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 growth of the API security market is due to a rising number of breaches involving APIs. This trend has created a strong demand for robust API security measures to protect applications and integrations, effectively combating evolving risks. The crucial role of APIs in enabling seamless communication and data exchange within application ecosystems has also played a key role in driving the adoption of API security solutions. Hackers are increasingly targeting APIs due to their widespread usage and access to valuable data, further bolstering the growth of the API security market.
Moreover, continuous investments and the growing demand for APIs are contributing to the expansion of the API security market. These factors indicate a promising growth potential for the market as organizations increasingly prioritize enhanced security and governance measures. Consequently, the demand for API security solutions is expected to witness substantial growth in the near future.
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What is API security?
Palo Alto Networks defines API Security as “API security is the practice of protecting the application programming interface (API) from attacks that would maliciously use or attempt to exploit an API to steal sensitive data or disrupt services. API security employs strategies, techniques, and solutions to ensure that only authorized users can access and use an API and that the data transmitted through the API is protected from unauthorized access or manipulation.”
The API Security market is led by some of the globally established players, such as Google (Apigee) (US), Salt (US), Noname (US), Akamai (US), Data Theorem (US), Axway (US), Imperva (US), Traceable (US), Palo Alto Networks (US), Fortinet (US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.
Salt Security (US) is a leading API protection solution provider that ensures comprehensive security throughout the API lifecycle. The company offers an API platform that uses big data, ML, and AI to analyze API traffic, discover APIs and exposed data, and stop attackers. It provides continuous protection in agile DevOps environments without the need for manual configuration. The platform integrates seamlessly with existing systems and offers real-time analysis, ongoing insights, and deep context for API discovery, attack prevention, and shift-left practices. Salt Security’s unique API Context Engine (ACE) architecture offers design analysis, effective attack prevention, and actionable insights. They hold the only granted patent for using AI to identify and prevent API attacks. They serve various industries such as telecom, BFSI, IT & ITeS, healthcare, retail, and commerce.
Noname (US) is a leading API security company that protects APIs and data integrity. Their advanced solutions utilize cutting-edge technologies like AI, machine learning, and behavioral analysis to detect and prevent real-time API attacks. They serve various sectors such as healthcare, BFSI, Telecom, Government, and Retail. Noname’s comprehensive API security offering covers all stages of the API lifecycle, including discovery, monitoring, and threat detection. Organizations gain complete visibility into their API landscape through automated discovery to identify unauthorized activities. With anomaly detection and adaptive machine learning, Noname effectively blocks many API attacks and continuously adapts to emerging threats. Their access control features enable organizations to enforce strict authorization policies, preventing unauthorized access. Noname provides powerful API security solutions, ensuring data confidentiality and integrity and fostering a secure digital environment.
Apart from large vendors, some other players, such as Red Hat (US), Airlock by Ergon (Switzerland), Akana by Perforce (US), WS02 (UK), Forum Systems (UK), Cequence (US), Sensidia (Brazil), Spherical Defense (US), Neosecs (US), Signal Sciences (US), Firetail (US), Resurface Labs (US), 42Crunch (Ireland), Aiculus (Australia), Gravitee (France) and Nevatech (Georgia) are also evolving in the API security market.
Sensedia (Brazil) is a leading integrated solutions provider that offers a comprehensive range of services and solutions to over 200 enterprise clients in various industries. With a focus on digital transformation, Sensedia helps companies become more connected and technologically advanced. They have a strong presence in multiple countries and serve a diverse customer base. Their offerings include an API Management Platform, Adaptive Governance, Events Hub, Service Mesh, Cloud Connectors, and Professional Services. Sensedia is a trusted partner for organizations looking to integrate channels, establish partner ecosystems, or create modern architectures. They prioritize delivering excellent API experiences through their platform and services, ensuring the security and governance of APIs.
According to MnM’s approach to evaluating the market, most businesses inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with API security solutions and services, which would assist businesses in boosting market revenue.
Application Programming Interface (API) Security Market by Offering (Platforms & Solutions and Services), Deployment Mode (On-Premises, Hybrid, and Cloud), Organization Size (SMEs and Large Enterprises), Vertical and Region - Global Forecast to 2028
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