API Management Market Highlights:
Digitalization has achieved path-breaking success in the past few years. Every sector of the economy has realized its benefits and adapted it. The emergence of digitalization on a global scale has set a positive landscape for other evolving markets. API management market is a shining example of this fact. According to the research report published by MRFR (Market Research Future), this market is all set to achieve unsurpassable growth during the forecast period of 2017-2022.
API management is a procedure that facilitates the entire process of documenting, publishing and overseeing application programming interfaces. And it does so in a scalable and secure environment. The main purpose of an API Management Market is to enable an enterprise that specializes in publishing APIs to track the interface’s lifecycle and the requirements of the developers.
At present, the entire business sector is looking out to inculcate technology for the growth of their respective organizations. And owing to this fact, it can be confidently assumed that the global market for API management is will observe enormous expansion during the forecast period. This market is anticipated to generate a revenue of around USD 3 billion by the completion of 2022. And the CAGR too stands tall at 35%.
Agility and acceptance of applications is a major factor that propels the growth of the market. Additional factors like increasing number of mobile subscribers, rising popularity of web APIs, heightened usage of social media platforms, acceptance and advancement of internet of things, higher need for private and public data further positively impact the growth of the market.
Although, the market may encounter certain minor hindrances like legacy investments in SOA, performance monitoring by skilled professionals and data security. However, efforts are underway to resolve these problems and soon enough a plausible solution will be found.
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Market Players & Key Strategies:
Some of the most notable and trustworthy players of this market can be listed as RedHat Inc., Microsoft Corporation, Mashape Inc., Oracle Corporation, CA Technologies and SAP SE.
To stay ahead in the competitive arena, these players keep adopting new strategies, furthermore, they are also seen making constant efforts to enhance their products and services. Apart from that, they employ certain growth strategies like acquisitions, strategic alliance and investment in research and development.
Market Segmentation:
The worldwide market for API management has been segmented into three distinct parts. All of these have a sub-segment each and they are listed as below:
By deployment – Cloud based and on-premises.
By component – Services and solutions.
By services – Integration, support & maintenance and training and consulting.
By applications – e-Commerce, cloud computing (PaaS, IaaS, SaaS), advertising, transportation, financial services, social networking, government and media & entertainment.
Comprehensive Regional Analysis:
When it comes to regions, the market has its reach across various verticals of the world. Some of the major areas where its presence is predominantly observed are North America, Asia Pacific, Europe and Rest of the World.
After commencing an in-depth analysis of all the growth trends in the aforementioned regions, the research report by MRFR (Market Research Future) concluded that North America holds the largest share of the market. It owes its progress to the technological advancements and prevalence of several cloud service providers in that region.
Asia Pacific is expected to expand at a phenomenal rate over the forecast period. It can be attributed to the adoption of cloud-based solutions and technologies like Internet of things, analytics and big data in this area.
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Industry News:
April 10, 2018 – The latest positive update for this industry has come in from India, a well-known P2P platform called Faircent announced that it will soon launch its very own Application Programming Interface and it will be public. This application has been specially designed for all the struggling developers out there.
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