API MANAGEMENT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In February 2024, Microsoft Azure API Management, a part of Microsoft Corporation, a global leader in technology solutions, announced the introduction of TLS 1.3 support in its V1 and V2 tiers. TLS 1.3 is the latest version of the widely used security protocol that enhances internet security by encrypting data and securing communication channels between endpoints.
• In March 2023, OpenAI, a leading artificial intelligence research company that is known for developing advanced language models like GPT-4, introduced an application programming interface (API) for businesses to implement ChatGPT, its popular conversational AI, into their websites, apps, and emails. The ChatGPT API, powered by the GPT-3.5 Turbo model, enables enterprises to meet the growing demand for conversational AI and scale their applications efficiently using OpenAI's state-of-the-art text-generating technology.
• In February 2023, IBM Corporation, a global leader in technology and consulting that is known for its innovations in cloud computing and artificial intelligence, announced its acquisition of StepZen Inc., a developer of GraphQL server technology. This acquisition aims to enhance API management design with less code, facilitating digital transformation for businesses through the use of GraphQL APIs.
• In November 2020, IT team of the Chicago Department of Public Health (CDPH) collaborated with MuleSoft Inc., a leading provider of integration software, to expedite the rollout of the COVID-19 vaccine. Utilizing MuleSoft's Anypoint Platform, the collaboration enabled real-time data collection, contact tracing, and support for vaccine call centers, among other essential services.