NEWARK, Del, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The global open API market is expected to reach a valuation of US$ 14,718.6 Mn by 2032, with sales growing at a staggering CAGR of 20.8% from 2022 to 2032. By the end of 2022, the target market will likely reach an estimated US$ 2,229.4. Escalating demand from digital market participants that use API technologies to meet their business objectives will fuel the growth of the API market during the forecast period.
A publicly available interface is referred to as an open API. There’s been a notable surge in the demand for open API as it is developed to be easily accessible by the large population of web and mobile developers. The major aspect of API is that it can be used by developers inside the organization that published the API as well as by developers outside the organization who want to register for access to the interface.
Further, an API is freely available to all developers, backed by open data, and based on an open standard. Again, the usage of APIs in opening up systems encourages driving traffic to one’s assets. This bodes well for the overall market growth.
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Characteristics like enabling third parties to build applications ‘on top’ of the platform, contraction in costs, and speeding up time-to-market bolster the market growth of open APIs. In addition, open API promotes the adoption of social sharing practices for marketing activities and syndicating products and services across different platforms. Moreover, APIs are highly important as they decide how developers can produce new apps that tap into big Web services such as social networks like Facebook or Pinterest, or utilities such as Google Maps or Dropbox. These APIs save time and provide a certain convenience to users. All of these factors stimulate the growth of the target market during the projected period.
“APIs enable third-party consumers to construct applications ‘on top’ of the platform, ensures convenience, and saves time. This is expected to have a positive impact on the global growth of the open API market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Associated management and security issues will stunt the market growth.
- North America’s open API market will dominate the global market space.
- The open API market in North America will account for 29% of the market share.
- In 2022, the open API market in Europe will hold a market share of 20.9%.
- Start-ups in this market are offering next-generation neo-banking solutions.
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Competitive Landscape
Open Banking Working Group (OBWG) UK, CAPS, Open Bank Project, Open API initiative, IXARIS Open Payment Ecosystem, Open Financial Exchange (OFX), Financial Transaction Services (FinTS), Banking Industry Architecture Network (BIAN) and W3C Web Payments Interest Group among others are some of the major players in the open API market profiled in the full version of the report.
Key market participants are focusing on industry-wide initiatives that will create standards for APIs growth. These businesses are keen on popularising the product usage across different industry verticals
More Insights into Open API Market Report
In its latest report, FMI offers an unbiased analysis of the global open API market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of application (cloud computing (IaaS, PaaS, SaaS), transportation, financial services, e-Commerce, social networking, media and entertainment, advertising, government, others) and region.
According to the latest FMI reports, based on region, the open API market in North America will demonstrate significant growth. In 2022, the target market in North America will account for 29.0% of the market share. The rising demand for open API in the healthcare industry will drive growth for the same in this region. Demand for patient-centric health will generate greater demand for APIs as they play a vital role in delivering such patient-centric care.
The open API market in Europe will present substantial growth with ownership of about 20.9% of the market share in 2022. Banks and FinTech firms in Europe play a crucial role in the expansion of the open API market size. Collaboration and availability of different product features will boost the API market in this region during the forecast period.
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Key Segments Profiled in the Open API Market Survey
By Application:
- Cloud Computing (IaaS, PaaS, SaaS)
- Transportation
- Financial Services
- e-Commerce
- Social Networking
- Media & Entertainment
- Advertising
- Government
- Others
By Region:
- North America
- Latin America
- Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- The Middle East and Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Investment Feasibility Matrix
3.6. PESTLE and Porter’s Analysis
3.7. Regulatory Landscape
3.8. Regional Parent Market Outlook
4. Global Open API Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
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