At 27.3% CAGR, Middle East & Africa API Management Market is Projected to be Worth US$ 1,786.73 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa API management market was valued at US$ 259.22 million in 2023 and is expected to reach US$ 1,786.73 million by 2031, registering a CAGR of 27.3% from 2023 to 2031. Increasing adoption of API management across industries and integration of API with Artificial Intelligence (AI) are among the critical factors attributed to the Middle East & Africa API management market expansion.

Application programming interfaces (API) management is a crucial component of digital transformation for businesses. It allows enterprises to define security and access regulations, track the viability of delivering new services, and manage the entire lifecycle of their APIs. By implementing API management, companies can ensure better communication, as users can interact with each other and provide feedback on services. Owing to this adaptability, APIs are being used by all types of businesses, with more traditional sectors such as retail, travel and technology seeing the highest growth in usage. Healthcare providers use API management to implement interoperability rules, while financial organizations utilize it to launch open banking programs. As per the Google Cloud's State of APIs 2020 report, the breakdown of API usage by industry includes retail and travel (34%), technology companies (34%), telecom (10%), media and entertainment (9%), manufacturing (7%), financial (5%), and others (1%). Thus, such instances shows the utmost importance of the API management in various sectors.

On the contrary, complexity of API hampers the growth of Middle East & Africa API management market.

Based on component, the Middle East & Africa API management market is bifurcated into solutions and services. The solutions segment held 89.7% market share in 2023, amassing US$ 232.41 million. It is projected to garner US$ 1629.26 million by 2031 to register 27.6% CAGR during 2023-2031.

In terms of deployment, the Middle East & Africa API management market is bifurcated into cloud and on-premises. The cloud segment held 62.3% share of Middle East & Africa API management market in 2023, amassing US$ 161.59 million. It is projected to garner US$ 1,204.59 million by 2031 to expand at 28.5% CAGR during 2023-2031.

In terms of organization size, the Middle East & Africa API management market is bifurcated into large enterprises and SMEs. The large enterprises segment held 69.5% share of Middle East & Africa API management market in 2023, amassing US$ 180.18 million. It is projected to garner US$ 1,210.36 million by 2031 to expand at 26.9% CAGR during 2023-2031.

In terms of end user, the Middle East & Africa API management market is segmented into IT & Telecom, BFSI, healthcare, government, manufacturing, and others. The IT & Telecom segment held 38.0% share of Middle East & Africa API management market in 2023, amassing US$ 98.38 million. It is projected to garner US$ 753.28 million by 2031 to expand at 29.0% CAGR during 2023-2031.

Based on country, the Middle East & Africa API management market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 43.3% share of Middle East & Africa API management market in 2023. It was assessed at US$ 112.15 million in 2023 and is likely to hit US$ 848.45 million by 2031, exhibiting a CAGR of 28.8% during 2023-2031.

Key players operating in the Middle East & Africa API management market are International Business Machines Corp, Microsoft Corp, Oracle Corp, Google LLC, Broadcom Inc, Software AG, Akamai Technologies Inc, SAP SE, and Amazon Web Services Inc, among others.

• In April 2024, Cequence solutions integrated with the Broadcom Layer7 API Gateway. Cequence now supports and integrates with the Broadcom Layer7 API Gateway using the Cequence Broadcom API Gateway Policy Plugin. Broadcom Layer7 API Gateways are extensible, scalable, high-performance gateways to connect your most important data and applications across any combination of cloud, container, or on-premises environments.
• In February 2022, Google LLC launched Apigee X, a major release of an API management platform. Apigee X seamlessly integrates Google Cloud's expertise in AI, security, and networking to help enterprises efficiently manage the assets on which digital transformation initiatives are built.
  
  

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