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.
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.
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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.