GITNUX MARKETDATA REPORT 2024

Api Management Industry Statistics

The API management industry is projected to experience significant growth, with a compound annual growth rate of over 30% expected from 2020 to 2027.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we explore key statistics shaping the API management industry, shedding light on market size projections, sector preferences, business impacts, breach trends, and growth opportunities. Explore the dynamic landscape of APIs and their crucial role in driving digital transformation and innovation across various sectors.

Statistic 1

"The global API management market size was valued at USD 1.2 billion in 2019."

Statistic 2

"The global API management market size is expected to reach USD 5.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period."

Statistic 3

"The BFSI (Banking, financial services, insurance) sector is the largest user of the API, holding a market share of almost 30%."

Statistic 4

"North America dominated the global API management market with a 35% share in 2020."

Statistic 5

"90% of API strategies involve the use of private APIs."

Statistic 6

"86% of IT professionals say that APIs are important to business transformation and innovation."

Statistic 7

"About 70% of firms believe that APIs improve their customer experience."

Statistic 8

"56% of businesses say APIs have increased productivity."

Statistic 9

"API-related breaches, as of Spring 2021, have doubled since the same time period last year."

Statistic 10

"Approximately 85% of organizations are currently using APIs."

Statistic 11

"SaaS-based APIs are expected to grow at a CAGR of 40% up to 2027."

Statistic 12

"About 40% of companies identified API integration as a significant challenge in their digital transformation journey."

Statistic 13

"The use of Open APIs in technology is expected to generate data revenue up to $1.2 trillion by 2025."

Statistic 14

"By 2027, Asia-Pacific API Management market is expected to register the highest CAGR of 35.6%."

Statistic 15

"On average, a single enterprise uses more than 200 APIs."

Statistic 16

"The use of APIs has risen by 755% in the last decade."

Statistic 17

"Approximately 40% of enterprises plan to increase their API investments."

The global API management market has seen significant growth in recent years, with the market size projected to reach USD 5.1 billion by 2023, driven by a Compound Annual Growth Rate (CAGR) of 32.9%. The BFSI sector remains a key player in API usage, while North America currently dominates the market share. The prevalence of private APIs and the recognition of APIs as crucial for business transformation and innovation indicate their widespread importance. Despite the benefits, concerns around API security breach have also increased. As organizations continue to leverage APIs for various purposes, API integration and management are posed as both challenges and opportunities in the digital transformation landscape. With the promising revenue potential of Open APIs and the growth projections for SaaS-based APIs, the API industry shows no signs of slowing down, as more enterprises plan to increase their API investments in the future.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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