Richmond, Jan. 08, 2024 (GLOBE NEWSWIRE) -- According to a research report "Application Programming Interface (API) Security Market”, By Solution (API security Software (Cloud-based, On-Premises), API Security Services (Integration & Implementation, Consulting, Support & Maintenance), Enterprise Size (Large Enterprises, SMEs), Industry (Healthcare, BFSI, Media & entertainment, Manufacturing, IT & Telecommunications, Retail & E-Commerce, Travel and Hospitality, Other) and Region - Global Forecast to 2030.
Global Application Programming Interface (API) Security Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.6 Billion |
| Market size value in 2030 | USD 10.7 Billion |
| CAGR (2023-2030) | 26.8% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Solution, Enterprise Size, Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Application Programming Interface (API) Security Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The complexity of APIs has expanded significantly, offering diverse functionalities and serving as the backbone of interconnected systems. They play a crucial role in implementing applications for smartphones and cloud-based services. Ensuring API security is vital to safeguard the data and operations accessed through these cloud-based platforms. The imperative to share information and insights during the pandemic prompted the development of APIs that access, aggregate, and analyze data from various sources, including medical information, infection rates, and contact tracking. The urgency of the pandemic fostered collaboration and innovation within the API sector, leading to the creation of APIs for contact tracing apps, immunization records, and other medical solutions through collaborative efforts of companies and developers.
The pandemic acted as a catalyst for widespread digital transformation initiatives across industries. APIs are instrumental in these transformations as organizations embrace technological advancements. The heightened reliance on APIs underscores the need for robust security solutions. The pandemic also escalated cybersecurity threats, as threat actors exploited vulnerabilities arising from the shift to remote work. Implementing API security measures becomes imperative to counter growing threats, such as data theft and API-based attacks. Additionally, API security solutions are becoming more intricately connected with API management systems. The integration of blockchain technology and distributed database solutions is anticipated to enhance API security, particularly in areas like supply chain management, online identification, and encrypted sharing of information services.
Major vendors in the global Application Programming Interface (API) Security Market:
- IBM
- Avanan
- Axway
- Cequence Security
- Data Theorem API
- Imperva
- Microsoft
- Moesif
- MuleSoft
- Oracle
- Salt Security
- Software AG
- Wallarm
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Increasing Adoption of APIs Across Industries
The widespread adoption of Application Programming Interfaces (APIs) across various industries is a significant driver for the global API security market. APIs play a pivotal role in enabling seamless communication and data exchange between different software applications and systems. As businesses continue to digitally transform and embrace technologies such as cloud computing, mobile applications, and Internet of Things (IoT), the reliance on APIs becomes paramount. However, this increased interconnectivity also exposes organizations to potential security threats.
With APIs serving as the foundation for modern software development and integrations, ensuring their security becomes crucial. Cyber attackers often target APIs to gain unauthorized access, execute data breaches, or launch denial-of-service attacks. This growing threat landscape propels organizations to invest in robust API security solutions to safeguard sensitive data, prevent unauthorized access, and ensure the integrity of their digital ecosystems.
Stringent Regulatory Compliance Requirements
Regulatory compliance is another driving force behind the growth of the global API security market. Governments and regulatory bodies worldwide are imposing stringent data protection and privacy regulations to address the escalating concerns surrounding cybersecurity. Regulations such as GDPR (General Data Protection Regulation), HIPAA (Health Insurance Portability and Accountability Act), and PCI DSS (Payment Card Industry Data Security Standard) mandate organizations to implement robust security measures, including the protection of APIs, to ensure the confidentiality and integrity of sensitive data.
Non-compliance with these regulations can result in severe penalties and reputational damage. Consequently, organizations are compelled to invest in advanced API security solutions that can not only safeguard their data but also ensure adherence to the evolving regulatory landscape. The need for comprehensive API security solutions that can address specific compliance requirements becomes a critical factor driving the market's growth.
Market Dynamics
Drivers:
- Rapid Growth in API Usage
- Digital Transformation Initiatives
- Increasing Cloud Adoption
- Increasing Cybersecurity Threats
Opportunities:
- Proliferation of Mobile and Web Applications
- Globalization and Interconnected Systems
- Ongoing Advancements in Technology
The Global API Security Market is dominated by the API security software segment.
The global Application Programming Interface (API) Security Market comprises two key segments: API security software and API security services. In recent years, API security software has emerged as the dominant force in this market. The dominance of the software segment can be attributed to the escalating need for robust security measures in the digital landscape. As organizations increasingly rely on APIs to facilitate seamless data exchange and integration between diverse applications, the demand for specialized software solutions to fortify these interfaces against cyber threats has surged. API security software provides a proactive approach to safeguarding sensitive data and preventing unauthorized access, making it a critical component for businesses striving to maintain the integrity and confidentiality of their digital assets. This heightened emphasis on cybersecurity and the pivotal role that API security software plays in addressing evolving threats contribute to its dominance in the API security market.
The market for Application Programming Interface (API) Security Market is dominated by North America.
The dominating region in the global API security market is North America, with the United States at the forefront. The region's dominance can be attributed to the strong presence of key market players, a high level of technology adoption across industries, and stringent data protection regulations. The U.S., being a major hub for technology innovation and digital transformation, witnesses substantial investments in API security solutions.
While North America holds the lion's share, Asia-Pacific (APAC) is emerging as a region with high growth potential. Countries such as India and China are experiencing rapid digitalization, fueled by the increasing adoption of cloud services and mobile technologies. The burgeoning e-commerce sector, coupled with a surge in API usage for diverse applications, is driving the demand for robust API security solutions in the APAC region.
Furthermore, Latin America and the Middle East are also poised for growth, driven by the expanding digital infrastructure and a growing awareness of cybersecurity threats. As these regions continue to integrate technology into their business processes, the demand for API security solutions is expected to witness a notable upswing.
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