Global Application Programming Interface (API) Security Market
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
