PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1306571
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1306571
The global 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. The API security market is experiencing significant growth due to a surge in API-related breaches. This has created a strong need for effective API security measures to safeguard applications and integrations, combating evolving risks. APIs play a critical role in facilitating smooth communication and data exchange within application ecosystems, which has also fueled the adoption of robust API security solutions. As hackers increasingly target APIs due to their widespread usage and access to valuable data, the API security market continues to expand.
Furthermore, consistent investments and the rising demand for APIs are driving the growth of the API security market. These factors indicate promising growth prospects as organizations prioritize enhanced security and governance measures. Consequently, there is expected to be substantial growth in the demand for API security solutions in the foreseeable future.
By vertical, the BFSI segment accounts for a larger market share.
BFSI is one of the most heavily regulated industries in the world. As a result, businesses in this sector are under constant pressure to protect their sensitive data from cyberattacks. API security is a critical component of any BFSI organization's cybersecurity strategy. The increasing adoption of cloud-based and microservices-based architectures in the BFSI sector drives the demand for API security solutions. The growing number of connected devices and the rising popularity of mobile banking are also contributing to the growth of the API security market in the BFSI vertical.
By deployment mode, the cloud segment accounts for a larger market share
Breakdown of primaries
Major vendors in the global API security market include Google (Apigee) (US), Salt (US), Noname (US), Akamai (US), Data Theorem (US), Axway (US), Imperva (US), Traceable (US), Palo Alto Networks (US), Fortinet (US), Red Hat (US), Airlock by Ergon (Switzerland), Akana by Perforce (US), WS02 (UK), Forum Systems (UK), Cequence (US), Sensidia (Brazil), Spherical Defense (US), Neosec (US), Signal Sciences (US), Firetail (US), Resurface Labs (US), 42Crunch (Ireland), Aiculus (Australia), Gravitee (France) and Nevatech (Georgia).
The study includes an in-depth competitive analysis of the key players in the API security market, their company profiles, recent developments, and key market strategies.
Research Coverage
The report segments the API security market and forecasts its size by offering (Platforms & Solutions and Services), Deployment mode (On-premises, Hybrid, and Cloud), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, IT and ITeS, Telecom, Government, Manufacturing, Healthcare, Retail and eCommerce, Media and Entertainment, Energy and Utilities, and other Verticals), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).
The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall API security market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.