Open API Market Size is projected to reach USD 13.21 Billion by 2030, growing at a CAGR of 23.83%: Straits Research

New York, United States, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Open Application Programming Interface (API), often known as an external API, is an application programming interface that is unrestricted or has few constraints and is accessible to third-party developers. A system that enables two or more software programs to interact and communicate with one another without running into communication problems is known as an API's interface. The open API makes integrating the API with relevant services and open-source data easier when creating applications. Due to its nature, open API is easily accessible to third-party developers. A technology having an open API is quite helpful for developers. It provides recommendations on how software programs should communicate with one another. When adopting an open API, developers need to write less code to ensure the smooth interoperability of different software applications.

An open API is an interface made available to the general public, and demand for them is rising as more web, and mobile developers can easily access them. One of the main factors influencing the industry is an open API's capacity to be used by developers working for the company that published it and developers working for other companies who wish to sign up for connectivity to the interface. Digital market participants utilize API technologies to meet their specific business objectives and provide consumer value, which aids in growing their open API market share.

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Increased Use of Data-Driven Decision-Making Spurs the Demand for Open API
Enterprises can implement data-driven decision-making when APIs act as a bridge between data consumers and internal and external machines or users. APIs allow a data-first approach to boost overall flexibility and improve user experience. Data first monitoring is a data-driven technique API solutions employ to confirm data security and users' legitimacy. Users must present legally binding signatures as identification. Another way to ensure that a data-driven approach is implemented is to maintain system security. As a result, businesses focus on pyritizing data privacy and security. API tools can locate network flaws. API solutions are used to give the data first ecosystem. They provide a platform for managing and organizing all apps and devices and, as a result, offer a single, integrated ecosystem.
The amount of data produced, processed, and consumed is increasing dramatically. Even though some of this data is structured, most of it is unstructured or semi-structured, which adds to the complexity and variety of the data. Organizations invest in technology and systems that can handle the volume and type of data to address this challenge. When each method provides a distinct way to access the data it has, with APIs being the most popular alternative, it becomes more challenging for businesses to develop a digitized and linked ecosystem that would help a broad spectrum of consumers. As a result, the API platform encourages the creation of new APIs based on fresh data sets and makes data management and decision-making possible.

High Demand from Developers Create Umpteen Opportunities for the Open API Market
Over 90% of the developers surveyed by Rapid API believe that API usage will either increase or stay the same over the following few years. The demand for open APIs is rising due to the increased freedom they give programmers to design cutting-edge features and services. The same survey found that there were 4% more open APIs in 2021 than there were in 2020. The primary factor influencing demand in many industries is the open API's capacity to provide granular access to data and system functionality in a safe, managed, and affordably priced manner. As the world's business becomes more digital, APIs that act as a link between the end-user and server is becoming more and more necessary. This presents market opportunities.

Report Scope

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Regional Insights
North America is projected to advance significantly and hold the largest market share over the forecast period. The proposed expansion is driven by the rising demand for API in the region's healthcare sector. Patient-centric care is a growing value-based healthcare service strategy that has improved care quality, patient satisfaction, and outcomes. The provision of patient-centered healthcare through application programming interfaces has recently received more attention. The advent of various services, such as wearable medical technology and remote patient monitoring, has fueled the demand for healthcare API solutions.

Open APIs are used by businesses in North America to benefit from the constantly shifting freelance developers, creating many open API market opportunities and enabling the development of innovative apps that can enhance their core business operations. Regional demand for open APIs has also helped their acceptance in the corporate world because they can speed up the creation of new ideas without requiring direct investments in development activities.
Creating business models is crucial to supporting the demand for the North American application programming interface industry. The fundamental building blocks that enable connections and data sharing between diverse platforms, systems, and applications are APIs. Application programming interfaces are necessary for creating and customizing graphical user interfaces. To improve the performance of apps, cloud platform providers collaborate closely with developer partners and provide several specific APIs.

Key Highlights

• The global open API market size was worth USD 2.39 billion in 2021. It is expected to reach USD 13.21 billion by 2030, growing at a CAGR of 23.83% during the forecast period (2022–2030).
• Application-wise, the global open API market includes Media & Entertainment, Government, Education & Financial Institutions, BFSI, IT & Telecommunication, Healthcare & Life Sciences, and Others. The IT & Telecommunication section is projected to advance significantly and hold the largest market share over the forecast period.
• Product-wise, the global open API market includes Web API, Local API, and Program API. The Web API section is projected to advance significantly and hold the largest market share over the forecast period.
• Region-wise, the global open API market comprises North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America will own the largest market share.

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Key Market Players

• Apigee Corp
• International Business Machines Corporation
• Twillo, Inc.
• Google Inc.
• Orange SA
• Wipro Limited
• Oracle Corporation
• Banco Bilbao Vizcaya Argentaria (BBVA)
• SAP SE
• Visa Inc.

Global Open API Market: Segmentation

By Application

• Media & Entertainment
• Government
• Education & Financial Institutions
• BFSI
• IT & Telecommunication
• Healthcare & Life Sciences
• Others

By Product

• Web API
• Local API
• Program API

By Regions

• North America
• Latin America
• Europe
• Asia-Pacific
• The Middle East and Africa

TABLE OF CONTENT

1. Introduction
   1. Open API Market Definition
   2. Open API Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Open API Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Application Overview
   1. Introduction
      1. Market Size & Forecast
   2. Media & Entertainment
      1. Market Size & Forecast
   3. Government
      1. Market Size & Forecast
5. Product Overview
   1. Introduction
      1. Market Size & Forecast
   2. Web API
      1. Market Size & Forecast
   3. Local API
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Application
         2. By Product
      3. Canada
         1. By Application
         2. By Product
      4. Mexico
         1. By Application
         2. By Product
      5. Latin America
         1. By Application
         2. By Product
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Application
         2. By Product
      3. France
         1. By Application
         2. By Product
      4. U.K.
         1. By Application
         2. By Product
      5. Italy
         1. By Application
         2. By Product
      6. Spain
         1. By Application
         2. By Product
      7. Rest of Europe
         1. By Application
         2. By Product
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Application
         2. By Product
      3. China
         1. By Application
         2. By Product
      4. Australia
         1. By Application
         2. By Product
      5. India
         1. By Application
         2. By Product
      6. South Korea
         1. By Application
         2. By Product
      7. Rest of Asia-Pacific
         1. By Application
         2. By Product
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Application
         2. By Product
      3. South Africa
         1. By Application
         2. By Product
      4. Kuwait
         1. By Application
         2. By Product
      5. Rest of Middle East & Africa
         1. By Application
         2. By Product
7. Company Profile
   1. Twillo Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. Google Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. Orange SA
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Table of Content and Figure @  https://straitsresearch.com/report/open-api-market/toc

Market News

• In 2022, Twillo, Inc., and Carahsoft announced an expansion in their collaboration to boost demand for digital engagement solutions in the public sector.

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