Zion Market Research has published a new report titled “API Management Market by Solution (API Portal, Security, Monetization, API Gateway, API Analytics and Administration) by Service (Training & Consulting, Support & Maintenance and Integration) by Deployment Type (On-Premises and Cloud) by Market for BFSI, IT & Telecom, Government, Healthcare, Retail & Consumer Goods, Manufacturing and Others Industries: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016- 2022”. According to the report, the global API management market accounted for around USD 609.32 Million in 2016 and is expected to reach approximately USD 3,436.16 Million by 2022, growing at a CAGR of 33.4% between 2017 and 2022.
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An effectual API management solution manages the use of APIs to open up enterprises or a system’s data in order that it can be utilized by other parts of the organization or perhaps third-party organizations in useful and novel ways. API Management should provide an easy, efficient and effective experience for the development society that is supposed to be using these APIs. API management also provides a life-cycle framework and governance for APIs.
Rapidly increasing the popularity of web APIs paired with the mounting demand for private and public APIs are the major factors expected to drive the API management market significantly in the analysis period. In addition, mobility and apps explosion is another key factor favoring the global API market growth massively.
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Advancements of the Internet of Things & Big Data, cost and feature benefits and increasing needs to manage API traffic are some of the key factors predicted to shape the API managements market. Security issues related to API is likely to limit the growth of API management market in the analysis period. Nonetheless, system integrators and SOA and PaaS integrations are likely to open up new alluring opportunities for API management market in near future.
API security dominated the solution segment for API managements market in 2016 owing to data encryption and perimeter security. Support & maintenance and integration service segment of API management market are expected to observe remarkable growth in coming years. The industry segment of API management market is categorized into BFSI, IT & telecom, government, healthcare, retail & consumer goods, manufacturing and others industries. BFSI is emerged as a leading industry segment and is expected to grow with highest CAGR in the forecast period.
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North America is estimated to hold largest market share in API management market in coming years. Increasing popularity of web APIs will be the key driving factors for API management market growth in this region. The high adoption rate of new technology is estimated to support the growth of Europe region Growing numbers of mobile subscribers coupled with penetration of e-commerce in emerging economies is expected to drive the Asia Pacific region massively. China held the largest market share for API management in the Asia Pacific. Latin America is also estimated to show noticeable growth in the market for API managements market in near future.
Key players in this API management market are Microsoft Corporation, CA Technologies, Google, Inc., Apiary, Inc., Axway, Inc., Red Hat, Inc., HP, Fiorano Software, SAP SE, Sensedia, Tibco Software, TYK Technologies, Cloud Elements and IBM Corporation amongst others.
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