API Management Market is expected to reach US$ 35.40 billion by 2030

Digital Transformation Across Industries to Provide Opportunities for API Management Market Growth During 2022–2030

According to our latest market study on API Management Market Size and Forecast (2020–2030), 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 2022 to US$ 35.40 billion by 2030; it is estimated to record a CAGR of 30.2% from 2022 to 2030.

Organizations struggle to compete in a constantly changing and dynamic market. Hence, with digital transformation, businesses seek to boost their competitive advantage, enhance 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. An organization undergoing digital transformation needs the implementation of API management. Businesses might track the feasibility of supplying new services and create security and access controls with the aid of API management. Applications for API management can be found in many different industries. For example, financial institutions use various 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 Cloud Elements’s State of API Integration Report, 83% of IT specialists consider API integration critical to their business. Furthermore, 40% of companies claimed that digital transformation is driving their need for app integration. Truly connected enterprises must embrace digitalization and integration across all aspects of the business, which compels businesses to shift toward more open ecosystems. 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 is expected to drive the API management market growth in coming future. 

API Management Market — by Geography, 2022 to 2030

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Source: The Insight Partners Analysis

Broadcom Inc.; Microsoft Corporation; Oracle Corporation; Software AG; IBM Corporation; Postman, Inc; TIBCO Software Inc.; SAP SE; Red Hat; and Amazon Web Services are among the key API management market players profiled during the 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 American API management market was valued at US$ 5.40 billion in 2022 and is projected to reach US$ 19.16 billion by 2030; it is anticipated to record a CAGR of 17.1% during the forecast period. North America is one of the fastest-growing regions in terms of both technological innovations and the adoption of advanced technologies. The region also has a well-established IT & cloud infrastructure. In the past three years, North America has witnessed huge adoption of emerging technologies such as artificial intelligence, machine learning, and blockchain across all the major industry verticals. With the increasing penetration of digitization in various industries, API management has become a vital component of business transaction ecosystems, especially in financial institutions and the IT industry. The demand for API management solutions in companies is increasing rapidly. The North America API management market growth is primarily driven by rising demand from industrial sectors such as BFSI, government, and healthcare. API management is a crucial business requirement for successful operations.

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

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