[ad_1]
(EMAILWIRE.COM, August 24, 2023 ) According to a research report Application Programming Interface 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″ published by MarketsandMarkets, 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 expansion of the API security market is propelled by a significant increase in breaches concerning APIs, rendering them a primary focus for hackers. The rise in applications and the vital role of API security in protecting both applications and integrations have further contributed to this surge. As a result, the demand for robust API security measures has increased, driving the growth of the API security market.
Browse 287 market data Tables and 46 Figures spread through 257 Pages and in-depth TOC on Application Programming Interface (API) Security Market
PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=203580907
Based on the deployment type, the hybrid segment is to grow at the highest CAGR during the forecasted period
The API security market is divided into on-premises, hybrid, and cloud deployment modes. The hybrid deployment mode experiences the highest CAGR, offering organizations a comprehensive solution for their API security needs. This mode combines the benefits of cloud and on-premises gateways to provide improved security, reduced attack surface, and protection for sensitive data and applications. It optimizes performance by placing gateways closer to API consumers, enhancing user experience with reduced latency. The hybrid deployment mode also brings flexibility in managing API security, enabling organizations to choose the most suitable gateway types for different environments. Furthermore, it helps organizations reduce costs, ensure compliance with industry regulations, and offer scalability and manageability, making it a favored choice in the API security landscape. Thus, the hybrid deployment mode accounts for the highest CAGR during the forecasted period.
By organization size, small and medium-sized enterprises (SMEs) account for the highest CAGR.
Small and medium-sized enterprises (SMEs) contribute the highest CAGR due to various factors. Adopting APIs on a large scale has allowed SMEs to improve connectivity and streamline data sharing, all while maintaining a strong focus on security. However, the rise in API attacks poses significant risks to SMEs in terms of finance and operations, prompting them to prioritize implementing robust API security measures. SMEs are becoming increasingly aware of potential vulnerabilities and actively incorporating security best practices such as OAuth 2.0 and JSON Web Tokens (JWTs). Furthermore, the availability of comprehensive API security solutions empowers SMEs to effectively protect their APIs by implementing security protocols, continuously monitoring for threats, and swiftly responding to attacks. By driving the demand for such solutions, SMEs play a significant role in shaping the API security market.
By region, Asia Pacific is to grow at the highest CAGR during the forecast period.
The Asia Pacific region accounts for the highest market size due to several key factors. The region is experiencing rapid growth fueled by adopting cloud computing, mobile devices, and IoT, leading to an increased demand for application security. Initiatives by organizations like APCERT, ACSC, NCCS, and Japans Cybersecurity Strategy Council are facilitating coordinated responses, providing resources, releasing guidelines, and promoting research. These efforts align with international organizations such as ISO, OWASP, and CSA. As a result, the Asia Pacific region is anticipated to grow at the highest CAGR during the forecasted period.
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) are the key players and other players in the API security market.
About MarketsandMarkets
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit MarketsandMarkets or follow us on Twitter, LinkedIn and Facebook.
[ad_2]
Source link
