The Global API Marketplace Market size is expected to reach $47.8 billion by 2030, rising at a market growth of 17.6% CAGR during the forecast period.
Marketplace services provide extensive documentation for the listed products, including information about their functionalities, endpoints, parameters, and utilization instructions. Hence, the services segment would register 2/5th share in the market by 2030. This enables users to comprehend API capabilities and methods for incorporating them into their applications, the development of API banking is being fuelled by available banking rules like the Revised Payment Services Directive (PSD2) of the European Union and comparable initiatives in other regions. With the help of these regulations, traditional banks and FinTech startups can compete, innovate, and collaborate by having to open up their customer data and payment infrastructure through API. Some of the factors impacting the market are development in cloud computing, increasing digital transformation, and problems with API security.
Businesses can use cloud computing to execute operations quickly and effectively to adapt to shifting market conditions. Technology has made it possible to provide a very engaging customer experience in ways that were before unthinkable. Cloud platforms offer a scalable and cost-effective environment for hosting and deploying APIs. API marketplaces leverage cloud infrastructure to provide a wide variety of APIs and make it simpler for developers to access and integrate services from many providers. Consequently, the API market is acquiring traction as cloud computing adoption increases. Digital transformation is driven by drastically changing user expectations. Most industry verticals, such as BFSI, healthcare, and retail, are transforming digitally. The primary goal of digital transformation in BFSI is to automate and digitize processes in banking and fintech organizations and to streamline the organization's most essential processes. In the future, it is anticipated that more sectors of the healthcare industry will adopt sophisticated, cutting-edge technology, accelerating the digital transformation of healthcare. The healthcare application programming interfaces enable providers to develop new web, mobile, and social apps to engage and connect with patients. In healthcare, API facilitates the extraordinary connectivity anticipated in the digital era.
However, API infrastructures are susceptible to security breaches, including cross-site scripting (XSS) attacks and SQL injection attacks; consequently, it is crucial to implement security measures to protect against these threats. Over the years, an organization may have invested significant resources in firewalls, segmentation, vulnerability management programs, and other security measures. Still, an adversary could evade many common security measures if it has insecure APIs. A significant compromise could result from exposing an insecure API to the internet. It is anticipated that these security issues with API will impede their adoption and thus slow the expansion of the market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include R Software Inc., Celigo, Inc., Gravitee Topco Limited, Apilayer Data Products GmbH (Idera, Inc.), CompanyHub IT Solutions Pvt. Ltd., Abstract API Inc, Zapier, Inc., Salesforce, Inc. (MuleSoft), ServiceNow, Inc., and beNovelty Limited.
Marketplace services provide extensive documentation for the listed products, including information about their functionalities, endpoints, parameters, and utilization instructions. Hence, the services segment would register 2/5th share in the market by 2030. This enables users to comprehend API capabilities and methods for incorporating them into their applications, the development of API banking is being fuelled by available banking rules like the Revised Payment Services Directive (PSD2) of the European Union and comparable initiatives in other regions. With the help of these regulations, traditional banks and FinTech startups can compete, innovate, and collaborate by having to open up their customer data and payment infrastructure through API. Some of the factors impacting the market are development in cloud computing, increasing digital transformation, and problems with API security.
Businesses can use cloud computing to execute operations quickly and effectively to adapt to shifting market conditions. Technology has made it possible to provide a very engaging customer experience in ways that were before unthinkable. Cloud platforms offer a scalable and cost-effective environment for hosting and deploying APIs. API marketplaces leverage cloud infrastructure to provide a wide variety of APIs and make it simpler for developers to access and integrate services from many providers. Consequently, the API market is acquiring traction as cloud computing adoption increases. Digital transformation is driven by drastically changing user expectations. Most industry verticals, such as BFSI, healthcare, and retail, are transforming digitally. The primary goal of digital transformation in BFSI is to automate and digitize processes in banking and fintech organizations and to streamline the organization's most essential processes. In the future, it is anticipated that more sectors of the healthcare industry will adopt sophisticated, cutting-edge technology, accelerating the digital transformation of healthcare. The healthcare application programming interfaces enable providers to develop new web, mobile, and social apps to engage and connect with patients. In healthcare, API facilitates the extraordinary connectivity anticipated in the digital era.
However, API infrastructures are susceptible to security breaches, including cross-site scripting (XSS) attacks and SQL injection attacks; consequently, it is crucial to implement security measures to protect against these threats. Over the years, an organization may have invested significant resources in firewalls, segmentation, vulnerability management programs, and other security measures. Still, an adversary could evade many common security measures if it has insecure APIs. A significant compromise could result from exposing an insecure API to the internet. It is anticipated that these security issues with API will impede their adoption and thus slow the expansion of the market.
Component Outlook
Based on component, the market is segmented into platform and services. In 2022, the platform segment held the highest revenue share in the market. A platform for API marketplace is a specialized online platform that enables the discovery, exchange, and integration of APIs between providers and consumers. It is a centralized hub where providers can showcase and provide their APIs and where consumers can search for, evaluate, and acquire the products that best suit their needs. Frequently, the marketplace platforms involve additional features that improve API integration. These attributes may include rating and review systems, enabling users to provide feedback and discuss their experiences with the interfaces they have used.Organization Size Outlook
By organization size, the market is bifurcated into SMEs and large enterprises. The SMEs segment garnered a significant revenue share in the market in 2022. API marketplaces attract consumers who actively seek interfaces suited for application integration. This intended audience comprises developers, businesses, and organizations seeking specific features or services. SMEs can leverage this audience to increase their chances of connecting with potential customers interested in their offerings. Without the need for extensive research or time-consuming evaluations, SMEs can readily investigate various offerings. SMEs can also accelerate the product or service development process by utilizing APIs available on the market.
