At 28.9% CAGR, North America API Management Market is Projected to be Worth US$ 11,861.00 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America API management market was valued at US$ 1,553.12 million in 2023 and is expected to reach US$ 11,861.00 million by 2031, registering a CAGR of 28.9% from 2023 to 2031. Multi-Cloud API management and integration of API with Artificial Intelligence (AI) are among the critical factors attributed to the North America API management market expansion.

Multi-cloud API management is the use of various cloud platforms to host and administer APIs. Instead of relying on a single cloud provider, businesses are required to combine the strengths of multiple cloud services to improve API performance, reduce downtime, and improve security. Furthermore, multi-cloud API management enables enterprises to mix and match cloud services according to their requirements. This flexibility enables enterprises to select the best cloud provider for each API, resulting in optimal performance and cost-effectiveness. By distributing APIs across multiple cloud platforms, businesses can significantly reduce the risk of downtime and service disruptions. In the incident of a cloud provider outage, the workload can be seamlessly shifted to another cloud service, ensuring uninterrupted service for customers. Additionally, multi-cloud API management can offer an added layer of security by diversifying the infrastructure. By utilizing different cloud providers, businesses can mitigate the risk of a single point of failure and strengthen their overall security posture. Therefore, the rising adoption of multi-cloud API management is expected to emerge as a key trend in the API management market in the coming years.

On the contrary, complexity of API hampers the growth of North America API management market.

Based on component, the North America API management market is bifurcated into solutions and services. The solutions segment held 87.3% market share in 2023, amassing US$ 1,356.31 million. It is projected to garner US$ 10,580.03 million by 2031 to register 29.3% CAGR during 2023-2031.

In terms of deployment, the North America API management market is bifurcated into cloud and on-premises. The cloud segment held 67.1% share of North America API management market in 2023, amassing US$ 1,042.02 million. It is projected to garner US$ 8,487.06 million by 2031 to expand at 30.0% CAGR during 2023-2031.

In terms of organization size, the North America API management market is bifurcated into large enterprises and SMEs. The large enterprises segment held 64.7% share of North America API management market in 2023, amassing US$ 1,004.29 million. It is projected to garner US$ 7,427.00 million by 2031 to expand at 28.4% CAGR during 2023-2031.

In terms of end user, the North America API management market is segmented into IT & Telecom, BFSI, healthcare, government, manufacturing, and others. The IT & Telecom segment held 30.2% share of North America API management market in 2023, amassing US$ 469.18 million. It is projected to garner US$ 4,299.21 million by 2031 to expand at 31.9% CAGR during 2023-2031.

Based on country, the North America API management market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.5% share of North America API management market in 2023. It was assessed at US$ 1,312.69 million in 2023 and is likely to hit US$ 10,229.38 million by 2031, exhibiting a CAGR of 29.3% during 2023-2031.

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

• In April 2023, Noname Security, a provider of API security, announced a collaboration with IBM to potentially enhance customer protection against vulnerabilities, misconfigurations, and design flaws. By integrating Noname's cutting-edge API security solutions with IBM's API Connect and DataPower, this partnership aims to offer an extra layer of protection and advanced API management capabilities for users.
• In November 2023, Microsoft introduced new tiers, i.e., Basic v2 and Standard v2, for its API management service in Azure. The new Basic V2 tier is designed for development and testing scenarios. It is supported by an SLA_ At the same time, the new Standard V2 is a production-ready tier with support planned for advanced API management features, which was previously available only in a Premium tier of API Management, including high availability and networking options.
  
  

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