According to our latest market study on API Management Market Size and Forecasts (2021 - 2031), 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 2023 to US$ 35.40 billion by 2031; it is estimated to grow at a CAGR of 30.2% from 2023 to 2031.

Growing Focus on Data-Driven Decision Making to Provide Growth for API Management Market Growth During Forecast Period

APIs bridge the gap between different software applications, enabling seamless data exchange and integration. APIs allow businesses to tap into a vast ecosystem of data sources and services, providing access to valuable information that can help businesses in data-driven decision making.

Moreover, API management platforms offer a wide range of functionalities that enable businesses to leverage their data effectively. These platforms facilitate data integration from various sources, ensuring that businesses have access to accurate and up-to-date information. Furthermore, API management solutions provide analytics capabilities, allowing organizations to extract meaningful insights from their data and make informed decisions. For instance, according to a survey conducted by RAPIdAPI, 65% of firms use APIs to better communicate with partners and encourage partner innovation, while 60% share APIs internally across development teams to produce goods and services more quickly. Thus, rising focus of businesses on data-driven decision making propels the demand for API management solutions across the world.

Key Findings of API Management Market Study:

The global API management market is segmented on the basis of component, deployment, organization size, and end user. Based on component, the market is bifurcated into solutions and services. Based on deployment, the market is segmented into cloud and on-premises. Based on organization size, the API management market is bifurcated into large enterprises and SMEs. Based on end users, the market is segmented into IT & telecom, BFSI, healthcare, government, manufacturing, and others. Based on region, the API management market is segmented into five regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The global API management market is segmented on the basis of component, deployment, organization size, and end user. Based on component, the market is bifurcated into solutions and services. Based on deployment, the market is segmented into cloud and on-premises. Based on organization size, the API management market is bifurcated into large enterprises and SMEs. Based on end users, the market is segmented into IT & telecom, BFSI, healthcare, government, manufacturing, and others. Based on region, the API management market is segmented into five regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The cloud segment held the largest share in the API management market in 2023. The demand for cloud-based API management is growing due to the rising adoption of cloud-based services and applications. Cloud-based API management provides more scalability and agility as compared to on-premises management. Moreover, a cloud-based API management enables applications to communicate and transfer information to one another on the cloud. Cloud APIs essentially enable businesses to develop services and applications in the cloud. Also, APIs connect multiple clouds or connect cloud and on-premises apps.



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