The API management market is expected to grow from USD 606.8 Million in 2016 to USD 2,665.3 Million by 2021, at a high Compound Annual Growth Rate (CAGR) of 34.44% during the forecast period.
Due to the growing web APIs, organizations are increasingly requiring API management solutions.
API management solutions can be deployed for both on-premises and cloud-based infrastructures. The enterprises are in continuous need of consumable APIs that can securely transform back-end capabilities, further driving the demand for efficient API management solutions.
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The report provides detailed insights into the global API management market, which is segmented on the basis of solutions, services, deployment types, organization sizes, industry verticals, and region. In the solution segment API Portal holds the higher market share as it facilitates provisioning of platform for using APIs.
In terms of services, integration services are expected to dominate the market and contribute the largest market share, whereas, support and maintenance is set to grow at the highest CAGR during the forecast period. Increasing adoption of both public and private APIs across all the verticals and the increasing adoption of API management solutions are further fueling the growth of the market.
The report covers all the major aspects of the API management market and provides an in-depth analysis across the regions of North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and Latin America. North America is expected to hold the largest share in the market.
The APAC region is projected to have great opportunities in this market and would grow at the highest CAGR by 2021, due to the presence of various developing countries, growing number of API providers, and increasing adoption of API management technology.
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However, requirement of additional security for APIs may act as the restraining factor for the market. Various vendors are coming up with innovative API management solutions and products due to the emerging demand for Web APIs.
Axway provides API lifecycle management products, analytics, application development, and other offering across various industry verticals. It has also adopted strategies such as new product development in this market.
The other major vendors providing API management solutions and services are Akana, Inc. (U.S.), Apiary, Inc. (U.S.), Axway, Inc.
(France), CA Technologies, Inc. (U.S.), Cloud Elements, Inc. (U.S.), Dell Boomi, Inc.
(U.S.), DigitalML (U.S.), Fiorano Software, Inc. (U.S.), Google, Inc. (U.S.), Hewlett Packard Enterprises Co.
(U.S.), IBM Corporation (U.S.), Mashape Inc. (U.S.), Microsoft Corporation (U.S.), MuleSoft, Inc.
(U.S.), Nexright (Australia), Oracle Corporation (U.S.), RedHat, Inc. (U.S.), SAP SE (Germany), Sensedia (Brazil), SnapLogic, Inc.
(U.S.), Software AG (Germany), TIBCO Software, Inc. (U.S.), Torry Harris Business Solutions, Inc.
(U.S.), Tyk Technologies Ltd. (U.K.), and WSO2, Inc. (U.S.). These players adopted various strategies such as new product launches, partnerships, collaborations, and expansions to become competitive in the market.
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