API management is the process of designing, documenting, publishing, and analysing APIs in a secure environment. Through an API management solution, the organization can guarantee that both the internal and public APIs they create are consumable and secure. The primary goal of API management is to allow organizations that either utilize or public an API to monitor the interfaces lifecycle and ensure the needs of applications and developers using the API are being met. As the dependency of businesses has increased on APIs, thereby demand for API management has boosted in recent decades.According to AMA, the market for API Management is expected to register a CAGR of 34.8% during the forecast period to 2024. This growth is primarily driven by Growing demand for private and public APIs, Growing popularity of web APIs and Increasing number of mobile device users.
Globally, a noticeable market trend is evident Mobility and App proliferation is the primary factor augmenting the demand for API management.
. The Internet Software & Services sector in the North America region has been increasing at a strong rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Akana, Inc. (United States), Mulesoft, Inc. (United States), Apiary, Inc. (United States), Axway, Inc. (France), CA Technologies, Inc. (United States), Cloud Elements, Inc. (United States), Dell Boomi, Inc. (United States), Google, Inc. (United States), IBM Corporation (United States), Microsoft Corporation (United States) and Oracle Corporation (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 28 Nov. 2016, Rogue Wave Software announced the acquisition of Akana, a leader in developing, managing, and securing application programming interfaces (APIs). As businesses look to further connect with their customers and partners, strength in API governance, integration, and ease of accessing legacy applications are increasingly part of the digital transformation.
On 12th July 2018, Google has announced its partnership with Informatica to provide the enterprises with API management solutions which will aid them to easily connect applications and services across multi-vendor cloud and on-premises environments.
- Growing demand for private and public APIs
- Growing popularity of web APIs
- Increasing number of mobile device users
- Mobility and App proliferation is the primary factor augmenting the demand for API management.
- Mobile subscribers have been growing, and vendors are using social media to sell their products.
- The advancements of the Internet of Things and big data.
Increasing adoption of IoT
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