API market growth has been on the rise for some time. With so many more people consuming APIs, it’s certainly no big surprise that a steady market growth has been taking place since the inception of APIs. According to the Marketsector.com, “the Global API Management Software Market is anticipated to grow rapidly and will post a CAGR of +30% during the forecast period.” This is huge news.
Why is API market growth so prevalent?
Besides the huge consumption of APIs around the world, there is also a pressing demand for private and public APIs. This helps to propel growth even further in the marketplace. Additionally, the app upsurge has grown in a major way. With apps from just about anything from a diet app to an app for astrology, this makes the API market share grow exponentially. All you have to do is check out Google Play to see the number of apps around. You can see that there is an app for just about everything one can think of nowadays.
Advancements in API market growth
API market growth is also affected by many other factors that bring about an upswing. Advancements in IoT (Internet of Things), as well as Big Data advancements, are essential contributors to steady API growth. Also, a continued increase in API traffic indicates that API market growth is on the rise. It’s not surprising that new API developments are in the works offering new and exciting opportunities in API Management. This leads to even more growth in the marketplace.
According to Zion Market Research, “North America is estimated to hold the largest market share in the API management market in the coming years. Increasing popularity of web APIs will be the key driving factors for API management market growth in this region. The high adoption rate of new technology is estimated to support the growth of the European region.” Thanks to the great advancements in API developments, the API market is a sure-bet winner.
Read more about what drives API growth into the future.