The open API market is anticipated to generate revenue of roughly US$ 14,718.6 million by 2032, up from US$ 2,229.4 million in 2022, while expanding at a CAGR of 20.8% over the estimated period (2022-2032).
An open API is a connection point that is openly available and designed to be used by a larger population of Web and adaptable engineers. Engineers within the organization that provided the API can use an open API, as well as designers outside the organization who want to apply for access to the point of interaction.
All engineers can use open APIs without restriction, they are supported by open information, and they rely on an open norm. These are the three main characteristics of open APIs.
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Advanced market companies leverage API breakthroughs to achieve their unique business goals and therefore build customer loyalty. It has been observed that using APIs to open up systems to the outside world helps with directing people to one’s resources, increases end-user respect for the environment, and shares the benefits and wealth among the parties involved when opening new markets.
Open API Market: Market Overview
Generally, open APIs are made available on the Internet and are shared freely. A software development company might publish a series of APIs to encourage third-party developers in different vertical industries to be innovative and figure out new ways to use the company’s software product.
Open APIs are used by enterprises to leverage the ever-evolving community of freelancing developers, capable of creating innovative applications that can add value to their core businesses. Open APIs are preferred in the business sphere due to their capability to increase the production of new ideas without direct investments in development efforts.
Often, enterprises tailor their APIs to target specific developer audiences that they consider to be the most effective in creating valuable new applications. However, an API can significantly degrade the functionality of an application if it is overloaded with features.
Open API Market: Market Dynamics
Major factors which are playing a key role in the increasing popularity of open APIs are – their features enabling third parties to build applications ‘on top of the platform, reduction in costs & speeding up time-to-market, adoption of social sharing practices for marketing purposes, and syndicating products and services across different platforms
Additionally, today APIs are becoming increasingly important as they determine how developers can create new apps that tap into big Web services – social networks such as Facebook or Pinterest, or utilities such as Google Maps or Dropbox. These APIs provide the advantages of time-saving and offering user convenience in many cases.
However, the global market for open API faces challenges such as management and security issues associated with publishing APIs and publishing open APIs makes it difficult for organizations to control the experience end users have with their information assets.
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Open API Market: Overview Standardization Initiatives
In recent years the market has witnessed several industry initiatives to create standards for APIs growth. There is some evidence that APIs are likely to become a permanent fixture across several industry verticals. Some of the key API standardization initiatives are – 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.
Open API Market: Segmentation
The Global Open API market can be segmented based on applications and regions.
Based on application, the market can be classified as
- cloud computing (IaaS, PaaS, SaaS)
- transportation
- financial services
- e-Commerce
- social networking
- media & entertainment
- advertising
- government
Based on regions, the market is classified as:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (Excluding Japan)
- Japan
- Middle East & 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
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