Application Programming Interface (API) Security Market - Global Forecast To 2028 - API Security Offerings To Address Growing Threat Across Web Applications

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The "Application Programming Interface (API) Security Market by Offering (Platforms & Solutions and Services), Deployment Mode (On-Premises, Hybrid, and Cloud), Organization Size (SMEs and Large Enterprises), Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global API security market is projected to experience substantial growth, expanding from a market size of USD 744 million in 2023 to USD 3,034 million by 2028.

This impressive growth, with a Compound Annual Growth Rate (CAGR) of 32.5%, is driven by the increasing need for robust security measures to protect against API-related breaches.

As businesses become more reliant on APIs for smooth communication and data exchange within their application ecosystems, the demand for effective API security solutions is surging. This is especially crucial in heavily regulated industries such as BFSI, where the adoption of cloud-based and microservices-based architectures is on the rise.

This market report aims to provide key insights that can help stakeholders gain a better understanding of the API security market landscape. The information provided will assist in strategic planning and positioning, helping to optimize go-to-market strategies. The report will cover market drivers, restraints, challenges, and opportunities, as well as offering an in-depth competitive assessment of market leaders like Google (Apigee), Salt, Noname, Akamai, and Palo Alto Networks.

With API-related security risks becoming an escalating concern, investing in API security solutions has become an essential element for business entities striving to protect sensitive data and stay ahead of emerging threats. This makes the API security market a critical component in the long-term success and survival of organizations in a digitally evolving landscape.

By focusing on enhancing security and governance measures, companies can ensure the consistent investment and rising demand that are propelling the API security market. The expected substantial growth in the demand for API security solutions in the near future emphasizes its importance as an invaluable asset for businesses in an increasingly digital world.

By vertical, the BFSI segment accounts for a larger market share

BFSI is one of the most heavily regulated industries in the world. As a result, businesses in this sector are under constant pressure to protect their sensitive data from cyberattacks. API security is a critical component of any BFSI organization's cybersecurity strategy.

The increasing adoption of cloud-based and microservices-based architectures in the BFSI sector drives the demand for API security solutions. The growing number of connected devices and the rising popularity of mobile banking are also contributing to the growth of the API security market in the BFSI vertical.

By deployment mode, the cloud segment accounts for a larger market share

Cloud-based API security solutions can be scaled up or down quickly to meet the changing needs of an organization. It is essential for businesses that experience spikes in API traffic, such as during peak business hours or marketing campaigns.

Cloud-based API security solutions are often more cost-effective than on-premises solutions. Cloud providers typically offer a pay-as-you-go pricing model, meaning businesses only pay for the resources they use.

Cloud-based API security solutions are typically more straightforward than on-premises solutions. This is because cloud providers usually offer a user-friendly dashboard that makes it easy to manage API security policies.

Key Attributes:

Report Attribute	Details
No. of Pages	259
Forecast Period	2023 - 2028
Estimated Market Value (USD) in 2023	$744 Million
Forecasted Market Value (USD) by 2028	$3034 Million
Compound Annual Growth Rate	32.5%
Regions Covered	Global

Premium Insights

• API Security Offerings to Address Growing Threat Across Web Applications
• BFSI Segment and North America to Hold Largest Market Shares in 2023
• Platform and Solutions Segment to Have Larger Market Share During Forecast Period
• Cloud Segment to Dominate Market in 2023
• Large Enterprises Segment to Hold Larger Market Share During Forecast Period
• Asia-Pacific to Emerge as Best Market for Investments by 2028

Market Overview and Industry Trends

Types of API

• API Protocols and Architectures
• Open Web Application Security Project (Owasp): Top 10 API Vulnerabilities in 2023

Drivers

• Surge in API Breaches Across Industries
• Exploitation by Hackers
• Underlying Factors Contributing to API Security Incidents
• Growing Complexity of Ecosystem
• Need to Safeguard Applications and Protect Sensitive Data

Restraints

• Impact of Regulatory Restraints
• Lack of Skilled Professionals

Opportunities

• Rapid Demand for APIs to Meet Business Needs
• Increased Awareness and Rising Investments

Challenges

• Safeguarding Sensitive Data in Decentralized Architectures
• Traditional Security Controls Limiting Protection Against API Attacks

Use Cases

• Case Study 1: Nov Inc. Implemented Pingintelligence and Axway for Enhanced API Security and Governance
• Case Study 2: Ofx Enhanced Application Security with Signal Sciences for API and Microservices Protection
• Case Study 3: Paidy Implemented APIsec for Automated API Security Testing, Improving Coverage, and Efficiency
• Case Study 4: Threatx Secured Segpay's Apps and APIs with Precision and Visibility
• Case Study 5: Data Theorem Assisted Wildflower in Addressing Security Issues and Meeting Customer Demand

Technology Analysis

• Artificial Intelligence and Machine Learning
• API Security Testing Tools
• Zero Trust Architecture
• Web Application Firewalls (Wafs)
• Containerization and Microservices

Behavioral Analytics and Threat Intelligence

Pricing Analysis Models

• APIsec
• Salt Security
• Imperva
• Aiculus
• Wso2
• Neosec
• Red Hat

Tariff and Regulatory Landscape

• Health Insurance Portability and Accountability Act
• Payment Card Industry Data Security Standard
• Sarbanes-Oxley Act (Sox)
• European Union General Data Protection Regulation
• Nis Directive
• Regulatory Bodies, Government Agencies, and Other Organizations

Company Profiles

Key Players

• Google (APIgee)
• Salt Security
• Noname
• Akamai
• Data Theorem
• Axway
• Imperva
• Traceable
• Palo Alto Networks
• Fortinet

Other Players

• Red Hat
• Airlock by Ergon
• Akana by Perforce
• Wso2
• Forum Systems
• Cequence Security
• Sensedia
• Spherical Defense
• Neosec
• Signal Sciences
• Firetail
• Resurface Labs
• 42Crunch
• Aiculus
• Gravitee.Io
• Nevatech

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Attachment

• Global Application Programming Interface (API) Security Market

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