Northbrook, IL -- (SBWIRE) -- 04/29/2021 -- According to a new market research report "API Management Market by Solution (API Platform, API Analytics, API Security), Service (Integration and Implementation, Consulting, Support and Maintenance, Training), Deployment Type, Organization Size, Industry, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Application Programming Interface (API) management market size expected to grow from USD 1.2 billion in 2018 to USD 5.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period. The growing demand for modern APIs to seamlessly connect various applications and devices as well as advanced analytics to get real-time insights on API performance and usage are some of the major factors driving the growth of the API management market.

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BFSI vertical to hold the largest market size in the global API management market during the forecast period

The Banking, Financial Services, and Insurance (BFSI) sector is undergoing massive disruption, driven by regulatory changes and competitive pressures. Financial institutions are being forced to open up their systems to foster innovation, leading to better services for customers. Moreover, with the advent of mobile technology, customers' preferences and behavior are changing. Today, digital banking applications have grabbed a large share of customer transactions. API management solutions can help banks pursue new distribution channels, while also finding new ways to improve the customer digital banking experience and fasten the product development process.

The services segment to grow at the highest CAGR during the forecast period

API management services have a wide scope of usage, ranging from feasibility analysis, strategy and implementation, and valuations and development of modern APIs to cater business-specific needs of organizations. API management services help businesses bridge legacy systems to modern applications, and deliver connected experiences to clients and partners while also maintaining control and reliability of backend systems. This has created opportunities for vendors to provide services to enterprises across different industry verticals and help them deal with complexities while configuring the API management solution.

North America to have the largest market size during the forecast period

North America is estimated to account for the highest share of the market in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies. The North American region exhibits a wide presence of key industry players offering API management solutions, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.

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Major vendors offering API management solutions and services across the globe include IBM (US), Google (US), Oracle (US), Red Hat (US), Software AG (Germany), Axway (US), MuleSoft (US), Microsoft (US), SAP SE (Germany), AWS (US), CA Technologies, a Broadcom company (US), TIBCO (US), Kony (US), Rogue Wave Software (US), Sensedia (Brazil), Torry Harris Business Solutions (US), Tyk Technologies (England), WSO2 (US), Osaango (Finland), Dell Boomi (US), and Postman (US).

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