API Management Market
Easy to use interface, increase usability, reduce overhead, provide with an automated infrastructure and offers easy maintenance factors driving market.
PORTLAND, PORTLAND, OR, UNITED STATE, February 7, 2024 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " The Global API Management Market Size Reach USD 41.5 Billion by 2031 | Top Players such as - Red Hat, Axway and TIBCO." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global API management market was valued at USD 2.2 billion in 2021, and is projected to reach USD 41.5 billion by 2031, growing at a CAGR of 34.5% from 2022 to 2031.
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Increase in demand for public and private APIs to accelerate digital transformation, rise in social media penetration, and surge in mobile application and users have boosted the growth of the global API management market. Moreover, increased need for customer satisfaction and improve customer experience would open new opportunities in the future.
The API management market is segmented into Deployment Types, Organization Size, Component and Industries. Based on component, it is segmented into solutions and services. By deployment type, it is divided into on-premises and cloud. Based on organizational size, the market is segmented into SMEs and large enterprises. Based on industry vertical, the market is categorized into BFSI, IT and telecom, government, healthcare, retail, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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Based on deployment types, the cloud segment is projected to register the highest CAGR of 37.4% during the forecast period. However, the on-premises segment held the largest share in 2021, accounting for more than half of the market.
On the basis of component, the solution segment is estimated to portray the highest CAGR of 36.5% from 2022 to 2031. Moreover, the segment dominated the market in 2021 in terms of revenue, contributing to more than two-thirds of the market.
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The global API management market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2021, accounting for around two-fifths of the market. However, Asia-Pacific is estimated to register the highest CAGR of 36.4% during the forecast period.
The global API management industry report includes an in-depth analysis of the prime market players such as IBM, Google, Oracle, Red Hat, Software AG, Axway, TIBCO, Amazon Web Services, Microsoft Corporation, and SAP SE.
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Covid-19 Scenario:
► The Covid-19 pandemic positively affected the market due to surge in demand for digitization, increase in sales of smartphones, and rise in adoption of work from policies.
► During the pandemic, companies invested more in accelerating digital transformation and increasing customer connectivity.
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