API Management Market

Key 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

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.

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.

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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.

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.

Related Reports:

API Management Market by Solution (API Platform, API Analytics, API Security), Service (Integration and Implementation, Consulting, Support and Maintenance, Training), Deployment Type, Organization Size, Industry, and Region - Global Forecast to 2023

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Report Code
TC 5098
RI Published ON
3/21/2017
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