API Management Market to Hit Sales of $8.36 Billion by 2028 | Pay as you Go Pricing is Becoming Popular in API Management Market
Global API management market size was valued at USD 4.42 billion in 2021, and it is expected to reach a value of USD 8.36 billion by 2028, at a CAGR of more than 10.88% over the forecast period (2022- 2028).
Westford, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) — As the world of web-connected devices continues to grow, so does the need for a reliable and secure way to manage APIs. It’s a critical part of any organization’s digital strategy, and it’s only becoming more important as the internet of things (IoT) continues to grow. There are a number of reasons why API management market is becoming more important.
First, the proliferation of web-connected devices means that there are more opportunities for data breaches. Second, as businesses continue to digitize their operations, they’re relying more and more on APIs to connect their various systems. Finally, government regulations like the General Data Protection Regulation (GDPR) are putting pressure on organizations to better manage their data.
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Players in API management market can help organizations address these challenges by providing a centralized way to design, create, distribute, and monitor APIs. It can also help organizations ensure that their APIs are secure and compliant with regulations. API management is a vital part of any organization’s digital strategy. As the IoT continues to grow, so does the need for reliable and secure API management.
As per SkyQuest analysis, the demand for API management market is primarily driven by API management tools that automate the process of setting up and maintaining APIs, making it easier for developers to work with them. They also provide features such as security and performance monitoring, which are essential for ensuring that APIs are running smoothly and safely. With the rapid growth of the API economy, it is becoming increasingly important for businesses to invest in API management solutions. Doing so will enable them to take advantage of new opportunities and keep up with the competition.
Pay as you Go Pricing is Becoming Popular in API Management Market
From the last few years, several players in the global API management market is increasingly offering pay as you go pricing options to appeal to a wider range of customers.
For instance
- In September 2022, Google announced pay as you go plan for API management services. It is planning to offer these services through acquired company called Apigee.
- Similarly, in the same month, SAS started offering Pay as go you go API management services in Microsoft Azure marketplace. The company would offer these services for data management, machine learning, and analytics tools.
This type of pricing allows customers in the global API management market to only pay for the services they use, which can be a more cost-effective option than traditional subscription-based pricing models. Pay as you go pricing can be a great option for businesses that don’t need all the features of a full-fledged API management service. It’s also a good choice for businesses that want more control over their budget and don’t want to commit to a long-term contract.
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As more and more businesses in the API management market move to a pay as you go model for their API management services, it’s becoming clear that this pricing structure has a lot of advantages. First, pay as you go pricing is flexible and can be adapted to changing needs. If business grows or shrinks, they can easily adjust their API management budget accordingly.
Second, pay as you go models tend to be transparent and easy to understand and most of the businesses are attracted to this model because there are no hidden costs or complex pricing structures to worry about. Finally, pay as you go API management services typically offer a high degree of scalability. This means that businesses can easily add or remove users as needed, without having to worry about overage charges.
In short, one of the benefits of pay as you go pricing is that it can help businesses in the API management market save money on their API management costs. This type of pricing is often tiered, so businesses only pay for the resources they need. This can be a more cost-effective option than a fixed-price model, which can be expensive if a business doesn’t use all of the resources included in the plan.
New APIs and Protocols Facing Compatibility Challenge with API Management and Security Platforms
API management and security platforms are vital for ensuring the safe and secure use of APIs. However, new APIs and protocols are not always compatible with these platforms, which can create difficulties for developers who are trying to use them. Incompatible API protocols can lead to data breaches, Denial-of-Service attacks, or other serious security issues in the API management market.
In order to maintain compatibility with API management and security platforms, enterprises will need to invest in costly upgrades or replacements. Additionally, they will need to retrain staff on the new technologies. This can be a significant barrier to adoption for many enterprises.
In order to seize this growth opportunity in the API management market, Gravitee, the company providing an open-source API management platform, has raised a $30 million seed round led by Riverside Acceleration Capital with participation from Kreos Capital, AlbionVC and Oxx in September 2022.
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Top Players in Global API Management Market
- Google (US)
- IBM (US)
- Microsoft (US)
- Axway Software (US)
- Broadcom Inc. (US)
- MuleSoft (US)
- Oracle Corporation (US)
- Software AG (Germany)
- Kong Inc. (US)
- Red Hat (US)
- SAP SE (Germany)
- TIBCO Software (US)
- Amazon Web Services (US)
- Boomi (US)
- Postman (US)
- Sensedia (Brazil)
- WSO2 (US)
- Torry Harris Business Solutions (US)
- Akamai Technologies (US)
- Workato (US)
- Tray.io, Tyk Technologies (UK)
- OpenLegacy Technologies (US)
- DreamFactory Software (US)
- TeejLab, Inc. (Canada)
- Nevatech Inc. (US)
- PrestoAPI (US)
- Stoplight (US)
- Gravitee Topco Limited (France)
- Solo (US)
- KrakenD (Spain)
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