At 25.9% CAGR, South & Central America API Management Market is Projected to be Worth US$ 669.29 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America API management market was valued at US$ 106.30 million in 2023 and is expected to reach US$ 669.29 million by 2031, registering a CAGR of 25.9% from 2023 to 2031. Multi-Cloud API management and increasing adoption of API management across industries are among the critical factors attributed to the South & Central 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 South & Central America API management market.

Based on component, the South & Central America API management market is bifurcated into solutions and services. The solutions segment held 90.5% market share in 2023, amassing US$ 96.16 million. It is projected to garner US$ 614.89 million by 2031 to register 26.1% CAGR during 2023-2031.

In terms of deployment, the South & Central America API management market is bifurcated into cloud and on-premises. The cloud segment held 63.3% share of South & Central America API management market in 2023, amassing US$ 67.24 million. It is projected to garner US$ 456.53 million by 2031 to expand at 27.1% CAGR during 2023-2031.

In terms of organization size, the South & Central America API management market is bifurcated into large enterprises and SMEs. The large enterprises segment held 70.5% share of South & Central America API management market in 2023, amassing US$ 74.96 million. It is projected to garner US$ 460.53 million by 2031 to expand at 25.5% CAGR during 2023-2031.

In terms of end user, the South & Central America API management market is segmented into IT & Telecom, BFSI, healthcare, government, manufacturing, and others. The IT & Telecom segment held 36.6% share of South & Central America API management market in 2023, amassing US$ 38.90 million. It is projected to garner US$ 278.40 million by 2031 to expand at 27.9% CAGR during 2023-2031.

Based on country, the South & Central America API management market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 58.4% share of South & Central America API management market in 2023. It was assessed at US$ 62.08 million in 2023 and is likely to hit US$ 417.08 million by 2031, exhibiting a CAGR of 26.9% during 2023-2031.

Key players operating in the South & Central America 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 October 2022, Oracle Cloud Infrastructure (OCI) API Gateway now supports OpenID Connect, enabling developers to protect both APIs and web applications with a common network policy enforcement point. OpenID Connect enables single sign-on for disparate applications by centralizing the user management with an identity provider such as OCI Identity and Access Management (IAM) with domains.
• In October 2022, Microsoft Ignite announced a partnership with Postman. This partnership aims to simplify API testing and monitoring using the Postman platform for Azure API developers and make the Azure platform readily available to deploy APIs for Postman developers.

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