API Management Market Revenues to expand $5.1 billion by 2023

API Management Market

The report API Management Market by Solution (API Platform, API Analytics, API Security), Service (Integration and Implementation, Consulting, Support and Maintenance, Training), Deployment Type, Organization Size, Industry, and Region – Global Forecast to 2023″, The Application Programming Interface (API) management market size is expected to grow from USD 1.2 billion in 2018 to USD 5.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period.

The growing demand for modern APIs to seamlessly connect various applications and devices as well as advanced analytics to get real-time insights on API performance and usage are some of the major factors driving the growth of the API management market.

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Key API Management Market Players

The major API management vendors include IBM (US), Google (US), Oracle (US), Red Hat (US), Software AG (Germany), Axway (US), MuleSoft (US), Microsoft (US), SAP SE (Germany), AWS (US), CA Technologies, a Broadcom company (US), TIBCO (US), Kony (US), Rogue Wave Software (US), Sensedia (Brazil), Torry Harris Business Solutions (US), Tyk Technologies (England), WSO2 (US), Osaango (Finland), Dell Boomi (US) and Postman (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global API management market. Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2015 to 2018, which have helped them innovate their offerings and broaden their customer base.

IBM is one of the leading players offering API management solutions for supporting the growing need of developers and helping its customers with API management solutions, powered with advanced analytics, API monitoring, and usage tracking capabilities. Its API management solution enables organizations to streamline and accelerate their journey into the API economy. IBM has built a strong brand value in the technology space, catering to its clientele across different industries.

Google is another leader offering API management solutions and services. The company is recognized for its diversified product and service offerings. The API management solution and services offered by Google help its customers develop, secure, deploy, and monitor API programs. The company has launched API monitoring services to help enterprise developers gauge the API performance and deliver a connected digital experience to their customers. The company has also adopted partnerships and collaborations as its key growth strategy to grow in the API management market.

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