The global open API market is expected to generate approximately US$ 19591.4 million by 2033, up from US$ 2794.5 million in 2023, with a CAGR of 21.5% from 2023 to 2033. The demand for open API is expected to grow, owing mostly to features that allow third parties to build applications ‘on top’ of the platform, lowering costs and shortening time-to-market.
Open API promotes the use of social sharing practices for marketing objectives and syndicates items and offerings across several platforms, hence encouraging the use of open API. APIs are becoming increasingly significant as they govern how developers can construct new programs that connect to large Web services, such as social networks like Facebook or Pinterest, or utilities like Google Maps or Dropbox.
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In many cases, these APIs save time and offer user comfort, and this is predicted to influence forthcoming developments in the open API industry. Patient-centric medical care, on the other hand, is a burgeoning value-based strategy for medical treatments that have programs that result in improved outcomes, greater levels of patient satisfaction, and superior levels of care quality.
APIs have been increasingly important in the delivery of patient-centered healthcare in recent years. Furthermore, the advent of a diverse range of services, such as wearable medical equipment and remote patient monitoring, is predicted to significantly increase North America’s open API market share.
Key Takeaways from the Open API Market Report:
- The market has grown at a CAGR of 20% during the last five years.
- Between 2023 and 2033, sales in India are expected to expand at a notable 21% CAGR.
- North America is expected to dominate the open API market in 2023, with a revenue share of 30%.
- With a 25% market share, Asia Pacific is the second biggest market for Open APIs.
- Between 2023 and 2033, the United States market is predicted to develop at an outstanding 22% CAGR.
Competitive Landscape
In recent years, the market has seen many industry initiatives aimed at developing standards for API expansion. There is some evidence that APIs will become a permanent fixture in a variety of business sectors.
- In July 2023, Thailand-based National ITMX started an Open API infrastructure project to assist in the advancement of member banks’ products and services. The effort aspires to develop a dynamic app programmer community for banking businesses by marketing the API Hub as a source of funds and non-financial APIs.
- MTN Group, a worldwide telecommunications company, announced the start of its Open API Hackathon in July 2023, encouraging developers from other markets to participate in designing unique mobile apps for their respective markets that use the MTN Mobile Money APIs.
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The study reveals essential insights by Application (Cloud Computing (IaaS, PaaS, SaaS), Transportation, Financial Services, e-Commerce, Social Networking, Media & Entertainment, Advertising, Government, Others), and Region.
Leading Key Players:
- 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)
- W3C Web Payments Interest Group.
- Wipro Limited
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Open API Market Segmentation:
By Application:
- Cloud Computing (IaaS, PaaS, SaaS)
- Transportation
- Financial Services
- e-Commerce
- Social Networking
- Media & Entertainment
- Advertising
- Government
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
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