API Management Market worth 2,665.3 Million USD by 2021

The API management market is expected to grow from USD 606.8 Million in 2016 to USD 2,665.3 Million by 2021, at a high Compound Annual Growth Rate (CAGR) of 34.44% during the forecast period. Due to the growing web APIs, organizations are increasingly req

(EMAILWIRE.COM, May 29, 2018 ) The report "API Management Market by Solution (API Portal, API Gateway, API Analytics, Administration), Service (Training and Consulting, Integration, Support and Maintenance), Deployment Type, Organization Size, Industry and Region - Global Forecast to 2021", The API management market is estimated to grow from USD 606.8 Million in 2016 to USD 2,665.3 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 34.4%.

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The major forces driving the API management market are the growing demand for private and public APIs, growing popularity of Web APIs and growing number of mobile device users. The API management market is growing rapidly to manage the increasing API traffic.

Security solutions to grow at the highest CAGR

Security solutions is expected to witness the highest CAGR during the period 2016 to 2021. API security solutions provide data encryption, perimeter security, authentication & authorization, and threat prevention. Moreover, they provide mediation, protocol transformation, and scripting. These benefits are driving the market and are anticipated to help in propelling the security market to grow at the highest CAGR during the forecast period.

Support and maintenance services market to grow at the highest rate during the forecast period

Support and maintenance services are expected to grow at the highest CAGR over the forecast period owing to the rapid adoption of API management solutions in large enterprises, which require third party assistance for maintenance and management of API management solutions. They provide most recent fixtures and enhancements to the API management solutions.

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North America is expected to dominate the API management market during the forecast period

The API management market segments the global market on the basis of regions, which include North America, Asia-Pacific (APAC), Europe, the Middle East & Africa (MEA), and Latin America. North America is expected to hold the largest share of the API management market in 2016 due to the technological advancements and presence of key Cloud Service Providers (CSPs) in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are growing acceptance of cloud-based solutions, emerging technologies such as internet of things (IoT), big data analytics, and mobility.

The report also encompasses different strategies such as mergers & acquisitions, partnerships & collaborations, and product developments adopted by major players to increase their shares in the market. Some of the major technology vendors include Akana, Inc. (U.S.), Apiary, Inc. (U.S.), Axway, Inc. (France), CA Technologies, Inc. (U.S.), Cloud Elements, Inc. (U.S.), Dell Boomi, Inc. (U.S.), DigitalML (U.S.), Fiorano Software, Inc. (U.S.), Google, Inc. (U.S.), Hewlett-Packard Enterprises Co. (U.S.), IBM Corporation (U.S.), Mashape Inc. (U.S.), Microsoft Corporation (U.S.), MuleSoft, Inc. (U.S.), Nexright (Australia), Oracle Corporation (U.S.), RedHat, Inc. (U.S.), SAP SE (Germany), Sensedia (Brazil), SnapLogic, Inc. (U.S.), Software AG (Germany), TIBCO Software, Inc. (U.S.), Torry Harris Business Solutions, Inc. (U.S.), Tyk Technologies Ltd. (U.K.), and WSO2, Inc. (U.S.).