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Report Overview
API management market size reached around USD 4.51 Billion in 2024. The market is projected to grow at a CAGR of 29.50% between 2025 and 2034 to reach nearly USD 59.82 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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Approximately 70% of all public APIs are REST (Representational State Transfer) APIs as they offer simplicity, scalability, and flexibility.
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57% of web applications rely on APIs for seamless communication between different software components.
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As per industry reports, the healthcare industry experienced a staggering 400+% increase in API traffic in 2020.
API Management Market Analysis by Region
Asia Pacific leads the market due to the establishment of various small and medium enterprises in the region
The Asia Pacific holds a significant share of the market for API management over the forecast period. This growth can be attributed to the establishment of various small and medium enterprises and growing prevalence of Internet of Things and mobile computing in the Asia Pacific region.
North America is expected to hold a substantial API management market share, primarily driven by the United States' robust technological infrastructure that supports the development and adoption of API management solutions. The region also boasts a high concentration of tech companies, data centers, and cloud service providers, creating an environment conducive to the advancement of API-related technologies.
API Management Market Report Snapshots
*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 2024, the market reached an approximate value of USD 4.51 Billion.
The market is projected to grow at a CAGR of 29.50% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 59.82 Billion by 2034.
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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