The need to manage the usage of application programming interfaces (APIs) to decode the data of systems or enterprises in a bid to make it usable for other sections of the organization or for third-party organizations in novel ways is boosting the global API management market. The rising need for the governance and a life-cycle framework for APIs is also fueling the demand for API management solutions, which is reflecting positively on this market.
The significant rise in the popularity of web APIs, together with the augmenting demand for public as well as private APIs are projected to drive the growth of the worldwide API management market remarkably in the years to come. Apart from this, the mobility of these solutions and apps explosion are also anticipated to favor this market tremendously over the next few years.
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The worldwide market for API management is characterized by the rivalry between the established multinational as well as local players. The market participants rely heavily on the advancements in technology for the growth of their businesses. Over the coming years, they are likely to shift their focus towards strategic alliance in order to gain strength in the global market.
Application programming interface (API) stands for a set to protocols, tools, and subroutines that are used to build software applications. Acting as a communication code between software programs, API management enables an organization to monitor the functionalities of the interface and meet the requirements of the application and developers. API management allows traffic monitoring of individual applications and helps in cache memory management to improve the performance of the application. As API management software can either be built in-house by an organization or can be imported from third-party providers, and has become an essential tool for several business vendors to enhance their customer experience. Consequently, the demand in the global API management market is projected to expand at a healthy rate during the forecast period of 2016 to 2024.
This report on the global API management market provides qualitative and quantitative examination of the market in its current scenario and analyzes all the factors that may influence the demand in the near future, to estimate the condition of the market until 2024. This report is meant for audiences such as organizations, network operators, and solution providers, aspiring to serve as a credible document to make more informed business choices. The report contains a dedicated section on company profiles, exploring several prominent players for their market share and product portfolio, in order to present a clear picture of the competitive landscape.
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The global market for API management can be segmented on the basis of services into analytics, portal, gateway, governance, security, and other services. By end-use industries, the market can be categorized into aerospace and defense, banking and finance, automotive and transportation, public sector and government, retail and consumer, healthcare and life sciences, and technology and media. Geographically, the report examines the opportunities available for API management market in regions such as North America, the Middle East and Africa, Asia Pacific, Europe, and Latin America.
Global API Management Market: Trends & Opportunities
Mobility and App proliferation is the primary factor augmenting the demand for API management. With growing number of mobile subscribers, the rise of social media, and penetration of ecommerce, vendors from various sectors can now provide information in interactively to their consumers and thereby increment their sales. The advancements of the Internet of Things and Big Data as well as cost and feature benefits are other two major factor favoring the global API market. Moreover, as API management helps in systematic enforcement of policies and visualization of insightful analytics, the demand is expected to expand to several organizations that desire to expand their productivity.