Application Programming Interface Security Market to surpass $11 Bn by 2032, Says Global Market Insights Inc.

Major application programming interface (API) security market participants include Akana, Wallarm, Avanan, Software AG, Axway Software, Salt Security, Cequence Security, Palo Alto Networks Inc., Data Theorem API, Oracle Corporation, Fortinet Inc., MuleSoft, Google LLC, Moesif, Inc., IBM Corporation and Imperva, Inc.

Selbyville, Delaware, April 22, 2024 (GLOBE NEWSWIRE) --

The application programming interface security market valuation is projected to cross USD 11 billion by 2032, as reported in a research study by Global Market Insights Inc.

The increasing adoption of application programming interfaces across various industries will favor the industry growth. As organizations continue to leverage APIs to enable communication and data exchange between different software applications and systems, the need to secure these interfaces is high. With APIs serving as a bridge for seamless interaction between applications, ensuring their security has grown essential to safeguard sensitive data and prevent unauthorized access.

The rise in cyber threats and attacks targeting APIs is also contributing significantly to the market development. With cybercriminals constantly evolving their tactics to exploit vulnerabilities in digital infrastructures, APIs have become a main target for facilitating data transmission and functionality. Security breaches through APIs can result in severe consequences, including data breaches, financial losses, reputational damage, and regulatory penalties. Therefore, organizations are increasingly investing in advanced API security solutions to mitigate the risks. According to IBM, 51% of organizations are looking at increasing security investments as a result of breaches.

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The API security market from the on-premises segment is likely to accelerate at a robust pace between 2024 and 2032. Lately several organizations, particularly those operating in highly regulated industries, such as finance and healthcare, are prioritizing data privacy and compliance requirements. By opting for on-premises solutions, these firms retain full control over their API security infrastructure for ensuring compliance with industry regulations and internal security policies. Rising concerns about data sovereignty and security breaches are leading organizations to prefer on-premises solutions for greater visibility and control over sensitive data.  

In terms of industry vertical, the IT &telecom segment is expected to witness lucrative expansion in the application programming interface (API) security market from 2024 to 2032. The rapid digital transformation within the IT & telecom industries has led to an exponential increase in the use of APIs to enable seamless integration between various systems and applications. As these industries rely heavily on interconnected networks and data exchange, the need to secure APIs against potential vulnerabilities and cyber threats has become paramount.

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Asia Pacific application programming interface security market is estimated to attain substantial valuation led 2032. The growth is attributed to the burgeoning digital economy and the rapid adoption of cloud computing, IoT devices, and mobile technologies. Stringent regulatory requirements, such as GDPR, PSD2, and APPI in Japan are compelling organizations to prioritize API security to ensure compliance and mitigate the risk of data breaches. The increasing investments in cybersecurity infrastructure by governments and enterprises to combat cyber threats are also stimulating the regional market growth.

Some of the prominent application programming interface (API) security market players include Akana, Wallarm, Avanan, Software AG, Axway Software, Salt Security, Cequence Security, Palo Alto Networks Inc., Data Theorem API, Oracle Corporation, Fortinet Inc., MuleSoft, Google LLC, Moesif, Inc., IBM Corporation and Imperva, Inc. These firms are working on technological progressions to widen their customer base. For instance, in December 2023, Data Theorem, Inc., a top provider of modern application security, introduced the industry’s first API Attack Path Visualization capabilities for protecting APIs and the software supply chain.

Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope
1.1    Market scope & definition
1.2    Base estimates & calculations
1.3    Forecast calculation
1.4    Data Sources
1.4.1    Primary
1.4.2    Secondary   Paid sources   Public sources
Chapter 2   Executive Summary
2.1    Application programming interface security market 3600 synopsis, 2018 - 2032
2.2    Business trends
2.2.1    Total Addressable Market (TAM), 2024-2032
2.3    Regional trends
2.4    Offering trends
2.5    Enterprise size trends
2.6    Deployment model trends
2.7    Industry vertical trends
Chapter 3   API Security Market Insights
3.1    Industry ecosystem analysis
3.2    Supplier Landscape
3.3    Profit margin analysis
3.4    Technology innovation landscape
3.5    Patent analysis
3.6    Key news and initiatives
3.7    Regulatory landscape
3.8    Impact forces
3.8.1    Growth drivers   Growing digital transformation across various industries   Proliferation of APIs   Increasing cybersecurity threats and API breaches across industries   Rising investment across API security vendors   Growing adoption of API security solutions by SMEs
3.8.2    Industry pitfalls & challenges   Complexity of API ecosystem   Limited awareness and education
3.9    Growth potential analysis
3.10    Porter’s analysis
3.11    PESTEL analysis
Chapter 4   Competitive Landscape, 2023
4.1    Introduction
4.2    Company market share, 2023
4.3    Competitive analysis of major market players, 2023
4.3.1    Google LLC
4.3.2    Fortinet Inc.
4.3.3    Palo Alto Networks
4.3.4    IBM Corporation
4.3.5    Oracle Corporation
4.3.6    Salt Security
4.3.7    Imperva Inc.
4.4    Competitive positioning matrix, 2023
4.5    Strategic outlook matrix, 2023

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.