Application Programming Interface (API) Security Market worth $3,034 million by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 6, 2023 /PRNewswire/ --The market for API security is anticipated to keep expanding as companies use APIs for better connectivity and digital transformation. The market will witness developments in security technologies and an emphasis on strong API security solutions because of changing security threats, compliance requirements, and the integration of security into the software development lifecycle.

The global Application Programming Interface (API) Security Market size is projected to grow from USD 744 million in 2023 to USD 3,034 million by 2028 at a Compound Annual Growth Rate (CAGR) of 32.5% during the forecast period, according to a new report by MarketsandMarkets™. The expansion of the API security market is propelled by a significant increase in breaches concerning APIs, rendering them a primary focus for hackers. The rise in applications and the vital role of API security in protecting both applications and integrations have further contributed to this surge. As a result, the demand for robust API security measures has increased, driving the growth of the API security market.

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Scope of the Report

Based on the deployment type, the hybrid segment is to grow at the highest CAGR during the forecasted period

The API security market is divided into on-premises, hybrid, and cloud deployment modes. The hybrid deployment mode experiences the highest CAGR, offering organizations a comprehensive solution for their API security needs. This mode combines the benefits of cloud and on-premises gateways to provide improved security, reduced attack surface, and protection for sensitive data and applications. It optimizes performance by placing gateways closer to API consumers, enhancing user experience with reduced latency. The hybrid deployment mode also brings flexibility in managing API security, enabling organizations to choose the most suitable gateway types for different environments. Furthermore, it helps organizations reduce costs, ensure compliance with industry regulations, and offer scalability and manageability, making it a favored choice in the API security landscape. Thus, the hybrid deployment mode accounts for the highest CAGR during the forecasted period.

By organization size, small and medium-sized enterprises (SMEs) account for the highest CAGR.

Small and medium-sized enterprises (SMEs) contribute the highest CAGR due to various factors. Adopting APIs on a large scale has allowed SMEs to improve connectivity and streamline data sharing, all while maintaining a strong focus on security. However, the rise in API attacks poses significant risks to SMEs in terms of finance and operations, prompting them to prioritize implementing robust API security measures. SMEs are becoming increasingly aware of potential vulnerabilities and actively incorporating security best practices such as OAuth 2.0 and JSON Web Tokens (JWTs). Furthermore, the availability of comprehensive API security solutions empowers SMEs to effectively protect their APIs by implementing security protocols, continuously monitoring for threats, and swiftly responding to attacks. By driving the demand for such solutions, SMEs play a significant role in shaping the API security market.

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By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The Asia Pacific region accounts for the highest market size due to several key factors. The region is experiencing rapid growth fueled by adopting cloud computing, mobile devices, and IoT, leading to an increased demand for application security. Initiatives by organizations like APCERT, ACSC, NCCS, and Japan's Cybersecurity Strategy Council are facilitating coordinated responses, providing resources, releasing guidelines, and promoting research. These efforts align with international organizations such as ISO, OWASP, and CSA. As a result, the Asia Pacific region is anticipated to grow at the highest CAGR during the forecasted period.

Top Key Companies in Application Programming Interface (API) Security Market:

Google (Apigee) (US), Salt (US), Noname (US), Akamai (US), Data Theorem (US), Axway (US), Imperva (US), Traceable (US), Palo Alto Networks (US), Fortinet (US), Red Hat (US), Airlock by Ergon (Switzerland), Akana by Perforce (US), WS02 (UK), Forum Systems (UK), Cequence (US), Sensidia (Brazil), Spherical Defense (US), Neosec (US), Signal Sciences (US), Firetail (US), Resurface Labs (US), 42Crunch (Ireland), Aiculus (Australia), Gravitee (France) and Nevatech (Georgia) are the key players and other players in the API security market.

Recent Developments

• In June 2022, Google (Apigee) (US) introduced Apigee Advanced API Security, a robust solution designed to assist customers in addressing their increasing API security requirements. This comprehensive set of API security features is built on Apigee, Google's API management platform. With Advanced API Security, organizations gain enhanced capabilities for detecting and mitigating security threats within their APIs.
• In July 2022, Salt Security (US) introduced significant enhancements to its advanced API Protection Platform. The updates strengthen threat detection and pre-production API testing capabilities, offering deeper insights into attacker behaviors, visual representations of API call sequences, and the ability to simulate attacks before deploying APIs into production. With these new features, Salt empowers organizations with comprehensive API usage visibility, enhances incident response speed, and improves overall business understanding.
• In April 2023, Noname (US) partnered strategically with MindPoint Group, a reputable cybersecurity consulting firm. Together, they developed an advanced API security platform in a secure OVA deployment format. This collaboration offers customers a simplified and quick approach to securing their API inventory while ensuring the platform is inherently protected.
• In March 2022, Imperva (US) introduced Imperva API Security, offering continuous API discovery and data classification. This product ensures data visibility and safeguarding across traditional and cloud-native applications. It can also be used alongside Imperva Cloud Web Application Firewall (WAF) or as a standalone solution, effectively protecting APIs in developer environments prone to security vulnerabilities and unintended exposure.
• In January 2021, Palo Alto Networks (US) launched Prisma Cloud 2.0, introducing the Web Application and API Security (WAAS) module. This module enables the discovery and protection of web applications and APIs across various clouds, offering customizable OWASP Top 10 protection, API security, and runtime protection. It provides security teams with a single dashboard integrated with the Defender unified agent framework for easy deployment and enabling protection for cloud-native applications.

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Report Objectives

• To define, describe, and forecast the API security market based on offering, deployment mode, organization size, verticals, and regions
• To define, describe, and forecast the Application Programming Interface (API) security market by offering, deployment mode, organization size, vertical, and region
• To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the API security market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the API security market
• To profile the key players of the API security market and comprehensively analyze their market size and core competencies in the market
• To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global API security market

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