Full Life Cycle API Management Market: Market Outlook
Full life cycle application programming interface (API) management is the process of managing an API through its creation till retirement across its full life span. This includes everything from designing, documenting, publishing, analyzing and securing APIs. API management capabilities are delivered in the cloud as a SaaS (Software as a Service) solution, or on-premises in a private cloud, or sometimes using a hybrid cloud approach.
Design, implementation, and management, are the three primary stages in building API management software. Each stage in the API lifecycle provides specific value, which ensures application building blocks to provide desired business outcomes. It is impossible to build ecosystems, provide the platform for any digital strategy, and run an efficient API program, without a full life cycle API management solution.
A growing need to decode data of enterprises so that it can be used by other sections of the organizations is boosting the growth of the global full life cycle API management market. In addition, the advancement of Internet of Things (IoT), big data and a rising demand to manage API traffic is anticipated to boost the sales of global full life cycle API management solutions in a significant way.
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The Increasing Demand for API Governance in Decentralized API-First Architectures to Fuel the Market Growth
With the introduction of microservices architecture, services have been diverted to a more agile team-based process, from the centralized governance process. As a result, API governance plays a key role in decentralized API-first architectures. This is in order to maintain proper security controls and adherence to regulations over decentralized APIs. With a full lifecycle API management solution, the users are able to tightly integrate with standards and specifications such as OAuth and OpenAPI to deliver standardized API governance across teams. These features are expected to drive the growth for full life cycle API management market in the near future.
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What are the Key Trends Impacting Growth of the Full Life Cycle API Management Market?
API management platforms have matured in the past few years. They now have more sophisticated API security features. They can also work with and take advantage of microservices in mesh app and service architectures, digital transformation tools focused on API product managers and much more. As market demands have evolved rapidly, so have vendors, but each at its own pace. Overtime, new technologies have brought about new software architectures — integration platform as a service (iPaaS) – emerged as IT infrastructures began implementing on-demand cloud services. API management and iPaaS both have different beginnings —API management from developer-centric needs to unlock and reuse the APIs for different endpoints and iPaaS rising from the cloud-oriented needs. But now, organizations demand for iPaaS solutions that come along with the unique cloud-based integrations and the governing power of a full life cycle API management system. These technology trends are likely to lead the market growth for full life cycle API management market in coming years.
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How is the Demand for Artificial Intelligence (AI) Application Reshaping the Full Life Cycle API Management Market?
The deployment of AI in various applications is expected to witness significant growth in the coming years. With the burgeoning reality of AI in API management, the full life cycle API management systems are expected to become increasingly fluid and intelligent, allowing consumers to access to more specific and relevant information. Moreover, artificial intelligence-powered cybersecurity is mostly used in organizations using and managing API systems. Few security measures AI can enhance to better protect APIs are authentication measures, throttling capabilities, and static security checks. These aforementioned factors are projected to majorly contribute towards the growth of full life cycle API management market.
Furthermore, major market players have already started working on deploying AI technology with API systems to accelerate digital transformation. For instance, Google Cloud’s Apigee product group has partnered with Informatica, an enterprise cloud data management leader, to provide enterprises with an integrated full life cycle API management solution. This collaboration allowed organizations to quickly leverage applications and data that are deployed in multi-cloud and hybrid environments, thus creating a continuously connected business that initiates an enterprise-wide agility through advances in AI-driven APIs and integrations.
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Rising Demand for On-premises Full Life Cycle API Management Systems in Banking & Financial Sector to Propel the Market Growth
The full life cycle API management market is set to witness a tremendous growth rate in the coming years owing to its attractiveness among Hi-Tech service providers. This growth is likely to continue, given the rise of pressing API program requirements in the financial services sector (spurred by PSD2 compliance in the EU) and the data privacy regulations that banks must comply with in most countries. These will result in further strong demand for fully on-premises solutions, which might extend the double-digit growth further. A sizable number of full life cycle API management solutions are still bought for installation on-premises, not in the cloud. Most banks outside the U.S. prefer on-premises deployments to comply with payments regulations or to run an open banking strategy. As most cloud providers are based in the U.S., privacy concerns still prompt non-U.S. companies to run full life cycle API management solutions on-premises.
Security Concerns & Ever-changing Compliances Emerge as Key Challenges
In today’s digital world where rising amount of data is exposed via APIs, organizations majorly depend upon full life cycle API management platforms to ease the burden of handling APIs. Along with dynamic compliance and security requirements, various businesses are looking for solutions that solve these concerns while providing low cost of ownership, low latencies, and agility for their APIs.
For instance, in a hybrid API management platform, it is mandatory to avoid any on-premises to cloud communication as this would need certain security mechanisms such as IP whitelisting, VPNs or protection through credentials. These security measures are usually expensive and difficult to maintain. Also, the operations team of an organization may need to follow different protocols and approaches to monitor and maintain the on-premises and cloud components. Such kind of restraints are estimated to bring down the full life cycle API management market potential.
Key Segments of Full Life Cycle API Management Market Covered in the Report
By Deployment, Full Life Cycle API Management Market is segmented into-
By Enterprise Size, Full Life Cycle API Management Market is segmented into-
- Large Enterprises
Based on the region, the Full Life Cycle API Management market has been segmented as-
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Key players such as
- Google Apigee
- Amazon Web Services
- Red Hat Software
- Tibco Software
- Digitalml Ltd.
- Software Ag
- Dell Boomi
- Ci&t Sensedia
- RougeWave Software
- Tyk Technologies
are actively involved in offering Full Life Cycle API Management for different applications.
What strategies are the Key Players adopting for Increasing their Market Share in the Full Life Cycle API Management Market?
The global Full Life Cycle API Management Market is highly concentrated as the few leading players present in the market. However, major players in this market are continually concentrating on innovative or multi-featured solutions which will offer huge benefits for their business.
Since the market is highly concentrated, businesses that fall behind will have a lot of catching up to do since companies that provide better digital experiences will capture the majority of market share. Furthermore, the companies involved in the production of full life cycle API management are carrying out different expansion strategies for increasing their market share in the global full life cycle API management market. The aforementioned players rely on multiple expansion strategies to deepen penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions and strengthening of regional and global service networks.
Why is North America a Big Market for Full Life Cycle API Management?
Regionally, the market for full life cycle API management is gaining traction and expanding to various regions including North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. However, North America is estimated to dominate the global full life cycle API management market and the trend is likely to continue during the forecast period as well. This is due to the early adoption of technologies such as IoT, big data, analytics and cloud and presence of leading players in the region. The presence of a large number of full life cycle API management solution providers, continuous technological advancements, and availability of technical expertise are some of the factors estimated to propel the growth of North America full life cycle API management market.
What are the Repercussions of the COVID-19 on the Growth of the Full Life Cycle API Management Market?
COVID-19 has major impact on global economy and has affected various sectors. COVID-19 pandemic has also impacted the global supply chain and has record decline in various sector. However, there has been a drastic digital transformation during the pandemic, and hence full life cycle API management becomes a more urgent competency for many companies as they navigate the impacts of COVID-19. The main rationales that has triggered the adoption of full life cycle API management solutions include- pressure to diversify business models and improve business metrics, support business integration, and transition to microservices-based app architectures. As a result, the global full life cycle API management market has witnessed a significant growth during the ongoing COVID-19 pandemic.
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