GVR Report cover API Marketplace Market Size, Share & Trends Report

API Marketplace Market Size, Share & Trends Analysis Report By Component (Platform, Services), By End-user (API Providers, Consumers), By Enterprise Size, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-103-8
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2021
  • Industry: Technology

Report Overview

The global API marketplace market size was estimated at USD 13.74 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2030. Application Programming Interface (API) marketplaces offer businesses a convenient way to discover the ideal API that suits their needs. These marketplaces also provide various features like ratings and reviews, enabling businesses to ensure they are selecting a high-quality API. Additionally, using the marketplace is often more cost-effective than building internal APIs. Instead of paying for each API call, businesses typically pay a one-time fee on marketplaces. Additionally, these marketplaces result in increased efficiency, allow extended functionality with external systems, shorten the implementation timeframe, and provide wider exposure to the audience.

U.S. API Marketplace market size and growth rate, 2023 - 2030

API plays a crucial role in connecting different software applications and enabling seamless communication between them. As the software industry continues to thrive, the demand for application programming interfaces has grown significantly, resulting in the rising prominence of API marketplaces. They offer several significant benefits to developers and organizations. They simplify the design and development of new applications and the integration and management of existing ones. One major advantage is improved collaboration, as these programming interfaces enable seamless communication between various cloud applications and platforms, allowing for automated workflows and enhanced workplace collaboration. They bridge the gaps between disconnected systems, preventing information silos that hinder productivity.

An API marketplace is a platform where API providers can showcase and offer their products to potential buyers. This marketplace simplifies the process for buyers seeking suitable APIs for their business needs. Buyers can easily explore and purchase the most fitting products that align with their specific requirements by visiting the marketplace. An API marketplace is a dedicated platform where APIs are the primary service being exchanged. These marketplaces aim to create an open ecosystem that facilitates the usage of various applications. It provides a convenient marketplace for consumers to find and access APIs and monetization opportunities for developers who create and provide them. Additionally, the marketplace typically includes features such as tracking and analytics to help measure the application programming interface usage, providing valuable insights for consumers and providers.

COVID-19 Impact

The global markets experienced a downturn due to mandatory shutdowns and stay-at-home orders implemented to curb the spread of COVID-19. This led to a significant increase in layoffs and a reduction in planned expansions across various industries. In 2020, the International Labor Organization (ILO) estimated that approximately 400 million jobs were lost worldwide during the second quarter of 2020 due to the impact of COVID-19. This subsequently impacted the API Marketplace market as well. The COVID-19 pandemic has profoundly impacted the API marketplace industry, causing significant shifts in demand and adoption patterns.

As businesses worldwide grappled with the challenges posed by the pandemic, the reliance on digital technologies and cloud-based solutions surged. This led to an increased demand for APIs to enable seamless integration, collaboration, and remote access to critical systems and services. The market experienced accelerated growth as organizations sought to adapt to the new normal, rapidly deploy digital solutions, and enhance their online presence. The pandemic catalyzed digital transformation initiatives, prompting businesses to leverage APIs to build innovative applications, expand their digital offerings, and improve operational efficiencies.

Component Insights

The platform segment led the market and accounted for more than 57% share of the global revenue in 2022. Based on component, the market is bifurcated into platform and service. An API marketplace platform is a specialized online platform that facilitates the discovery, exchange, and integration of APIs between providers and consumers. It is a centralized hub where the providers can showcase and offer their APIs while consumers can easily search, evaluate, and acquire the products that best suit their needs. The marketplace platforms often include additional features to enhance the API integration experience. These features may include rating and review systems, allowing consumers to provide feedback and share their experiences with the interfaces they have used. They may also provide robust search and filtering capabilities, enabling consumers to narrow their options based on specific criteria, such as industry, functionality, or popularity.

