The API management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.1% during the forecast period, to reach USD 13.7 billion by 2027 from USD 4.5 billion in 2022.
The major players have adopted various growth strategies to expand their global presence and increase their market reach to enhance customer base. Key players such as Google, IBM, Amazon Web Services, Microsoft and MuleSoft have majorly adopted strategies such as product launches and upgradations, partnerships, agreements, merger and acquisitions to gain market presence and to support the growth of API management market.
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Google has been continuously making innovations to deliver solutions for improving its clients’ productivity and efficiency by providing them tailored solutions to meet their specific demands. The company invests a substantial portion of its annual revenue in R&D activities. Its industry-leading API management solution enables API providers to design, secure, deploy, monitor, and scale APIs. Moreover, Google helps its enterprise customers manage API traffic and upkeep APIs performance and usage. The company has a strong presence geographically with a strong focus on innovative initiatives. The company focuses on organic growth strategies to enhance and innovate its offerings. It focuses on inorganic growth strategies to gain a competitive edge in the market. For instance, the announced Google Cloud’s Apigee API management platform supports GraphQL APIs to help developers manage the full lifecycle of GraphQL APIs for consumption, such as REST APIs. The company is increasingly investing in alliances and partnerships to gain market presence, and the developments in cloud computing technology are driving the demand.
IBM is one of the leading global players offering API management solutions. The company is recognized for its diversified product and service offerings. Its R&D expenditure has been increasing continuously over the past three years, focusing on high-growth and high-value opportunities. IBM’s API management solution is designed to cater to the wide variety of management requirements of API strategies. IBM has built a strong brand value in technology, catering to its clientele across industries. The company is intensifying its focus on innovation and is distinctive in its product quality. It is also continually investing in R&D activities to strengthen its solutions. IBM has an extensively integrated supply chain and has optimized inventories over time, which enables IBM to reduce risks during market changes.
API Management Market by Component (Solutions and Services), Deployment Type (On-premises, Cloud), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, IT & Telecom, and Retail & Consumer Goods) and Region - Global Forecast to 2027
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