API Marketplace Market Growth & Trends
The global API marketplace market size is expected to reach USD 49.45 billion by 2030, growing at 17.8% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. APIs are critical in connecting different software applications, enabling smooth communication between them. As the software industry continues to thrive, the demand for application programming interfaces has skyrocketed, leading to the increasing prominence of API marketplaces. These marketplaces offer numerous benefits to developers and organizations. They simplify the process of designing and developing new applications and integrating and managing existing ones.
A major advantage of the API marketplace is improved collaboration, as APIs facilitate seamless communication among various cloud applications and platforms. This allows for automated workflows and enhanced collaboration in the workplace, bridging the gaps between disconnected systems and preventing information silos that can hamper productivity.
The COVID-19 pandemic has profoundly impacted the API marketplace industry, resulting in significant shifts in demand and adoption trends. As businesses worldwide faced the challenges brought by the pandemic, there was a rapid increase in reliance on digital technologies and cloud-based solutions. This surge in digital transformation initiatives led to a higher demand for APIs, as they became essential for enabling seamless integration, collaboration, and remote access to critical systems and services.
An API marketplace is a dedicated platform where API providers can showcase and offer their products to potential buyers. It streamlines the process for buyers seeking suitable APIs for their specific business needs. Buyers can easily explore and purchase the most fitting API products that align with their requirements by visiting the marketplace. The API marketplace operates as an open ecosystem that facilitates the usage of various applications.
It provides a convenient marketplace for consumers to discover and access APIs while offering monetization opportunities for developers who create and provide them. Additionally, the marketplace typically includes features such as tracking and analytics, enabling the measurement of API usage. This provides valuable insights for consumers and providers, assisting them in making informed decisions and optimizing their API strategies.
The API marketplace industry is highly competitive. Major players invest in Research & Development (R&D) to drive innovation. Some prominent players include RapidAPI, Celigo, gravitee.io, APILayer, Integrately (CompanyHub), Abstract API, Zapier, and Mulesoft (Salesforce, Inc). These key players are adopting different development strategies such as mergers & acquisitions, partnerships and collaborations, and others to expand their presence and market share. Along with key strategies, new players are also introducing new API marketplaces to cater to a broader audience driven by the evolving needs of businesses and the growing demand for seamless integration and collaboration.
In November 2022, Zurich Insurance Group (Zurich) announced the launch of Zurich eXchange, a global API marketplace designed to enhance integration and collaboration with the company, customers, and partners. By leveraging Zurich eXchange, Zurich Insurance Group aims to streamline processes, facilitate faster integration of services, and foster efficient collaboration across its global operations.
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Report Attribute — Details Market size value in 2023 — USD 15.67 billion Revenue forecast in 2030 — USD 49.45 billion Growth rate — CAGR of 17.8% from 2023 to 2030 Historic year — 2017–2021 Base year for estimation — 2022 Forecast period — 2023–2030
API Marketplace Market Report Highlights
API marketplace provides benefits to API providers and consumers, such as increased efficiency, extended functionality with external systems, shortened implementation timeframe, and wider exposure to the audience
The services segment is projected to grow at the fastest CAGR over the forecast period
The consumer segment dominated the market in 2022 with a share of 52.76% and is expected to expand at a CAGR of 15.8% from 2023 to 2030
The SMEs segment is projected to grow at the fastest CAGR of 19.7% over the forecast period
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