Global API Management Market: IoT Trends Setting the Market on a Positive Path

Global API Management Market

API management can be defined as the development of APIs (Application Programming Interface) which is the software allowing for two or more applications to interact with each other so that they can fulfil their purposes. This process deals with the design, publish, documenting and analysis of APIs in a secured environment; which helps the users that the APIs being produced are secure and easily accessible.

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API management market is growing due to increasing demand of mobile application, rising demand of web based API management; the effects of these factors are mentioned below:

• Increasing demand of mobile application: Globally, the quantity of mobile applications available to a smartphone users have significantly enhanced and that has had a positive impact on the demand rate of API management platform as the need for enhanced levels of application development process is at an all-time high level due to the availability of modernized devices and smartphones that require modernized and secure applications to ensure better operations
• Rising demand of web based API management: Increasing deployment of applications over the web or their development being over the internet has given rise to the better API management platforms that can be utilized as over the internet so as to enhance the levels of management of applications restricting the incidences of failures. The growing trend of utilizing web-based API management is due to the fact that the availability of better connectivity technologies globally has given rise to the volume of customers flooding the marketplace for the different developing enterprises

Strategic acquisitions and product innovations of the major market players:

• In April 2017, Red Hat, Inc. announced the availability of “Red Hat 3scale API Management”, in a fully containerized, on-premise offering designed for end-to-end API lifecycle management. This offering is based on the existing offering of cloud-based SaaS enhancing the deployment options available providing organizations with an enhanced solution for management of APIs
• In January 2017, Oracle announced that they had agreed to acquire Apiary, a company focused on providing consumers with tools, technologies and framework for the development of APIs helping them create cloud-based applications and enhanced experiences. This acquisition will enhance the capabilities of Oracle allowing their consumers to enhance the management of APIs helping deliver integrated applications

The market is segmented on the basis of type as carbon identity management, maps & location, speech/voice; solution is categorized into security, API gateway, API portal, API lifecycle management, API analytics, monetization, administration; service as integration, support maintenance, training consulting; deployment type as on-premises, cloud; organization size as large enterprises, small & medium enterprises; industry vertical as IT & telecommunications, government & defense, BFSI, media & entertainment, healthcare, retail & consumer goods, transportation, manufacturing.

“According to Data Bridge Market Research, global API management market is expected to be growing with a healthy CAGR of 19.3% during the forecast period of 2018 to 2025”

Some of the major players operating in market are Axway, Palo Alto Research Center Incorporated, Microsoft, Rogue Wave Software, Inc., SAP SE, Oracle, Red Hat, Inc., CA Technologies, Inc., Fiorano Software and Affiliates, Software AG, Boomi, Inc., International Business Machines Corp., Nexright, SnapLogic, TYK Technologies, digitalML, Mashape Inc., Mulesoft, Inc., Sensedia, Tibco Software, Inc., WSO2, Inc., Amazon Web Services Inc., and others.

With the various industries adopting IoT-based services and solutions, the market for specially designed applications for IoT are set to experience positive effects with a variety of associated markets also enhancing their uses in the industry. This trend, will have a positive impact on API management industry as well with the development of IoT-based applications on the rise to cater the growing demands of IoT-based software and applications which can help in the integration of devices and systems so that humans can operate them with better ease.