API Management Market is expected to reach US$ 35.40 Billion by 2031

Digital Transformation Across Industries to Provide Opportunities for API Management Market During 2023–2031

According to our latest market study on API Management Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component, Deployment, Organization Size, and End User," the market is expected to grow from US$ 4.29 billion in 2023 to US$ 35.40 billion by 2031; it is estimated to grow at a CAGR of 30.2% from 2023 to 2031.

Organizations struggle to compete in a rapidly changing and dynamic market. Therefore, through digital transformation, businesses seek to increase their competitive advantage, improve business performance, and achieve business growth. Digital transformation has become a new model for many organizations to gain competitive advantages in the intense and dynamic market competition. API management helps to transform business as part of a digital transformation. An organization undergoing digital transformation needs the implementation of API management. Businesses may track the feasibility of supplying new services and create security and access controls with the aid of API management. Applications for API management may be found in many different industries. For example, financial institutions can use the software to start an open banking program, while healthcare providers can use it to enforce interoperability regulations. Businesses across all industries have leveraged API platforms to transform into more connected enterprises or to accelerate their businesses. For instance, according to a Cloud Elements’s State of API Integration Report, 83% of IT specialists consider API integration critical to their business. Further, according to the report, 40% of companies said that digital transformation is driving their need for app integration. Truly connected enterprises must embrace digitalization and integration across all aspects of the business. As a result, this is forcing a business shift toward more open ecosystems.

API Management Market Report— by Geography, 2023 to 2031

Source: The Insight Partners Analysis

The increasing prominence of the application economy has led to a greater emphasis on digital transformation. Furthermore, APIs are proving to be a crucial facilitator for creating safe microservices communication. Thus, rising enterprise digital transformation drives the API management market growth. 

Broadcom Inc.; Microsoft Corporation; Oracle Corporation; Software AG; IBM Corporation; Postman, Inc; TIBCO Software Inc.; SAP SE; Red Hat; Amazon Web Services are among the key players profiled during the API management market report. Several other major API management market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The API management market report provides detailed market insights, which help the key players strategize their growth.

The North America API management market size is segmented into US, Canada, and Mexico. The US is expected to have the highest share and to grow with the highest CAGR over the forecast period in the North America API management market. High rate of digitization in various industries in the US have fueled the growth of the API management market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the API management market in US. Moreover, the US has a large number of API management market players who have been increasingly focusing on developing innovative solutions. Some of the key players in the business software and services market are Microsoft, Oracle, IBM, Google LLC, Broadcom, among others. All these factors contribute to the region's growth of the API management market.

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