Global Application Programming Interface (API) Management Market
Dublin, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The API management market size is expected to grow from USD 4.5 billion in 2022 to USD 13.7 billion by 2027, at a CAGR of 25.1% . The increase in SaaS and hybrid deployments is boosting the growth of API management market.
API security solutions to grow at a higher CAGR during the forecast period
API security is a way of protecting APIs from external or internal cyberattacks. As APIs are very frequently used and enable access to sensitive software functions and data, they are becoming the main target for hackers and attackers. API security is a core component of modern web application security. Thus, API security solutions support regulatory compliance, and enhanced API security is necessary to develop, deploy, manage, and operate APIs.
Retail & consumer goods industry vertical to hold second largest market share in 2022
APIs are driving every aspect of retail transformation, from improving customer experiences to store operations. API is a critical technology that enables retailers to transform their IT infrastructure and systems. It has provided retailers access to their remote customers with services, such as online orders, pick-up, order deliveries through delivery partners, and personalized recommendations while shopping online.
Europe to hold a significant market share of API management market in 2022
Europe is expected to hold the second-largest market share of the API management market. The UK, Germany, France, and the rest of Europe are considered to study the API management market. The increasing competition among organizations and the growing adoption of digital initiatives are compelling organizations to adopt the API technology.
Premium Insights
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Increasing Demand for Data Analytics and Automation to Drive Demand for Market
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Solutions Segment to Account for Larger Market Share During Forecast Period
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API Platform Segment to Account for Largest Market Share During Forecast Period
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Integration & Implementation Segment to Account for Largest Market Share During Forecast Period
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On-Premises Deployment Type to Account for Larger Market Share by 2027
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Large Enterprises Segment to Account for Larger Market Share During Forecast Period
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Banking, Financial Services, and Insurance Vertical to Account for Largest Market Share During Forecast Period
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Asia-Pacific to Emerge as Best Market for Investment in Next Five Years