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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
API Management Market Share
On-premises deployment dominate the market for API management as they help maintain high levels of control in all enterprises
On-premises deployment type is expected to hold a sizable share of the market due to their security and reliability, which allows enterprises to maintain high levels of control. Businesses in highly regulated industries often opt for on-premises API management systems as data security in such industries is paramount. As the complete software resides in the premises of the organisation, generally greater protection is provided.
However, according to API management market analysis, as security capabilities of cloud deployment increase, the coming years may witness growth in cloud deployment of API management. Cloud-based solutions enables companies to leverage applications and services without the need for on-premises installation, enhancing functionality and facilitating remote working operations. They also reduce the burden of maintenance and upgrades, making them an attractive option for organisations of all sizes.
Government and healthcare industries hold significant market shares due to their need for data security
API management solutions are being utilised in the government sector to improve data sharing, enhance transparency, and deliver services effectively to the public. The United States Digital Service (USDS) has implemented API management to streamline access to government services through a unified digital platform, enabling citizens to access information and services more efficiently.
According to API management market report, healthcare organisations are increasingly adopting API management solutions to access patient data securely, improve care coordination, and enhance patient outcomes through data-driven insights. An example is the use of APIs by electronic health record (EHR) providers like Epic Systems and Cerner to enable seamless integration with third-party applications and medical devices.
Moreover, retail giants like Amazon and Walmart are also using APIs to enable third-party sellers to integrate their systems with the marketplace, which facilitates seamless product listings, inventory management, and order processing. Additionally, financial institutions like JPMorgan Chase and Wells Fargo use APIs to enable seamless payment processing, account aggregation, and fraud detection services. As per industry reports, banks plan to triple the number of their “public APIs” by 2025, emphasising the growing importance of APIs in financial services.
API Management Market Report Snapshots
API Management Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the API management market reached an approximate value of USD 4.51 billion.
The market is expected to grow at a CAGR of 29.50% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to USD 46.15 billion by 2032.
The major drivers of the market include growing adoption of machine learning and artificial intelligence technologies and increasing utilisation of APIs by various industries.
Key trends aiding market expansion include the rising need for security threat management, rapid digitalisation, and the growing requirement of organisations for streamlining their API development processes.
The various industry verticals in the market for API management include government, healthcare, retail, manufacturing, BFSI, and IT and telecom, among others.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
API management enables documentation, publication, design, and analysis of APIs in a secure environment.
The significant components of API management include solutions and services.
Key players in the market are IBM Corporation, Google LLC, Oracle Corporation, Microsoft Corporation, Amazon Web Services, Inc, SAP SE, Red Hat, Inc., Software AG, Axway Software SA, and TIBCO Software, Inc., among others.
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