Application Programming Interface (API) Security Market

Application Programming Interface (API) Security Market Size and Share: Comprehensive Analysis and Insights

According to projections, the global for API Security Market size would increase at a Compound Annual Growth Rate (CAGR) of 32.5% between 2023 and 2028, from USD 744 million to USD 3,034 million.

An increasing number of API-related breaches is the cause of the market expansion for API security. Because of this tendency, there is a greater need than ever for strong API security measures that can safeguard integrations and applications and efficiently counteract changing hazards. The increasing use of API security solutions can be attributed in large part to APIs' critical function in facilitating smooth communication and data exchange among application ecosystems. Due to their extensive use and easy access to valuable data, APIs are becoming a target for hackers, which is driving up the demand for API security.

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API Security Market Growth is driven by the following key factors,

Rapid Digital Transformation:

  • As organizations accelerate their digital transformation initiatives, APIs play a crucial role in enabling connectivity between applications, services, and devices. This rapid adoption of APIs increases the attack surface, making robust API security essential.

Proliferation of APIs:

  • The exponential growth of APIs across industries—from fintech and healthcare to e-commerce and IoT—creates a vast ecosystem where securing data transmission and access control through APIs becomes paramount.

Increasing Cyber Threats:

  • The rise in cyber threats, including API abuse, data breaches, and sophisticated attacks like injection and DoS attacks targeting APIs, underscores the need for comprehensive API security solutions. Organizations are investing in proactive measures to mitigate these risks.

Regulatory Compliance Requirements:

  • Stringent regulations such as GDPR, CCPA, PCI-DSS, and HIPAA mandate the protection of sensitive data exchanged via APIs. Compliance with these regulations drives investments in API security solutions that ensure data privacy, integrity, and regulatory adherence.

Shift to Cloud-native and Microservices Architectures:

  • The adoption of cloud-native environments and microservices architectures increases the complexity of API ecosystems. API security solutions designed to protect APIs deployed across hybrid and multi-cloud environments are in high demand.

API Gateway Adoption:

  • API gateways serve as the frontline defense for API security, providing capabilities such as authentication, authorization, rate limiting, and encryption. The increasing adoption of API gateways enhances the market for integrated API security solutions.

Focus on DevSecOps Practices:

  • Integration of security into the DevOps pipeline (DevSecOps) promotes continuous security testing, monitoring, and compliance checks throughout the API lifecycle. This cultural shift towards security-first development drives the demand for API security tools and platforms.

Emergence of AI and Machine Learning:

  • AI and machine learning technologies are transforming API security by enabling predictive analytics, anomaly detection, and automated response to security incidents. These capabilities enhance the effectiveness of API security solutions in detecting and mitigating threats in real-time.

Demand for Scalable and Flexible Security Solutions:

  • Organizations seek scalable API security solutions that can accommodate growing API volumes and diverse use cases without compromising performance or agility. Solutions offering scalability, flexibility, and ease of integration are gaining traction.

Strategic Partnerships and Collaborations:

  • Partnerships between API security vendors, cloud service providers, and industry stakeholders foster innovation and the development of comprehensive API security frameworks. Collaborative efforts aim to address evolving threats and deliver holistic API security solutions.

 

API Security Market Share - Global Industry Landscape:

  • Red Hat (US),
  • Airlock by Ergon (Switzerland),
  • Akana by Perforce (US),
  • WS02 (UK)

These companies each provide distinct and robust API security solutions tailored to various market needs, from comprehensive API management to specific security features and identity management.

Red Hat (US):

Market Share: Red Hat is a significant player in the broader enterprise software market, with its API security offerings forming part of its comprehensive portfolio of open-source solutions. Exact market share specific to API security isn't typically isolated but is included in its middleware and integration solutions market segment.

Key Offerings:

  • 3scale API Management: Provides robust API security features including authentication, authorization, rate limiting, and analytics.
  • Red Hat OpenShift: Offers secure application deployment and management, integrating API security within its Kubernetes platform.
  • Fuse Integration Services: Ensures secure API integration and microservices development with a focus on hybrid cloud environments.

Airlock by Ergon (Switzerland):

Market Share: Airlock focuses on the European market and is recognized for its security solutions, especially in sectors requiring high compliance standards like finance and healthcare.It holds a niche market share, particularly strong in DACH (Germany, Austria, Switzerland) regions.

Key Offerings:

  • Airlock API Gateway: Provides security for APIs through authentication, authorization, filtering, and monitoring. It supports OAuth 2.0, OpenID Connect, and other modern security standards.
  • Airlock IAM: Integrates with the API Gateway to offer identity and access management, ensuring secure user authentication and authorization processes.

Akana by Perforce (US):

Market Share:Akana, a part of Perforce, serves a global market with a notable presence in North America. It is a recognized player in API management and security.It holds a competitive share in sectors such as finance, healthcare, and telecommunications, known for stringent API security needs.

Key Offerings:

  • Akana API Platform: Comprehensive API management solution that includes API design, security, monitoring, and lifecycle management.
  • API Security: Features include OAuth, OpenID Connect, and advanced threat protection mechanisms such as anomaly detection and rate limiting.

WS02 (UK):

Market Share: WS02 is a well-known player in the middleware and integration space, with a growing presence in API management and security. It holds a moderate market share, with strong adoption in the enterprise and public sector markets.

Key Offerings:

  • WSO2 API Manager: Offers end-to-end API management with robust security features including OAuth 2.0, OpenID Connect, JWT, and API rate limiting.
  • WSO2 Identity Server: Complements API security by providing comprehensive identity and access management solutions.
  • WSO2 Integration: Provides secure integration capabilities for APIs, enabling seamless and secure communication between different applications and services.

 

Related Reports:

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

Application Programming Interface (API) Security Market Size,  Share & Growth Report
Report Code
TC 8714
RI Published ON
2/1/2024
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