API Management Market to grow by USD 6.70 billion between 2021 - 2026 | 26% of the global market's growth will originate from North America - Technavio
NEW YORK, Nov. 20, 2023
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The API Management Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the API management market between 2022 and 2026 is USD 6.70 billion. 26% of the global market's growth will originate from North America during the forecast period. Factors like increased smartphone penetration and connectivity will facilitate the application programming interfaces management market growth in North America. The report analyzes the market's competitive landscape and offers information on several market companies, including: Akamai Technologies Inc., Alphabet Inc., Amazon.com Inc., Axway Software SA, Boomi LP, International Business Machines Corp., Kong Inc, Microsoft Corp., Oracle Corp., Salesforce.com Inc., SAP SE, Sensedia SA, Software AG, TIBCO Software Inc., Torry Harris Business Solutions, Workato, WSO2 Inc., Broadcom Inc., Postman Inc. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
- Market Driver - The continuous growth in digital payments drives the API management market. Digital payments are expected to constitute almost 90% of the total spent in Canada by 2030. As a result, several banking institutions across the globe are offering digital payment solutions to improve banking processes, which helps many banking companies gain a competitive advantage over their rivals. Hence, such factors are expected to replace plastic cards with virtual account numbers, allowing businesses to manage a wide range of corporate expenses smoothly.
- Market Challenge - A lack of a strong and high-quality network challenges the growth of the API management market. In order to use software seamlessly, enterprises need to maintain a constant Internet connection around the clock. In case the software is unable to update real-time transactions, especially in the investment banking sector, it can lead to huge monetary losses for enterprises. In December 2021, the average broadband Internet speed in emerging economies was 50% slower than the global broadband Internet speed. Hence, such challenges impede the growth of API management during the forecast period. Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now
The API management market has been segmented by Deployment (cloud and on-premise) and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
- The cloud segment will be significant during the forecast period. This type of API allows applications to communicate and transfer data to and from the cloud and it also integrates different cloud and on-premises applications, supporting developers and administrators even further in automating API provisioning, activation, setup, monitoring, and troubleshooting. Hence, such factors drive the growth of the cloud segment of the API management market during the forecast period.
- View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the API management market:
Akamai Technologies Inc., Alphabet Inc., Amazon.com Inc., Axway Software SA, Boomi LP, International Business Machines Corp., Kong Inc, Microsoft Corp., Oracle Corp., Salesforce.com Inc., SAP SE, Sensedia SA, Software AG, TIBCO Software Inc., Torry Harris Business Solutions, Workato, WSO2 Inc., Broadcom Inc., Postman Inc.
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by Geography
Drivers, Challenges, & Trends
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