API management market to reach a market size of $6.2 bn by 2024

According to a new report Global API Management Market, published by KBV research, The Global API management market size is expected to reach $6.2 billion by 2024, rising at a market growth of 28.4 percent CAGR during the forecast period.

Major factors responsible for driving the API management market at exponential rates include rapid increase in the prominence of web APIs coupled with the surging demand for private and public APIs. Progressions in the Internet of Things & Big Data, benefits of cost and feature, and the growing requirement for managing API traffic are projected to collectively shape the API managements market over the analysis period.

The North America market would dominate the Global API Management Solution Market by Region by 2024, growing at a CAGR of 25.7 percent during the forecast period. The Europe market is expected to witness a CAGR of 26.3 percent during (2018 - 2024).

During the forecast period, APAC will record the highest growth rate. Due to increasing demand for API management solution and services, APAC is projected to grow at the highest CAGR over the projected period. In developing economies, such as China, Japan, Australia and New Zealand, and India, API management solutions and services in the APAC region are providing huge opportunities.

The Large Enterprises market dominated the Global API Management Market by Organization Size 2017. The Small & Medium-Sized Enterprises market is expected to witness a CAGR of 27.7 percent during (2018 - 2024).

The BFSI market dominated the Global API Management Market by End User 2017, growing at a CAGR of 26.6 percent during the forecast period. The Healthcare & Life Sciences market is expected to witness a CAGR of 29.8 percent during (2018 - 2024).

The Media & Entertainment market is expected to witness a CAGR of 29.1 percent during (2018 - 2024). During the forecast period the retail and consumer goods segment will grow at the highest CAGR. Over time, a mix of technologies, computer systems and diverse applications has been deployed by many retail companies to cope with the increasing demand from customers. The customer experience is a very important factor in distinguishing between the wide ranges of shopping possibilities.