The services segment is anticipated to witness the fastest CAGR of 20.5% throughout the forecast period. API marketplace services encompass a range of functionalities and tools that streamline the API exchange process, support evaluation and acquisition, enable effective management, and foster collaboration within the marketplace community. Marketplace services refer to the range of offerings a marketplace platform provides to facilitate APIs' discovery, evaluation, acquisition, and management. Moreover, the services facilitate the acquisition process, allowing consumers to purchase or subscribe to APIs directly from the marketplace. This may include pricing, licensing options, payment processing, and subscription management. Lastly, these marketplace services offer comprehensive documentation for listed products, providing detailed information about their functionalities, endpoints, parameters, and usage instructions. This helps consumers understand API capabilities and methods to integrate them into their applications.

End-user Insights

The consumer segment led the market and accounted for more than 52% share of the global revenue in 2022. Based on end-user, the market is bifurcated into API providers and consumers. The consumer segment is further categorized into telecom & marketing, healthcare, financial services, and others (retail, e-commerce, & manufacturing). The financial services segment dominated the end-user segment in 2022. An API marketplace serves as a comprehensive platform that caters to the needs of consumers and providers. It enables consumers to easily connect with and discover various interface products that suit the requirements of their applications. At the same time, it allows providers to showcase and offer their product offerings to a broader audience.

The marketplaces often provide detailed documentation, ratings, and reviews for listed APIs. This allows consumers to evaluate its quality, functionality, and performance. The availability of user feedback and ratings helps consumers make informed choices and select APIs that have proven to be reliable and effective. Secondly, these marketplaces offer standardized integration processes and tools, making it easier for consumers to integrate the application programming interface into their applications or systems. They often provide SDKs (Software Development Kits), code samples, and other resources that streamline the integration process, reducing the time and complexity of implementation. Lastly, the marketplaces provide cost-efficient options for accessing APIs. Instead of developing custom solutions or building interfaces suitable for application programming from scratch, consumers can choose from various affordable options available in the marketplace. Some marketplaces offer flexible pricing models, such as pay-as-you-go or subscription-based plans, allowing consumers to align costs with their usage and budget.

The API providers segment is anticipated to grow at a considerable CAGR of 19.9% throughout the forecast period. API providers benefit from API marketplaces through increased exposure, expanded business opportunities, simplified distribution, monetization options, community engagement, access to analytics, and improved branding. The application programming interface marketplaces open up new business opportunities for providers. They serve as a gateway for providers to connect with consumers actively seeking these solutions leading to collaborations, partnerships, and potential revenue streams through API monetization. Additionally, being listed on a reputable marketplace can enhance the branding and reputation of providers. Consumers often trust established marketplaces and may perceive listed interfaces for programming applications as reliable and of high quality, boosting the credibility and visibility of the provider's brand.

Enterprise Size Insights

The large enterprise segment led the market and accounted for more than 53.4% share of the global revenue in 2022. Based on enterprise size, the market is bifurcated into small & medium enterprises (SMEs) and large enterprises. Large enterprises can save significant time and costs associated with developing in-house solutions by leveraging APIs from the marketplace. Instead of allocating resources to build and maintain complex functionalities, they can quickly integrate existing APIs, accelerating their projects and reducing development expenses. Furthermore, these marketplaces enable large enterprises to quickly adapt and innovate by leveraging external capabilities. They can access cutting-edge technologies, advanced features, and niche services that might not be available within their organization. This flexibility allows them to stay ahead in a rapidly evolving digital landscape.

Global API Marketplace market share and size, 2022

The SMEs segment is anticipated to grow at a considerable CAGR of 19.7% throughout the forecast period. API marketplaces attract consumers who actively seek interfaces suitable to integrate into their applications. This targeted audience comprises developers, businesses, and organizations looking for specific functionalities or services. SMEs can tap into this audience, increasing their chances of connecting with potential customers specifically interested in their offerings. SMEs can easily explore different offerings without the need for extensive research or time-consuming evaluations. Additionally, by utilizing APIs from the marketplace, SMEs can accelerate their product or service development process. The availability of pre-built functionalities allows them to integrate features quickly, reducing the time required to bring their offerings to market.