End-user Outlook
On the basis of end user, the market is fragmented into API providers and consumer. In 2022, the consumer segment witnessed the largest revenue share in the market. A marketplace for APIs is a comprehensive platform that adheres to the needs of both consumers and providers. It enables users to readily discover and connect with interface products that suit the requirements of their applications. The marketplaces frequently offer comprehensive documentation, ratings, and reviews for the listed APIs. This permits consumers to assess the product's quality, functionality, and performance. The availability of user feedback and ratings assists consumers in making informed decisions and selecting APIs that have proved dependable and effective.Consumer Type Outlook
The consumer segment is further subdivided into telecom & marketing, financial services, healthcare, and others. The telecom and marketing segment procured the highest revenue share in the market in 2022. Telecom companies use APIs to monitor and manage their network infrastructure. These APIs provide real-time data on network performance, allowing for proactive maintenance and troubleshooting. Marketing professionals use APIs to integrate social media platforms into their marketing tools. This allows for scheduling posts, analyzing engagement metrics, and automating social media campaigns. Therefore, the widespread use of APIs in these companies is accountable for the growth of the segment.Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. North America has a substantial presence of significant players. These companies have distinguished themselves as market leaders with extensive experience developing and providing superior solutions. Their presence aids in the general expansion of the market in the region. The demand for APIs, a vital part of digital transformation initiatives, is a significant factor in North America's market expansion. Businesses across various sectors adopt digital technologies to improve operations, enhance customer experiences, and spur innovation.The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include R Software Inc., Celigo, Inc., Gravitee Topco Limited, Apilayer Data Products GmbH (Idera, Inc.), CompanyHub IT Solutions Pvt. Ltd., Abstract API Inc, Zapier, Inc., Salesforce, Inc. (MuleSoft), ServiceNow, Inc., and beNovelty Limited.
Strategies Deployed in the Market
»Partnerships, Collaboration and Agreements:
- Jun-2023: ServiceNow, Inc. partnered with Cognizant, a US-based IT company, to develop solutions for AI-powered business automation. The customers of the two companies would be better positioned to solve their business challenges by leveraging the combined power of the two companies.
- Apr-2023: RapidAPI partnered with Mashape, a cloud-based API platform, to integrate its platform with Mashape’s API marketplace. The integrated offering would allow the customers to manage their analytics operations more efficiently and they would get access to over 7,500 APIs in one unified platform.
- Oct-2022: gravitee.io entered into a partnership with Solace, an event-driven architecture solutions provider, to develop a unified API platform for event-driven APIs. The solution developed as a result of the partnership would facilitate the customers to enhance their speed of modernization and allow them to manage their operations with one integrated solution.
- Sep-2022: RapidAPI teamed up with Poly, an AV solutions provider, to launch the Poly API Marketplace. The collaboration would allow the two companies to provide their customers with solutions for API testing.
- Sep-2022: Zapier, Inc. came into partnership with Sinch, a customer engagement solutions provider, to integrate their API offerings. The integrated platform would facilitate the users to automate their existing business processes smoothly.
- Oct-2021: Zapier, Inc. signed a collaboration agreement with Brex, a financial services company, to integrate its no-code platform with Brex accounts. The collaboration would allow the two companies to provide their customers with flexible finance management solutions.
»Product Launches and Product Expansions:
- May-2023: MuleSoft announced new features for its Anypoint API Experience Hub platform. The new features include pre-built templates for creating and sharing APIs, portal builder capabilities for Creating branded API portals, and flexible API publishing across any enterprise environment.
»Acquisitions and Mergers:
- May-2023: ServiceNow, Inc. took over G2K, an AI-powered retail platform. The acquisition would allow ServiceNow to provide its customers with efficient business management solutions.
- Apr-2023: RapidAPI acquired Paw, an API solutions provider. The acquisition strengthens RapidAPI's capability to offer better-integrated API designing and testing solutions to customers.
- Sep-2021: MuleSoft announced the acquisition of Servicetrace, a software company. With the acquisition, MuleSoft would be able to provide its customers with an RPA and API management platform.
- Aug-2021: ServiceNow, Inc. acquired Swarm64, a real-time data analytics solutions platform. With the addition of Swarm64, ServiceNow would be able to deliver solutions for efficient data management solutions.
Scope of the Study
By Component
- Platform
- Services
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By End-user
- Consumer
- Telecom & Marketing
- Financial Services
- Healthcare
- Others
- API Providers
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- R Software Inc.
- Celigo, Inc.
- Gravitee Topco Limited
- Apilayer Data Products GmbH (Idera, Inc.)
- CompanyHub IT Solutions Pvt. Ltd.
- Abstract API Inc
- Zapier, Inc.
- Salesforce, Inc. (MuleSoft)
- ServiceNow, Inc.
- beNovelty Limited
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global API Marketplace Market by Component
Chapter 6. Global API Marketplace Market by Organization Size
Chapter 7. Global API Marketplace Market by End User
Chapter 8. Global API Marketplace Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- R Software Inc.
- Celigo, Inc.
- Gravitee Topco Limited
- Apilayer Data Products GmbH (Idera, Inc.)
- CompanyHub IT Solutions Pvt. Ltd.
- Abstract API Inc
- Zapier, Inc.
- Salesforce, Inc. (MuleSoft)
- ServiceNow, Inc.
- beNovelty Limited
Methodology
LOADING...
