Newark, April 17, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 523.4 million application programming interface security market will reach USD 7909.9 million by 2033. Software known as an application programming interface, or API, enables communication between two applications. With the growth of the Internet of Things and the amount of sensitive data being transferred over the internet, the use of API is growing. Two- or three-step verification has used basic authentication methods like username and password to protect this data from hackers and enhance API security. The API security system verifies whether or not the user can access the database and prohibits them from making changes to the database. The adoption of the API security market has been spurred by increased cyberattacks targeting confidential data and the government's stringent regulations to prevent cyberattacks. The global API security market study offers a comprehensive analysis of the industry. The study thoroughly examines the market's major segments, trends, drivers, constraints, competitive environment, and other elements that significantly influence it.
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Key Insight of the Application Programming Interface Security Market
Asia Pacific will account for the largest market size during the forecast period.
Because APAC organizations use APIs to improve the elements essential for success in the application economy, APAC will probably open up profitable opportunities for API management vendors. By providing translation services for various applications, such as customer care and website localization, APIs help overcome language barriers. Many APAC organizations have shifted to cloud-based API solutions to meet their needs. Cloud service providers such as Microsoft Azure, Amazon Web Services Inc., Google Cloud, and others offer robust and secure API management solutions that are easily accessible.
The services segment dominated the market with the most significant revenue of USD 308.8 million.
The services segment dominated the market with the most significant revenue of USD 308.8 million. API security requires specialized knowledge in identifying and reducing various risks associated with APIs. In this domain, service providers often focus on API security and provide a level of technical expertise that private enterprises may require internal support for.
The cloud segment dominated the market with the most significant revenue of USD 293.1 million.
The cloud segment dominated the market with the most significant revenue of USD 293.1 million. Cloud-based services offer more flexible and scalable access to solutions at a lower total cost. Cloud-based API management solutions are being used by businesses to reduce API development cycles and increase mobility.
The large enterprise segment dominated the market with the most significant revenue of USD 277.4 million.
The large enterprise segment dominated the market with the most significant revenue of USD 277.4 million. Robust API security testing, encompassing code inspection, attack detection, and vulnerability assessment, is employed by large corporations. These tests assist in identifying gaps in security and other weaknesses in APIs and the programs that use them.
The IT & telecom segment dominated the market with the most significant revenue of USD 109.9 million.
The IT & telecom segment dominated the market with the most significant revenue of USD 109.9 million. Telecom firms widely use APIs to manage their networks. These APIs regulate quality of service (QoS), navigation, and network performance. Security is crucial for network management APIs to avoid unauthorized access and potential network disturbances.
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Market Dynamics:
Drivers: Increasing number of cyberattacks
The adoption of the API security market has been spurred by increased cyberattacks targeting confidential data and the government's stringent regulations to prevent cyberattacks. The market is anticipated to grow due to increasing cybersecurity trends, automated monitoring and analysis of API traffic, and growing demand for secure public and private APIs.
Restraint: Complexity of API management solutions
Implementing API management solutions can be costly and complex. Small and medium-sized businesses may struggle to start because of this expense and complexity (SMEs).
Opportunity: Growing demand for secure and reliable API management solutions
The need for dependable and safe API management solutions is growing as companies depend more and more on APIs. API management solutions assist companies in controlling access to, safeguarding, and tracking the functionality of their APIs.
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Some of the major players operating in the application programming interface security market are:
● Broadcom (Symantec Corporation)
● Check Point Software Technology Ltd.
● FireEye, Inc.
● IBM Corporation
● LogRhythm, Inc.
● Palo Alto Networks, Inc.
● Sophos Ltd.
● BAE Systems, Inc.
● Centrify Corporation
● Cisco Systems, Inc.
● Fortinet, Inc.
● Lockheed Martin Corporation
● McAfee, LLC.
● Proofpoint, Inc.
● Trend Micro Incorporated.
Key Segments cover in the market:
By Offering:
● Services
● Platforms & Solutions
By Deployment:
● Cloud
● On-Premises
By Enterprise Size:
● Large Enterprises
● Small Enterprises
By Vertical:
● BFSI
● Healthcare
● Government
● IT & Telecom
● Retail & Ecommerce
● Education
● Manufacturing
● Others
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About the report:
The global application programming interface security market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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