Regional Insights

North America led the overall market in 2022, with a revenue share of 31.6%. The region has prominent market players such as RapidAPI, Celigo, Mulesoft (Salesforce, Inc), ServiceNow, and Abstract API. North America boasts of a strong presence of major players. These companies have established themselves as leaders and have extensive experience developing and offering excellent marketplace solutions. Their presence contributes to the overall growth of the market in the region. Furthermore, the demand for APIs as a crucial component of digital transformation strategies remains a key driver of market growth in North America. Businesses across various industries embrace digital technologies to enhance operations, improve customer experiences, and drive innovation.These factors collectively contribute to the growth of the market in the region, with North America serving as a key contributor in marketplaces for application programming interfaces.

API Marketplace Market Trends, by Region, 2023 - 2030

Asia Pacific is expected to grow notably with a CAGR of 21.4%. The region is experiencing rapid adoption of cloud-based technologies across various industries. Cloud computing provides a scalable and cost-effective infrastructure for businesses to manage their digital operations. As organizations in the region embrace cloud solutions for their IT needs, the demand for API management services rises. They enable seamless integration and data exchange between different applications and systems, making them crucial for effectively leveraging cloud-based technologies. Additionally, the region has witnessed a substantial surge in the demand for mobile and web applications. With the growing smartphone penetration and internet usage in countries like China and India, businesses are focusing on developing user-friendly and feature-rich applications to cater to the large consumer base, propelling the growth of the market.

Key Companies & Market Share Insights

The API marketplace market is highly competitive. Major players invest in Research & Development (R&D) to drive innovation. These key players are adopting different development strategies such as mergers & acquisitions, partnerships and collaborations, and others to expand their presence and market share. Along with key strategies, new players are also introducing new API marketplaces to cater to a broader audience driven by the evolving needs of businesses and the growing demand for seamless integration and collaboration.

In November 2022, Zurich Insurance Group (Zurich) announced the launch of Zurich eXchange, a global API marketplace designed to enhance integration and collaboration between companies, as well as with customers and partners.By leveraging Zurich eXchange, Zurich Insurance Group aims to streamline processes, facilitate faster integration of services, and foster efficient collaboration across its global operations. Some prominent players in the global API marketplace market include:

  • RapidAPI

  • Celigo

  • Gravitee.io

  • APILayer

  • Integrately (CompanyHub)

  • Abstract API

  • Zapier

  • Mulesoft (Salesforce, Inc)

API Marketplace Market Report Scope

Report Attribute


Market size value in 2023

USD 15.67 billion

Revenue forecast in 2030

USD 49.45 billion

Growth rate

CAGR of 17.8% from 2023 to 2030

Historic year

2017 - 2021

Base year for estimation


Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, trends

Segments covered

Component, end-user, enterprise size, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; UK; Germany; France; India; China; Japan; South Korea; Australia; Brazil; Mexico; Kingdom of Saudi Arabia (KSA); U.A.E.; South Africa

Key companies profiled

RapidAPI; Celigo; gravitee.io; APILayer; Integrately (CompanyHub); Abstract API; Zapier; Mulesoft (Salesforce, Inc); ServiceNow; beNovelty; Datadog; Axway; Cyclr Systems Ltd. 

Customization scope

Free report customization (equivalent up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global API Marketplace Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global API Marketplace market report based on component, end-user, enterprise size, and region:

Global API Marketplace Market Report Segmentation

  • Component Outlook (Revenue, USD Million, 2017 - 2030)

    • Platform

    • Services

  • End-user Outlook (Revenue, USD Million, 2017 - 2030)

    • API Providers

    • Consumers

      • Telecom & Marketing

      • Healthcare

      • Financial Services

      • Others (Retail, e-commerce, & manufacturing)

  • Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

    • SMEs

    • Large Enterprises

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

    • Asia Pacific

      • India

      • China

      • Japan

      • South Korea

      • Australia

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • Kingdom of Saudi Arabia (KSA)

      • U.A.E.

      • South Africa

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