As per FMI, the global API security market is estimated to grow at a CAGR of 26.3 % between 2022 and 2032. The Market is reaching a valuation of US$ 984.1 Mn in 2022 and US$ 10,185.4 Mn by the end of 2032.
Rapid rise in cyberattacks and growing adoption of APIs across diverse industries are some of the key factors driving demand for API security solutions in the market.
Application Programming Interfaces (APIs) are crucial to the development of web and mobile applications, and businesses now heavily rely on them to create their services and products. APIs enable developers to integrate with any contemporary technology, which offers the features that customers require.
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Implementing strategies and practices to reduce API vulnerabilities and security threats is part of API security. API security helps in managing security issues including access control, content validation, throttling, rate limiting, monitoring & analytics, identity-based security, and data security. Therefore, the growing adoption of Application Programming Interface (API) among large as well as SMEs owing to many advantages is expected to fuel the demand for API security solutions.
Key Takeaways from API Security Market
- By solution, the API security software segment is anticipated to account for the leading share in the global demand for API security during the forecast period while the API security services segment is estimated to grow at a CAGR of 28.1% through 2032.
- Among the enterprise size, the SMEs segment is estimated to grow at a higher CAGR of 28.9% during the forecast period.
- By industry, the IT & telecommunications segment is anticipated to grow at a leading CAGR of 29.4% between 2022 & 2032.
- The U.S. API security market is expected to progress at a CAGR of around 23.1% through 2032.
- API security market in Indonesia is likely to grow at the highest CAGR of 31.4% during the forecast period.
- Demand for API security solutions is anticipated to grow at 27.8% CAGR across Germany between 2022 and 2032.
“The growing number of cyber-attacks on sensitive information and stringent government rules and regulations to prevent cyber-attacks have compelled the adoption of API security solutions and services across the globe.” says FMI analyst.
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Increasing Number of Cyber-Attacks Beyond Traditional Target Boosting Market Growth
Cybercriminals have expanded the target and attacks beyond “traditional” targets as they continue to exploit weak technology, systems, and personnel. Adversaries are now concentrating their operations on APIs as a result of APIs expanding to micro services and the cloud in addition to IoT, external apps, and mobile apps.
As per salt security, API attack traffic for Salt Security customers increased by 681% while their overall API traffic increased by 321%, last year. This sharp increase in fraud API security calls is delaying production rollouts and diminishing trust in API security measures, which ultimately affects business innovation. Thus, increasing number of cyber-attacks ultimately propels the demand for the API security solutions.
Who is Winning?
Some of the important players operating in the global API security market are IBM, Imperva, Wallarm, Salt Security, Google, Oracle, Software AG, Axway, MuleSoft, Microsoft, Akana, Moesif, Avanan, Cequence Security, Data Theorem API.
These leading players are continuously adopting strategies such as new product launches, investments in R&D, partnerships, mergers, and acquisitions to expand their global footprint.
More Valuable Insights on API Security Market
Future Market Insight’s report on the API security market research is segmented into four major sections – solution (API security software (on-premises, and cloud-based), and API security services (integration & implementation, consulting, and support & maintenance)), enterprise size (Small and Mid-Sized Enterprises (SMEs), and large enterprises)), industry (healthcare, BFSI, media & entertainment, manufacturing, IT & telecommunications, retail & e-commerce, travel and hospitality, and other) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the API security demand outlook.
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API security Outlook by Category
By Solution:
- API security Software
- Cloud-based
- On-Premises
- API Security Services
- Integration & Implementation
- Consulting
- Support & Maintenance
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- Healthcare
- BFSI
- Media & entertainment
- Manufacturing
- IT & Telecommunications
- Retail & E-Commerce
- Travel and Hospitality
- Other
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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