The global API management market size is expected to reach USD 26.4 billion by 2030, according to a new study by Polaris Market Research. The report “API Management Market Share, Size, Trends, Industry Analysis Report, By Component (Solution and Services); By Deployment Type; By Organization Size; By Vertical; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market's primary driving force is the changing consumer behaviors brought about by increasing connectivity through social media and smartphone use. The core concept behind API management is the concentration of API programming control, which includes analytics, access control, adaptability, and engineering work processes. The growth of the market is owing to the growing adoption of access control systems based on API due to the increase in crime rates. People are getting aware and concerned about their security and, in turn, are using an access control system to keep themselves safe in houses and buildings.
There is an increase in crimes such as burglary and theft. According to the FBI’S Uniform Crime Reporting, there were 1,117,696 burglaries reported in 2019, which accounted for 16.1% of the estimated number of property crimes in the US. In addition, as per FBI’s Uniform Crime Reporting, almost 55.7% of the burglaries were forcible and 37.8% accounted for unlawful entries.
Furthermore, the rising adoption of data-driven decision-making solutions is the factor driving the market growth. APIs are essential because they operate as a bridge between data consumers and internal and external equipment or users, enabling companies to adopt data-driven decision-making. APIs support a data-first strategy to increase flexibility overall and enhance user experience.
The API management system offers a data-driven approach by requiring users to produce valid signatures to prove they are the intended users. This ensures that the data is protected. Also, ensuring system security is another technique to guarantee a data-driven strategy. Digital transformation requires a data-first strategy. The API management platform, thus, facilitates decision-making based on data. This encourages the development of new APIs using fresh data.
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Additionally, companies are aware of the significance of software for expansion and agility. Low-code API management platforms can support API management solutions' correct deployment and optimization. Low code API management platforms enhance platform security and reduce cyberattacks’ likelihood. Additionally, it gives executives access to the technical side of API lifecycle management, giving them more power and insight into the APl development. All sizes of businesses, including large corporations and SMEs, can profit from low-code platforms.
API Management Market Report Highlights
Polaris Market Research has segmented the API management market report based on component, deployment type, organization size, vertical, and region:
API Management, Component Outlook (Revenue - USD Billion, 2018 - 2030)
API Management, Deployment Type Outlook (Revenue - USD Billion, 2018 - 2030)
API Management, Organization Size Outlook (Revenue - USD Billion, 2018 - 2030)
API Management, Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
API Management, Regional Outlook (Revenue - USD Billion, 2018 - 2030)