The North America API Marketplace Market would witness market growth of 16.2% CAGR during the forecast period (2023-2030).
API marketplaces also resolve the issue of trust for API subscribers. In the case of platform verification, a developer is only accountable for producing high-quality work and does not need to persuade a potential API subscriber to trust it. Since there is little cognitive effort involved during the purchasing process, conversion rates for suppliers significantly rise when the platform is responsible for the curation and quality assurance of the offerings in the marketplace.
Essential maintenance and support become a burden when the number of third-party APIs that need to be integrated into a project surpasses a certain threshold. A marketplace platform provides a single-entry point for hundreds of API services. Suppose one is a subscriber to an API marketplace. In that case, it can simply switch weather API providers without changing the keys or subscribe to new services such as financial data to enhance the application.
API marketplaces are essential for developing a successful API strategy. They allow API providers and developers to connect and ensure APIs achieve their intended purpose, driving API consumption and application integration. An API marketplace assists developers in searching for and using the APIs that bring together many API producers in a single view. In addition to the characteristics of a portal, a marketplace aggregates various components into a single panel and enables API buyers and sellers to connect.
The consumerization of IT is causing a significant increase in mobility in the North America region and an explosion in smart mobile devices, which is assisting in expanding the telecom API. In addition, with the growing demand for cost-effective and user-friendly browser-based communication solutions, several notable vendors are planning to introduce vertical-specific WebRTC and cloud solutions in the region, which is anticipated to increase the adoption of API in the telecom sector. The increased acceptance of API in the telecom industry will likely assist in expanding the regional market.
The US market dominated the North America API Marketplace Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $11.6 billion by 2030. The Canada market is poised to grow at a CAGR of 18.8% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 17.8% during (2023 - 2030).
Based on Component, the market is segmented into Platform and Services. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into Consumer (Telecom & Marketing, Financial Services, Healthcare and Others) and API Providers. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide API Marketplace Market is Projected to reach USD 47.8 Billion by 2030, at a CAGR of 17.6%
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.
By Component
By Organization Size
By End User
By Country
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