The global API security market is projected to experience remarkable growth, with an annual growth rate of approximately 26.3% from 2022 to 2032. This growth is expected to result in a total market value of about US$ 10,185.4 million by the year 2032.
At the moment, the API security market makes up about 12.0% of the overall application security market worldwide. This percentage is expected to grow even more as industries like healthcare, banking, finance, retail, and manufacturing increasingly recognize the importance of enhancing their security measures.
The rapid rise in cyberattacks and the growing adoption of APIs across diverse industries are some of the key factors driving demand for API security solutions in the market.
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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.
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 the API Security Market Report:
- 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 SME 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.
- The 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.
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.
Key Companies in the API Security Market:
- IBM
- Imperva
- Wallarm
- Salt Security
- Oracle
- Software AG
- Axway
- MuleSoft
- Microsoft
- Akana
- Moesif
- Avanan
- Cequence Security
- Data Theorem API
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API security Market Segmentation:
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)
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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