Application Programming Interface Security Market Size, Share & Trends Analysis growing rate (CAGR) of 27.3% from 2023 to 2030
The global application programming interface security market size was valued at USD 438.9 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 27.3% from 2023 to 2030.APIs have grown in level of complexity, providing a wide range of functions and serving as the foundation of interconnected systems. APIs serve an essential part in the implementation of applications for smartphones and cloud-based services. API security is essential for preserving the data and operations accessed via these cloud-based avenues.
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The necessity for sharing information and insights to track and respond to the pandemic led to the creation of APIs that access, aggregate, and analyze data from a variety of sources, including medical information, infection rates, and tracking of contacts. The pandemic’s urgency encouraged collaboration and innovation with the API sector. APIs for contact tracing apps, immunization records, and other medical solutions have been developed by companies and developers operating collaboratively.
The pandemic accelerated industry-wide digital transformation initiatives. APIs are crucial to these shifts as organizations strive to adopt technological innovations. The increased use of APIs necessitates strong security solutions. The pandemic increased cybersecurity threats. Threat actors exploited vulnerabilities made accessible by a remote work shift. API security measures are essential for mitigating growing threats, including data theft and API-based attacks. Moreover, API security solutions are getting more closely linked with API management systems. Blockchain technology and distributed database solutions will play a role in improving API security, notably for supply chain administration, online identification, and encrypted sharing of information services.
Offering Insights
Based on the offering, the API security market is segmented into platforms & solutions, and services. The services segment held the largest market share in 2022. API security involves specialized knowledge in identifying and reducing multiple API-related threats. Service providers in this space often focus on API security and offer a level of technical expertise that private firms may need help to maintain in-house.
