axway Software
• Oracle Corporation
• Kong Inc.
• SAP SE
• Amazon Web Services
• Nevatech Inc.
• Kraken D
• Software AG
• WSO2
• TeejLab Inc.
• Workato
• OpenLegacy Technology
• DreamFactory Software
• Postman
• Sensedia
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Key Segments Cover in the Market:
By Deployment:
• Cloud
• On-Premises
By Component:
• Services
o Consulting
o Training and Education
o Support and Maintenance
• Software
o API Security
o API Platform
o API Analytics
By Organization Size:
• Small and Medium Scale Organizations
• Large Scale Organization
By End-user:
• Retail
• BFSI
• Telecom and IT
• Healthcare and Life Science
• Government and Education
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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