API Management Market Research Report by Forecast to 2022
API Management Market Highlights:
Application programming interface management is the procedure of publishing, documenting and supervising application programming interfaces in a secured, scalable environment. One of the major driver contributing to the growth of the application programming interface management market are mobility and application proliferation, increasing number of mobile subscribers, the rising social media applications, growing demand for private and public APIs, increasing popularity of web APIs, increasing advancements of internet of things and big data. Application programming interface management permits an enterprise to publish an application programming interface to observe the lifecycle and the needs of the application creators by api security management.
The application programming interface software can be made in-house or can be purchased as a service. An application programming interface delivers numerous functions. These functions can be automation and connections between an application programming interface and the applications. This ensures the consistency between multiple interface applications and simultaneously monitor traffic from individual applications. However, data security, legacy investments in SOA and performance monitoring by skilled professionals are hindering the growth of the market.
API Management Market Significant Vendors:
Significant vendors in the worldwide API Management Market are Microsoft Corporation (U.S.), Oracle Corporation (U.S.), CA Technologies, Inc. (U.S.), Cloud Elements Inc. (U.S.), MuleSoft, Inc. (U.S.), Mashape Inc. (U.S.), IBM Corporation (U.S.), RedHat, Inc. (U.S.), SAP SE (Germany), Akana, Inc. (U.S.), Hewlett-Packard Enterprises Co. (U.S.), and others.
API Management Market Segmentation:
MRFR has considered the segments of component, service and deployment in the API management market.
- With respect to the component, the market has been segmented into solution and services (training, consulting, integration, security & maintenance).
- Depending on the deployment, the market caters to cloud-based and on-premise. Cloud deployment of API results in the development of services and applications that are used to provision cloud software, hardware and platforms. It acts as a gateway or interface while providing direct as well as indirect cloud infrastructure and software services to the user.
API Management Market Regional Insight:
Region-wise, the API management market is segregated into North America, Asia Pacific (APAC), Middle East & Africa, Latin America and Europe.
The IT industry in North America is at all-time high, which has landed the region at the top spot in the global API management market. Technological advancements coupled with the presence of a large number of cloud service providers benefits the regional market. Highest adoption of technologies like IoT, cloud, big data, mobility, digital transformation and analytics has been noted in this region, as a result of which the market could receive a significant boost in the subsequent years.
APAC could attain the highest CAGR during the evaluation period in response to the surge in demand for API management solution and services. Developing economies like India, China, Australia, New Zealand and Japan offer massive growth opportunities for the API management market. Also, many renowned enterprises in the region are making use of API’s across multiple industrial applications including healthcare, medical, automotive & transportation, and in smartphones as well.