API Monetization Platform Market Overview
In today’s world of ever-expanding interconnectivity, APIs (Application Programming Interfaces) are emerging as essential tools for providing access to data and capabilities beyond the firewall. In order to compete in this digital age, organizations are adopting flexible and scalable IT systems and focusing on monetize their technology which is creating the potential demand for API monetization platforms.
Organizations are adopting API monetization platform as a business driver which helps them in monetizing their core assets in order to extend the reach of existing services and provide new revenue streams. API monetization platform has become an important component of modern storage systems and enabling organizations to enhance their performance by leveraging digital assets.
With the growing penetration of digital assets in the organization, the adoption of API monetization platform is increasing to unlock value from these assets and create new opportunities with customers.
The growing adoption of digital solutions and technologies such as cloud computing, mobility, and IoT is creating the need for organizations to capture additional value in the digital value chain which is driving the growth of API monetization platform market. Moreover, the ongoing digital transformation and rising adoption of advanced technologies generating the potential growth opportunities for API monetization platform market.
Impact of COVID-19
The impact of COVID-19 on businesses has been significant and organizations are facing major challenges of market uncertainty, shrinking liquidity, and spike in operational tasks. The outbreak of COVID-19 has created immense disruption in short span of time, which leads to lower margins, increased operational costs, decreased consumer confidence, and reputational risks.
To thrive in the post-pandemic world, the spending on advanced solutions and technologies such as cloud computing, IoT, AI, and enterprise mobility is increasing which is expected to create potential growth opportunities for the API monetization platform market. Furthermore, the need to diversify businesses and improve business metrics in this digital world is expected to have a positive impact on the demand of API monetization platform market.
Moreover, the sudden shift to a remote-first workforce is creating the need for business integration application and solutions which is propelling the growth of API monetization platform market at this time of pandemic. According to estimates, the API monetization platform market is estimated to increase 1.4X during 2020-2022.
Also, owing to the outbreak of COVID-19 the API monetization platform market is expected to witness the growth of around 30% in 2021 which was around 18% in 2019.
API Monetization Platform Market: Market Dynamics
The growing penetration of digital solutions, the need for creating business opportunities, and foster innovation are the key factors driving the growth of API monetization platform market. Also, due to exponential rise in the number of smart devices and apps in this digital world, businesses are focusing on extending the reach of their core assets through API monetization platform, which is propelling the growth of API monetization platform market.
Moreover, the rising trend of BYOD (Bring Your Own Device) and rise in adoption of advanced analytics solutions are also some of the key factors fuelling the growth of API monetization platform market.
Furthermore, growth of mobile devices and apps has directly resulted in creating direct revenue streams which is further creating potential growth opportunities for the growth of API monetization platform market. However, less availability of proficient expertise and lack of awareness are some of the major challenges for the growth of API monetization platform market.
API Monetization Platform Market: Competition Landscape
As the organizations around the world are challenged with the ongoing digital transformation, the need for monetizing their core assets to create new revenue streams is generating the demand for API monetization platform.
Owing to this, most of the leading players in the API monetization platform market are focusing on investing significantly in research & development activities to diversify their existing portfolio and come up with advanced and innovative solutions that meets the ever-changing demand from organizations.
Some of the key players in the API monetization platform market are
- IBM Corporation
- Microsoft Corporation
- Amazon Web Services
- Software AG
- Oracle Corporation
- Envato Pty Ltd.
- MuleSoft, Inc.
- Cloud Elements.
API Monetization Platform Market: Regional overview
On the basis of regions, North America is expected to lead the API monetization platform market owing to the growing adoption of digital technologies and presence of leading API monetization platform providers in the region. Also, with the rising remote working and BYOD trend, the demand for API monetization platform market is expected to increase in coming years.
Moreover, Asia Pacific and Europe is also expected to create significant growth opportunities, owing to the continuous rise in number of smart devices and apps and growing need for monetizing technology among the enterprises in the regions. Furthermore, the increasing spending on strengthening enterprise performance in the advanced and emerging economies around the globe is expected to drive the API monetization platform market.
The API Monetization Platform market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on
- API Monetization Platform Market Segments
- API Monetization Platform Market Dynamics
- API Monetization Platform Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in API Monetization Platform Market
- Technology Landscape
- Value Chain of the API Monetization Platform Market
- Market Drivers and Restraints
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
- East Asia (China, Japan, & South Korea)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)
API Monetization Platform Market: Market Segmentation
The API Monetization Platform market has been segmented on the basis of component, enterprise size, and vertical.
On the basis of Component
- API Monetization Platform
- Professional Services
- Managed Services
On the basis of enterprise size
- Small & Medium Enterprises
- Large Enterprises
On the basis of vertical
- IT & Telecom
- Travel & Hospitality
- Energy & Utilities