Sept. 2018 – API management market growth has been on the rise for some time. With more people consuming APIs, it’s no surprise that a steady market growth has been taking place since the inception of APIs. According to themarketsector.com, “the Global API Management Software Market is anticipated to grow rapidly and will post a CAGR of +30% during the forecast period by 2023.” Additionally, marketsandmarkets.com states that the “API Management Market will be worth 2,665.3 Million USD by 2021.” This is a great increase in the API world.
Why is API management market growth so prevalent?
Besides the huge consumption of APIs around the world, there is a pressing demand for private and public APIs which propels growth even further in the marketplace. Additionally, the app upsurge from anything from a diet app to an app for astrology, this makes the number of APIs grow exponentially. One can simply look at Google Play and see that there is an app for just about everything one can think of nowadays. It should be noted that all those APIs create a pressing need for securing and managing an API, this is why you need an API Management solution and this makes the API management growth surge.
The API management growth is also affected by many other factors. Advancements in IoT (Internet of Things), as well as Big Data advancements, are essential contributors to steady API growth. Also, a continued increase in API traffic indicates that API management growth is rising significantly. It’s not surprising that new API developments are in the works offering new and exciting opportunities in API Management. This leads to even more growth in the marketplace.
According to Zion Market Research, “North America is estimated to hold the largest market share in API management market in coming years. Increasing popularity of web APIs will be the key driving factors for API management market growth in this region. The high adoption rate of new technology is estimated to support the growth of the European region.” Thanks to the great advancements in API developments, the API Management market is a sure-bet winner.
If you want to learn more, read further about what drives API growth in this compelling article.