The global API Management market is estimated to experience healthy growth during the forecast period. Customers across the world are looking forward for ways to connect to companies through various devices and channels such as web, smartphones, laptops, tablets, and even connected devices for sharing data through various application. This has propelled organizations towards the adoption of more efficient frameworks to deliver enhanced end-user experience. This has led to the adoption of Application Programing Interface (API). The application programing interface helps enterprises to share content across organizations though applications developed with the help of API. The increasing use of APIs has generated high demand for API management.
API management comprises of a set of processes through which organizations can gain control and visibility into APIs that are used to connect data and applications across cloud and enterprises. The API management provides companies with an API gateway, developer portal, API lifecycle management, support for API monetization, and API lifecycle management. In order to determine full potentials of their data services, organizations use API management that publishes API to internal, external, and partner developers. It also helps to create, secure, manage, scale, and analyze APIs.
The API management provides with easy to use interface, increase usability, reduce overhead, provide with an automated infrastructure and offers easy maintenance. Such factors are significantly driving the growth of the API management market. The increasing need for agile and efficient development framework for internal use and growing adoption of flexible, secure and easy to use APIs are critical trends in the API management market.
The API management market has been segmented by solutions, by deployment type, by services, by industry, and by region. Based on the deployment type, the market is bifurcated into cloud, on-premise, and hybrid. The demand for cloud-based deployment is expected to rise significantly in the forecast due to high flexibility and scalability deployment provided by cloud at low cost. Based on the solution, the market is categorized into API Security, analytics, and monetization. The security helps to meditate and secure traffic between companies and developers or customer’s application programing interfaces. The analytics provides visualization tools, dashboards, and reports through which users can measure data that flows between application programing interfaces. The monetization allows the business to generate revenue from application programing interfaces.
The key vendors are in the API Management market are Google LLC, Microsoft Corporation, MuleSoft, LLC, Amazon.com, Inc.; TIBCO Software Inc.; Rogue Wave Software, Inc.; WSO2, 3scale, CA Technologies (Broadcom Inc.), IBM Corporation, Software AG and SAP SE, amongst others.
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In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.