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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global API Management Market Size
The global API management market reached a value of approximately USD 4.51 billion in 2023. The market is further expected to grow at a CAGR of 29.50% between 2024 and 2032, reaching a value of USD by 46.15 billion by 2032.
API Management Market Outlook
- Approximately 70% of all public APIs are REST (Representational State Transfer) APIs as they offer simplicity, scalability, and flexibility.
- 57% of web applications rely on APIs for seamless communication between different software components.
- As per industry reports, the healthcare industry experienced a staggering 400+% increase in API traffic in 2020.
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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