The API Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.1% during the forecast period, to reach USD 13.7 billion by 2027 from USD 4.5 billion in 2022.
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The major players have adopted various growth strategies to expand their global presence and increase their market reach to enhance customer base. Key players such as Google, IBM, Amazon Web Services, Microsoft and MuleSoft have majorly adopted strategies such as product launches and upgradations, partnerships, agreements, merger and acquisitions to gain market presence and to support the growth of API management market.
Google has been continuously making innovations to deliver solutions for improving its clients’ productivity and efficiency by providing them tailored solutions to meet their specific demands. The company invests a substantial portion of its annual revenue in R&D activities. Its industry-leading API management solution enables API providers to design, secure, deploy, monitor, and scale APIs. Moreover, Google helps its enterprise customers manage API traffic and upkeep APIs performance and usage. The company has a strong presence geographically with a strong focus on innovative initiatives. The company focuses on organic growth strategies to enhance and innovate its offerings. It focuses on inorganic growth strategies to gain a competitive edge in the market. For instance, the announced Google Cloud’s Apigee API management platform supports GraphQL APIs to help developers manage the full lifecycle of GraphQL APIs for consumption, such as REST APIs. The company is increasingly investing in alliances and partnerships to gain market presence, and the developments in cloud computing technology are driving the demand.
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IBM is one of the leading global players offering API management solutions. The company is recognized for its diversified product and service offerings. Its R&D expenditure has been increasing continuously over the past three years, focusing on high-growth and high-value opportunities. IBM’s API management solution is designed to cater to the wide variety of management requirements of API strategies. IBM has built a strong brand value in technology, catering to its clientele across industries. The company is intensifying its focus on innovation and is distinctive in its product quality. It is also continually investing in R&D activities to strengthen its solutions. IBM has an extensively integrated supply chain and has optimized inventories over time, which enables IBM to reduce risks during market changes.
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According to Market Research Future (MRFR), the global API management market is expected to reach approximately USD 3 BN by 2022, registering a whopping 35% CAGR throughout the review period (2016 – 2022).
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2429Global API Management Market –SegmentsThe report is segmented into four dynamics;By Component : Solutions and Services.
Besides, the presence of many industry players and futuristic infrastructure in the region drives the market growth, bringing about advanced API platforms.
Moreover, the increasing digitization of business processes, technological advances, and organizations' focus on adopting business intelligence solutions boost the growth of the API management market in the region.Europe stands second in the global API management market.
Additionally, the rapidly developing digital technology and increasing demand for API management solutions for business intelligence positively impact regional market growth.
Factors such as the broader acceptance of cloud-based solutions and emerging technologies such as the internet of things (IoT), big data, and analytics drive the regional market growth.
Global API Management Market was valued at US$ 1.0Bn in 2017 and is expected to reach US$ 9.1Bn by 2026, at a CAGR of 31.79% during a forecast period.API (Application programming interface) stands for a set to protocols, tools, and subroutines that are used to develop software applications.
Acting as a communication code among software programs, API management allows an organization to monitor the functionalities of the interface and meet the requirements of the application and developers.
API management allows traffic monitoring of individual applications and aids in cache memory management to improve the performance of the application.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.The rapid rise in the use of smart mobile devices with advanced specifications to run an application is one of the major factors driving the growth of the global API management market.
Digital transformation, System integrators, and SOA & PaaS integrations are some of the new opportunities available for the players in the API management market globally.
Cloud-based services reduce the total costs while providing highly flexible and scalable access to solutions.
Companies are deploying API management solutions on the cloud to increase mobility and accelerate the API development cycle.North America is projected to account for the highest share of the market in 2018.
