The global API market is expected to witness significant growth during the forecast period. API is a code that allows two software programs to communicate with each other. For instance, when an application is used on the mobile phone, the application connects the internet and sends data to the server. That data is received by the server and is sent back to the mobile phone after the necessary actions are performed. The application that interprets the data is API. The rising number of mobile devices and the growing demand for private and public APIs are boosting the APIs market. Additionally, the increasing demand for IoT (Internet of Things) with the advancement in technologies and growth in the popularity of web-based APIs creates opportunities in the market of API.
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The global market of open API has been facing issues related to the availability of servers and the security concerns associated with publishing APIs and open APIs. This may affect the growth of the market. However, the rise in software as a service, cloud, mobile, big data, IoT, social media and other technologies has created a significant opportunity for the API industry. Growing eCommerce industry will boost the demand for private APIs for reaching to the customer quickly since it doesn’t respond faster when multi excess exists. Many organizations have established a mix of technologies, computer systems and applications to serve the growing demand for customers and customer experience of online shopping. APIs also assist connectivity between maintaining security and digital assets such as people, data, applications, and devices.
Moreover, on-premise based APIs deployment model provides high security of the data. However, cloud-based API model enables organizations to reduce the cost related to the solution, storage, technical staff and also provide flexibility and scalable access to solutions that enhance the API market size. The API management market covers various domains which include health and life science, retail and manufacturing, banking and financial services, media and entertainment. Whereas, Banking and Financial Services has the largest market share as enterprises are adopting APIs solutions for trading, capital markets, and for making payments.
There are various companies involved in the API management such as Amazon Web Services, Inc., ApiAxle, Axway, Inc., Boomi Inc., CA Technologies, Cloud Element, Inc., Crosscheck Networks, Inc., Google, LLC, Microsoft Corp., ModelSolv, Inc., IBM Corp., NGINX, Inc., OKTA, Inc., Oracle Corp., Red Hat Inc., Restlet, Inc., Rogue Wave Software, Inc, SAP SE, Sapience Analytics Corp., and Sensedia.
Additionally, IBM, offering an extensive set of solutions and services of APIs management in cloud on-premises models. It is continuously investing in R&D programs to strengthen its solutions. In November 2018, Software AG opened a cloud platform-based enterprise to provide cloud-based products including ARIS Cloud, Alfabet Cloud, Cumulocity IoT cloud, webMethods API Cloud, and webMethods B2B Cloud. In November 2018, Red Hat acquired Noobaa, that has improved Red Hat existing portfolio of hybrid cloud offerings for managing data storage services and multi-cloud environments.
Current Market Trends Covered in the Market Report:
- Continuous investment in R&D activities assists in innovation and development of API management solutions.
- Security based solutions provide by APIs promoting the growth of the market.
- Banking and Financial Services has triggered the API management market.
- Merger and Acquisitions creating a significant opportunity for the API market.
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Global API Management Market – Segmentation
By Solutions
- API Portal
- Security
- Monetization
- API Gateway
- API Analytics
By Deployment Model
- Cloud-Based
- On-Premise
By Services
- Training & Consulting
- Integration
- Support and Maintenance
By Industries
- Healthcare & Life Science
- Banking & Financial Services
- Retail & Manufacturing
- Media & Entertainment
- Government
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
