The global 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.
BFSI vertical to hold the largest market size in the global API management market during the forecast period
The Banking, Financial Services, and Insurance (BFSI) sector is undergoing massive disruption, driven by regulatory changes and competitive pressures. Financial institutions are being forced to open up their systems to foster innovation, leading to better services for customers. Moreover, with the advent of mobile technology, customers’ preferences and behavior are changing. Today, digital banking applications have grabbed a large share of customer transactions. API management solutions can help banks pursue new distribution channels, while also finding new ways to improve the customer digital banking experience and fasten the product development process.
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The services segment to grow at the highest CAGR during the forecast period
API management services have a wide scope of usage, ranging from feasibility analysis, strategy and implementation, and valuations and development of modern APIs to cater business-specific needs of organizations. API management services help businesses bridge legacy systems to modern applications, and deliver connected experiences to clients and partners while also maintaining control and reliability of backend systems. This has created opportunities for vendors to provide services to enterprises across different industry verticals and help them deal with complexities while configuring the API management solution.
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. As a part of its growth strategy, in February 2016, IBM launched a range of products and services designed to advance the state of API integration. The company is using IBM Watson’s cognitive computing service to identify the relationship between APIs and make recommendations about what APIs to use to build certain classes of applications.
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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. For instance, in July 2018, Google partnered with Informatica to extend its footprints in the API ecosystem. With this strategic partnership, Google would improve its Apigee platform by integrating Informatica’s tools into Apigee’s dashboard.
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