API Security Market Size Worth $6.3 Billion By 2030: IndustryARC

API Security Market size is predicted to reach $6.3 billion by 2030, growing at a CAGR of 25.4% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Increasing adoption of APIs across various industries, growing number of cyber threats, and growth of digital transformation initiatives are fueling the growth of the API Security Market during the forecast period, finds IndustryARC in its recent report, titled “API Security Market Size, Share & Trends Analysis Report By Deployment Type (On-Premise, Cloud-based), By Solution (API Security Software, API Security Services), By Organization SIze (Small Enterprises, Medium Enterprises, Large Enterprises), By End User Vertical (BFSI, IT & Telecom, Government, Healthcare and Life Sciences, Retail and E-commerce, Media & Entertainment, Travel & Hospitality, Education, Power & Utilities, Industrial, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030.”

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Asia-Pacific to Register Highest Growth:

During the forecast period of 2023-2030, the Asia-Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) of 25.9% in the global API security market. This growth is attributed to the rising adoption of APIs and cloud-based solutions, along with the rising number of cyber threats and regulatory compliance requirements in the region. These factors are driving the demand for API security solutions and contributing to the growth of the API security market share in the Asia-Pacific region.

API Security Market 2023-2030: Scope of the Report

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API Security Market Report – Key Takeaways:

• BFSI Sector to Grow the Fastest

As per the API Security Market forecast, the BFSI (Banking, Financial Services, and Insurance) sector is estimated to grow at the fastest CAGR of 26.1% during the forecast period in terms of end-use industries. These institutions are progressively integrating APIs to facilitate the introduction of novel digital services such as mobile banking and peer-to-peer payments. To prevent fraud, safeguard customer data, and adhere to regulatory requirements, robust API security measures are essential for the successful execution of these services.

• Cloud-based Segment to Register Highest Growth

As per the API Security Market analysis, the cloud-based segment is projected to exhibit the highest growth during the forecast period in terms of deployment methods. Numerous factors are driving the growth of this segment. Firstly, cloud-based API security solutions can quickly adjust to the changing requirements of the organization, allowing for easy scaling up or down as necessary. Compared to on-premise solutions, cloud-based solutions provide greater flexibility. Additionally, cloud-based solutions typically require lower upfront costs.

• Growth in Digital Transformation Initiatives to Boost the Market Size

The adoption of APIs and other digital technologies is increasing due to the growing number of digital transformation initiatives that aim to streamline business processes and enhance customer experiences. In order to safeguard these initiatives against cyber threats and ensure regulatory compliance, API security solutions have become essential.

• Lack of Awareness among the Organizations to Hamper Market Growth

The lack of awareness among organizations regarding API security poses a significant challenge to the API security market growth. With the increasing migration to the cloud, organizations are becoming more reliant on APIs for their core business operations. However, as per a recent survey conducted by CyberRisk Alliance with 250 IT companies, it was found that several organizations have experienced at least one API-related attacks in the past year. Despite the recognition of the importance of API security, many organizations lack the necessary means to address the risk and mount an appropriate defense. This gap in awareness and preparedness hampers the growth of the API security market, as organizations struggle to protect sensitive data, prevent breaches, and meet the increasing demand for robust security. To drive market growth, organizations must prioritize API security, invest in robust security solutions, and enhance their awareness and understanding of the risks associated with APIs. By addressing the lack of awareness and taking proactive measures to secure their APIs, organizations can contribute to the growth of the API security market and protect their digital assets effectively.

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Key Opportunity Analysis:

Increasing Adoption of Cloud-based Solutions

As more organizations move their operations to the cloud, the demand for cloud-based API security solutions is expected to increase. Cloud-based API security solutions can be easily integrated with other cloud-based technologies that organizations may already be using. This can result in a more seamless and efficient security system, reducing the risk of security breaches and improving overall operational efficiency.

Growing Use of Mobile Devices

With the increasing use of mobile devices for business and personal purposes, there is a rising demand for mobile apps that offer new features and functionalities. These apps often rely on APIs to connect with backend systems and services.

However, mobile apps and devices are particularly vulnerable to cyber threats, such as mobile malware, phishing attacks, and network attacks. API security solutions can help protect mobile apps by implementing security measures like encryption, tokenization, and access controls, which prevent unauthorized access to data and protect sensitive information.

Compliance Requirements

Organizations in various industries such as healthcare, finance, and government, are required to comply with regulations such as HIPAA, PCI DSS, and GDPR, which mandate data security and privacy. Failure to comply with these regulations can result in hefty fines and legal action, damaging the organization’s reputation.

APIs are increasingly being used to exchange sensitive information between systems and applications, making them a critical part of compliance requirements. API security solutions can help organizations ensure compliance with these regulations by providing features such as encryption, access control, and threat detection.

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The Report also Covers the Following Areas:

• API Security Market Size and Forecast
• API Security Market Trends
• API Security Market Analysis by Deployment Type

API Security Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain analysis of key stake holders
• Detailed analysis of market drivers and opportunities during the forecast period
• API Security Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the API Security Market

Covid and Ukrainian Crisis Impact:

The COVID-19 pandemic has expedited the adoption of digital technologies and cloud-based solutions, resulting in an increased usage of APIs by organizations. The rising concerns regarding security have spurred the demand for API security solutions. However, the pandemic has also led to economic uncertainty, prompting some organizations to reduce IT spending, particularly on investments in API security solutions. Moreover, the transition to remote work has posed challenges for organizations in terms of securing their APIs in this novel environment.

The ongoing conflict between Russia and Ukraine may result in a surge of cyber attacks, including attacks on APIs. As a result, the demand for API security solutions is likely to increase as organizations seek ways to safeguard themselves against such threats. However, the conflict has also given rise to economic instability in the region, which could affect IT spending and investment in API security solutions. Moreover, the disruptions in supply chains caused by the conflict may affect the availability of IT resources, further impacting the market.

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List of Key Market Players in API Security Market:

The key companies profiled in the API Security Market Report are listed below:

• Akamai Technologies
• Amazon Web Services, Inc. (AWS)
• Apigee Corp. (Google Cloud)
• Auth0® Inc.
• Axway Software SA
• Barracuda Networks, Inc.
• Computer Associates International, Inc. (CA Technologies)
• Checkmarx Ltd.
• Cisco Systems, Inc.
• Cloudflare, Inc.
• ForgeRock, Inc.
• IBM Corp.
• Imperva, Inc.
• Ping Identity Corporation
• Rapid7, Inc.

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