Application Programming Interface (API) Security Market
“The Business Research Company recently released a comprehensive report on the Global Application Programming Interface (API) Security Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Application Programming Interface (API) Security Market 2024 Key Insights:
• The Application Programming Interface (API) Security Market is expected to grow to $3.20 billion in 2028 at a compound annual growth rate (CAGR) of 33.1%.
• Rising Cyber Threat Complexity Drives Demand For Application Programming Interface Security Market
• Revolutionizes API Security With Advanced Machine Learning-Powered Digital Fraud Prevention
• 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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This release was published on openPR.
