“Google (US), IBM (US), Microsoft (US), Axway Software (US), Broadcom Inc. (US), MuleSoft (US), Oracle Corporation (US) United States), Software AG (Germany), Kong Inc. (United States), Red Hat (United States), SAP SE (Germany), TIBCO Software (United States), Amazon Web Services (United States), Boomi (USA), Postman (USA) »
API Management Market by Component (Solutions & Services), Deployment Type (On-Premise, Cloud), Organization Size (SMB & Large Enterprise), Vertical (BFSI, IT & Telecom, and Retail & Goods) consumption) and region – Global forecast to 2027
The global API Management market size is expected to grow at a compound annual growth rate (CAGR) of 25.1% during the forecast period, to reach USD 13.7 billion by 2027, from 4, 5 billion USD in 2022.
The major players have adopted various growth strategies to expand their global presence and increase their market reach to expand their customer base. Key players such as Google, IBM, Amazon Web Services, Microsoft and MuleSoft have mainly adopted strategies such as product launches and upgrades, partnerships, agreements, mergers and acquisitions to gain market presence and support the growth of the API management market.
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The API platform segment will hold the largest API management platform market share in 2022.
The API Platform is a framework that enables the creation of web applications and services without affecting existing APIs. Thus, the API platform is a crucial part of a mature API strategy. The API platform is further segmented into API portal, API gateway, API administration, and API monetization.
Consulting services hold a major share of the API management market over the forecast period.
API Management market consulting services help in understanding the features and complexities associated with adopting an API Management solution. Consultants help understand problems in the business process and suggest ways to overcome them. These services are important for deploying API management solutions as they review budget and business requirements and reduce complexities.
Key Players of API Management Market include Google (US), IBM (US), Microsoft (US), Axway Software (US), Broadcom Inc. (US), MuleSoft (US), Oracle Corporation (US), Software AG (Germany), Kong Inc. (US), Red Hat (US), SAP SE (Germany), TIBCO Software (US) , Amazon Web Services (US), Boomi (US), Postman (US), etc.
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Google has been constantly innovating to provide solutions to improve the productivity and efficiency of its customers by providing tailor-made solutions to meet their specific demands. The company invests a significant part of its annual turnover in R&D activities. Its industry-leading API management solution enables API vendors to design, secure, deploy, monitor and scale APIs. Additionally, Google helps its enterprise customers manage API traffic and maintain API performance and usage. The company has a strong geographic presence with a strong focus on innovative initiatives. The company focuses on organic growth strategies to improve and innovate its offerings. It focuses on inorganic growth strategies to gain a competitive edge in the market. For example, Google Cloud’s announced Apigee API Management Platform supports GraphQL APIs to help developers manage the full lifecycle of GraphQL APIs for consumption, such as REST APIs. The company is increasingly investing in alliances and partnerships to gain market presence, and developments in cloud computing technology are driving demand.
IBM is one of the world’s leading providers of API management solutions. The company is recognized for its diversified product and service offerings. Its R&D spending has steadily increased over the past three years, focusing on high-growth, high-value opportunities. IBM’s API Management solution is designed to meet the wide variety of API policy management requirements. IBM has built strong brand value in technology, addressing its customer base across all industries. The company emphasizes innovation and stands out for the quality of its products. It also continuously invests in R&D activities to strengthen its solutions. IBM has a largely integrated supply chain and has optimized inventory over time, allowing IBM to reduce risk during market changes.
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