API Management Market Summary
As per Market Research Future Analysis, the API Management market is projected to grow from USD 4.22 billion in 2023 to USD 24.17 billion by 2032, with a CAGR of 21.40% during the forecast period (2024-2032). The market is driven by the increasing need for APIs to facilitate digital transformation, data-driven decision-making, and automation. Post-COVID-19, the market saw a valuation of USD 3.28 billion in 2021, expected to reach USD 27.32 billion by 2030, growing at a CAGR of 25.2% from 2022 to 2030. The North American region dominated the market in 2021, while the Asia-Pacific region is anticipated to experience the fastest growth due to rising mobile users and e-commerce penetration.
Key Market Trends & Highlights
Key trends driving the API Management market include the following:
- The market is expected to grow at a CAGR of 21.40% from 2024 to 2032.
- Post-COVID-19, the market is projected to reach USD 27.32 billion by 2030.
- The Cloud segment led the market in 2021 and is expected to continue its dominance.
- Large enterprises are adopting API management solutions more rapidly than SMEs due to larger budgets.
Market Size & Forecast
2023 Market Size | USD 4.22 Billion |
2032 Market Size | USD 24.17 Billion |
Post-COVID-19 2021 Market Size | USD 3.28 Billion |
Major Players
Key players include Amazon Web Services (AWS), IBM Corporation, Microsoft Corporation, MuleSoft, Oracle Corporation, and Akamai Technologies.