API Management Market Highlights:
Application programming interface management is the procedure of publishing, documenting and supervising application programming interfaces in a secured, scalable environment. One of the major driver contributing to the growth of the application programming interface management market are mobility and application proliferation, increasing number of mobile subscribers, the rising social media applications, growing demand for private and public APIs, increasing popularity of web APIs, increasing advancements of internet of things and big data. Application programming interface management permits an enterprise to publish an application programming interface to observe the lifecycle and the needs of the application creators by API Management Market COVID – 19 Outbreak.
The application programming interface software can be made in-house or can be purchased as a service. An application programming interface delivers numerous functions. These functions can be automation and connections between an application programming interface and the applications. This ensures the consistency between multiple interface applications and simultaneously monitor traffic from individual applications. However, data security, legacy investments in SOA and performance monitoring by skilled professionals are hindering the growth of the market.
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API Management Market Significant Vendors:
Significant vendors in the worldwide API Management Market are Microsoft Corporation (U.S.), Oracle Corporation (U.S.), CA Technologies, Inc. (U.S.), Cloud Elements Inc. (U.S.), MuleSoft, Inc. (U.S.), Mashape Inc. (U.S.), IBM Corporation (U.S.), RedHat, Inc. (U.S.), SAP SE (Germany), Akana, Inc. (U.S.), Hewlett-Packard Enterprises Co. (U.S.), and others.
API Management Market Growth Boosters and Key Barriers:
A high-quality API management solution is used for controlling the use of APIs to open data of enterprises in such a way that it can be used by other sectors of the organization as well. API management offers a resourceful, effective, and convenient experience in developing societies that make use of these APIs. Moreover, API management offers a life-cycle framework as well as governance for the APIs.
Advancements in the Internet of Things and Big Data, surging growing requirement to manage API traffic and benefits of cost and feature have collectively molded the API managements market significantly. Security concerns with regard to API could slow down the market growth rate during the review period. On a different note, system integrators along with SOA and PaaS integrations are poised to give way to several attractive growth opportunities for the API management market in the near future.
Data experts note that the API management market is marked by intense competition between renowned multinational and local players. Industry participants depend mainly on technological advances which aids in businesses growth. In the coming few years, these companies are expected to focus more on strategic alliances to augment their market position and expand their customer base.
API Management Market Segmentation:
MRFR has considered the segments of component, service and deployment in the API management market.
- With respect to the component, the market has been segmented into solution and services (training, consulting, integration, security & maintenance).
- Depending on the deployment, the market caters to cloud-based and on-premise. Cloud deployment of API results in the development of services and applications that are used to provision cloud software, hardware and platforms. It acts as a gateway or interface while providing direct as well as indirect cloud infrastructure and software services to the user.
API Management Market Regional Insight:
Region-wise, the API management market is segregated into North America, Asia Pacific (APAC), Middle East & Africa, Latin America and Europe.
The IT industry in North America is at all-time high, which has landed the region at the top spot in the global API management market. Technological advancements coupled with the presence of a large number of cloud service providers benefits the regional market. Highest adoption of technologies like IoT, cloud, big data, mobility, digital transformation and analytics has been noted in this region, as a result of which the market could receive a significant boost in the subsequent years.
APAC could attain the highest CAGR during the evaluation period in response to the surge in demand for API management solution and services. Developing economies like India, China, Australia, New Zealand and Japan offer massive growth opportunities for the API management market. Also, many renowned enterprises in the region are making use of API’s across multiple industrial applications including healthcare, medical, automotive & transportation, and in smartphones as well.
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