What is API Management Software?
API management software enables users to monitor, control, and monetize their application program interfaces (APIs) in a secure development environment. This software is widely used to administer & monitor connection consistency, traffic, errors, and security & real-time integrations effortlessly. This software enables enterprises to design & build APIs that can securely share their services and data. Moreover, these software solutions offer insights on the number of requests incoming and users accessing any data with threat protection security features. Although there is a dearth of skilled developers the use of API management software offers businesses have a flexible approach to operate their businesses more efficiently in the digital world.
The market study is broken down, by Application (Small Businesses and Individual Professionals, Midsize Businesses and Large Enterprises) and major geographies with country level break-up. According to AMA, the Global API Management Software market is expected to see growth rate of 33.9% and may see market size of USD3050.7 Million by 2026.
The global API management software market is largely competitive and consists of several vendors that are focusing on innovation and technological advancements in their software. Several companies are leaning toward inorganic growth strategies such as mergers & acquisitions to improve their market share and brand presence globally. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global API Management Software market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), Dell (United States), InSync Tech-Fin Solutions (India), Red Hat Software (United States), Akana (United States), Kong Enterprise (United States), Software AG (Germany), Informatica (United States), CA Technologies (United States) and MuleSoft (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are WSO2 (United States), Rogue Wave Software (United States) and New Relic (United States).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global API Management Software market by Type, Application and Region.
On the basis of geography, the market of API Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Type, the sub-segment i.e. On-Premises will boost the API Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. BFSI will boost the API Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solution Type, the sub-segment i.e. API Portal will boost the API Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In October 2019, Kong Inc. completed the acquisition of Insomnia, a popular open-source API testing platform. This acquisition expanded Kong's portfolio of open source technologies and provide the foundation for the new Kong Studio.
In January 2021, Microsoft’s Azure API Management updated its product with new features. These include the use of the cache-response attribute, View service summary, Monitor connectivity to Azure Key Vault, and several bug fixes and changes.
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact ~4% of global annual sales.
Market Trend
- Rising Popularity of Web APIs
- Rapid Adoption of the Internet of Things and Big Data in Emerged Economies
Market Drivers
- Increasing Mobility and App Proliferation Worldwide
- Growing Number of Mobile Subscribers and Penetration of E-Commerce
Opportunities
- Surging Need of System Integrators, Digital Transformation, SOA and PaaS Integrations
Restraints
- Data Security, Legacy Investments in SOA
- Lack of Skilled Professionals
Challenges
- Server Availability Constraints
Key Target Audience
API management vendors, Application development platform providers, Managed Service Providers (MSPs), System Integrators and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.