Application Programming Interface (API) Security Market worth $3,034 million by 2028, growing at a CAGR of 32.5%: Report by MarketsandMarkets™
Chicago, March 19, 2024 (GLOBE NEWSWIRE) -- *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 new report by MarketsandMarkets.*
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The API security market is experiencing significant growth due to the increasing number of breaches involving APIs. APIs’ crucial role drives the need for robust security measures in seamless communication and data exchange. Hackers, focusing their attention on APIs, are fueling the market growth.
The promising growth potential of the API market can be attributed to various factors, including continuous investments and the growing demand for APIs among organizations.
*Application Programming Interface (API) Security Market Dynamics:*
*Drivers:*
· Surge in API breaches across industries
· Exploitation by hackers
· Growing complexity of ecosystem
· Need to safeguard applications and protect sensitive data
*Opportunities:*
· Rapid demand for APIs to meet business needs
· Increased awareness and rising investments
*Restraints:*
· Impact of regulatory restraints
· Lack of skilled professionals
*List of key Players 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),
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*Trend: Explosive Rise in APIs*
The rapid growth of APIs (Application Programming Interfaces) has revolutionized the digital landscape, facilitating seamless integration and communication between software systems, platforms, and services. The need for interconnectedness, scalability, and innovation fuels this surge in API adoption. APIs empower developers to leverage diverse functionalities and data, speeding up software development, encouraging collaborations, and creating novel digital experiences. As APIs become more prevalent in various industries, they transform how businesses operate, collaborate, and deliver value in an ever-changing digital ecosystem.
*Trend:* *Shift left DevSecOps*
Shift left DevSecOps in API security involves integrating security considerations into the development process right from the start, ensuring that security is a core focus throughout. This proactive approach enables organizations to detect and tackle security risks early on, reducing the complexity and expenses of resolving them. By adopting the shift left DevSecOps, organizations can effectively safeguard APIs by proactively identifying and addressing vulnerabilities and mitigating the risks of data breaches, financial losses, and other detrimental consequences. This prioritization of security from the outset enhances the overall security of API-based applications.
*Trend: Shield Protect Right*
Shield Protech is a cloud-based API security platform that safeguards APIs from various threats. It offers features like API discovery, threat protection, policy enforcement, and logging. With automated API discovery, it identifies vulnerabilities and protects all APIs. Using techniques like traffic inspection and anomaly detection, it prevents attacks and enforces security policies such as access control and encryption. Shield Protech also provides comprehensive logging for incident investigation. The increasing number of APIs, sophisticated attacks, and the need for centralized security management drives its adoption. It’s user-friendly, scalable, and ensures API protection.
*By offering, the services segment accounts for the highest CAGR during the forecast period*
The demand for API security services is skyrocketing due to various factors, particularly the rise in cybersecurity concerns. Businesses have widely utilized APIs to establish connections between systems and applications, but this widespread adoption also brings an expanded potential for attacks. Cybercriminals are constantly developing more advanced techniques to target APIs due to their access to valuable and sensitive data, posing significant security challenges. Unfortunately, many businesses lack the necessary awareness and understanding of the risks associated with API security. The increasing prevalence of cloud computing, mobile applications, and microservices architecture further amplifies this demand as they contribute to the proliferation of APIs and sensitive information. Consequently, businesses increasingly recognize the need for API security services to fortify their systems and defend against sophisticated attacks.
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*By organization size, large enterprises segment to account for a larger share of the market*
The organization size in the API security market is segmented into large enterprises and SMEs. Large enterprises contribute to the larger market size due to increasing cyber threats targeting them as they have limited internal resources for security compliance and are increasingly subjected to regulations and standards. By leveraging robust authentication and encryption protocols, large enterprises can ensure that only authorized entities can access their APIs, preventing unauthorized disclosure or modification of sensitive information. Additionally, API security solutions offer comprehensive monitoring and logging capabilities, enabling large enterprises to detect and respond to suspicious activities in real-time. This proactive approach to security helps large enterprises comply with industry regulations and enhances their overall cybersecurity posture, instilling confidence in their customers and stakeholders.
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