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(Wireless-NewsWire.Com, November 06, 2020 ) The global API testing market size is expected to grow from USD 447.4 Million in 2017 to USD 1,099.1 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 19.69% during the forecast period. Adoption of Agile and DevOps practices for software development and open API strategies by businesses are some of the driving factors of the API testing market.
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API Testing Tools/Software is projected to hold the largest market share in the API testing component market during the forecast period, as the API testing tools segment encompasses all the software testing tools that enable API testing at the business layer of a software application. Deployed on-premises, on-cloud or on-private cloud, these tools help software teams to test API’s functionality, performance, and security to ensure the quality and timely delivery of the software. The API testing services segment has the highest market growth rate during the forecast period.
In the API testing market, the BFSI vertical is expected to grow at the highest rate during the forecast period. The Open API movement in the banking industry which exposes a wide range of banking APIs with other businesses is driving the API test market.
North America is expected to hold the largest market share in the API testing market during the forecast period, as APIs enable businesses across industries to monetize their services by exposing their APIs to the external world. North America is at the forefront in the adoption of such APIs that enable businesses to create value by offering their APIs. APAC is expected to grow at the highest CAGR during the forecast period, as the region has the presence of creditable organizations that are gradually enabling the embracement of advance technologies.
Major vendors in the API testing market are Astegic (Virginia, US), Axway (Arizona, US), Bleum (Shanghai, China), CA Technologies (New York, US), Cigniti Technologies (Hyderabad, India), Cygnet Infotech (Ahmedabad, India), IBM (New York, US), Inflectra Corporation (Maryland,US), Infosys (Bengaluru, India), Load Impact (Stockholm, Sweden), LogiGear Corporation (California, US), Micro Focus(Formerly HPE) (Berkshire, UK), Nevatech (Georgia, US), Oracle (Apiary) Corporation (California, US), Parasoft Corporation (California, US), QASource (California, US), QSG Technologies (Bengaluru, India), QualityLogic (Idaho, US), SmartBear Software (Massachusetts, US), SendGrid, Inc. (Colorado, US), Sybrant Technologies (Chennai, India), Runscope (California, US), Trantor (California, US), Tricentis (Vienna, Austria), and Vector Software (Rhode Island, US)
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