The application programming interface (api) security global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Application Programming Interface (API) Security Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Application Programming Interface (API) Security Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Application Programming Interface (API) Security Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the application programming interface (API) security market are focused on developing advanced technologies such as machine learning API security systems that dynamically adapt to evolving cyber threat patterns to predict, detect, and proactively respond to potential security breaches in real time. For instance, in August 2023, Traceable AI, a US-based API security company, launched digital fraud prevention capabilities within its API security platform. This innovation includes machine learning-powered threat and fraud prevention, unique user and entity profiling, proactive anomaly detection, and seamless integrations with other security platforms. Traceable AI’s digital fraud prevention capabilities offer a complete and flexible strategy for safeguarding enterprises against digital fraud, employing modern technologies such as graph machine learning and smart user profiling. These features protect against fraudulent activities across APIs and digital interfaces.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Application Programming Interface (API) Security Market Report Structure
3. Application Programming Interface (API) Security Market Trends And Strategies
4. Application Programming Interface (API) Security Market – Macro Economic Scenario
5. Application Programming Interface (API) Security Market Size And Growth
…..
27. Application Programming Interface (API) Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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