Overview and Scope
Application programming interface (API) security refers to the measures and practices implemented to protect APIs’ integrity by safeguarding the communication and data exchange between software applications, servers, or systems that interact through APIs. API security involves real-time monitoring and logging of API activities. This process helps to detect suspicious behavior, analyze security incidents, and facilitate post-incident investigations.
Sizing and Forecast
The application programming interface (API) security market size has grown exponentially in recent years. It will grow from $0.76 billion in 2023 to $1.02 billion in 2024 at a compound annual growth rate (CAGR) of 33.9%. The growth in the historic period can be attributed to increasing cyber threats, adoption of cloud computing, proliferation of APIs in software development, emergence of mobile applications, and regulatory compliance requirements.
The application programming interface (API) security market size is expected to see exponential growth in the next few years. It will grow to $3.20 billion in 2028 at a compound annual growth rate (CAGR) of 33.1%. The growth in the forecast period can be attributed to growth of IoT devices and applications, expansion of microservices architecture, rising adoption of AI and machine learning in security, integration of blockchain technology, and heightened focus on API security in DevOps practices. Major trends in the forecast period include API security automation, enhanced authentication mechanisms, increased emphasis on encryption and tokenization, API security testing and vulnerability management, and adoption of API security standards and best practices.
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Segmentation & Regional Insights
The application programming interface (API) security market covered in this report is segmented –
1) By Offering: Platform And Solutions, Services
2) By Deployment Modal: Cloud, On-Premise
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Vertical: Banking, Financial Services, And Insurance (BFSI), Government, IT And Telecom, Manufacturing, Retail And Ecommerce, Media And Entertainment, Healthcare, Energy And Utilities, Other Verticals
Asia-Pacific was the largest region in the application programming (API) interface security market in 2023. The regions covered in the application programming interface (API) security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing cyber threats is expected to propel the application programming interface security market going forward. Cyber threats refer to malicious activities and potential dangers that exploit computer systems, networks, and digital infrastructure. The surge in cyber threats can be attributed to the increasing reliance on technology and interconnected systems in businesses, creating new opportunities to exploit vulnerabilities. API security helps implement proper authentication and authorization mechanisms, ensuring only authorized users and applications can access the APIs. This prevents unauthorized access and protects sensitive data. For instance, according to the Internet Crime Report (IC3) by the Federal Bureau of Investigation (FBI), a US-based domestic intelligence and security service, in 2023, 880,418 cyber complaints were registered, with potential losses exceeding $12.5 billion. This marks a nearly 10% increase in complaints received and represents a 22% increase in losses suffered compared to 2022. Therefore, the growing intricacy of cyber threats will drive the growth of the application programming interface security market.
Key Industry Players
Major companies operating in the application programming interface (API) security market are International Business Machines Corporation, Oracle Corporation, Palo Alto Networks Inc., Fortinet Inc., Akamai Technologies Inc., Software AG, Axway Software SA, MuleSoft, Traceable Inc., WS02, Ergon Informatik AG, Sensidia, Salt Security Inc., Avanan Inc., Cequence Security Inc., Data Theorem Inc., 42 Crunch Ltd., Apigee, Noname Security, Imperva Inc., Red Hat Inc., Moesif Inc., Forum Systems, Wallarm Inc., Spherical Defense
The application programming interface (api) security market report table of contents includes:
1. Executive Summary
- Application Programming Interface (API) Security Market Characteristics
- Application Programming Interface (API) Security Market Trends And Strategies
- Application Programming Interface (API) Security Market – Macro Economic Scenario
- Global Application Programming Interface (API) Security Market Size and Growth
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32. Global Application Programming Interface (API) Security Market Competitive Benchmarking - Global Application Programming Interface (API) Security Market Competitive Dashboard
- Key Mergers And Acquisitions In The Application Programming Interface (API) Security Market
- Application Programming Interface (API) Security Market Future Outlook and Potential Analysis
- Appendix
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