The key players operating in the Application Programming Interface (API) Security Market are 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 driven by the rise in API breaches, creating a strong demand for robust API security solutions. These solutions protect applications and integrations, effectively countering evolving risks. , Additionally, the rapid growth of application ecosystems has played a significant role in promoting the adoption of API security measures. 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, ongoing investments and the growing demand for APIs are contributing to the expansion of the API security market. These factors indicate a promising growth trajectory for the market as organizations actively seek improved security and governance measures. Consequently, the demand for API security solutions is expected to witness a significant upsurge shortly. , Application Programming Interface Security , Driver: APIs have become a prime target for threat actors , APIs have become attractive targets for hackers due to their widespread use and access to valuable data. Common attacks on APIs include injection attacks, cross-site scripting, and authentication bypass. However, the focus on securing APIs often overlooks the importance of the authentication process. Static API keys, and long-lived credentials, can lead to vulnerabilities when employees leave an organization. Additionally, certain authentication mechanisms can unintentionally introduce API vulnerabilities. Therefore, APIs should be designed to enforce regular authentication and verify token validity within an identity or secret store. These measures help organizations strengthen API security, reducing the risks of unauthorized access and data breaches. , Restraint: Lack of skilled professionals for implementing API security solutions , Implementing API security solutions in an organization’s existing infrastructure requires assessing the API’s quality, flexibility, and stability. It is crucial to find a skilled developer with knowledge of software development and current API security trends, which can be time-consuming and costly in hiring and training. Additionally, integrating API security solutions across multiple platforms necessitates expertise and a well-established infrastructure. , Opportunity: Continuous rise in investment across API security vendors , The increasing demand for robust protection against data breaches and the recognition of API security as a major challenge for CIOs have led to rising investments in API security solutions. Traditional fragmented solutions are being replaced by more comprehensive and effective options offered by companies like Wib and Salt Security. These investments support innovative teams and technologies that address the growing API security blind spot. They enable API security companies to enhance their offerings, develop new technologies, and expand globally. This demonstrates the market's potential for development, innovation, and the creation of integrated API security platforms to address the critical need for protection in today's digital landscape. , Challenge: Traditional security controls may not provide sufficient protection for APIs , Traditional security controls like WAFs and SIEM systems are inadequate for securing APIs, as they struggle to detect disguised malicious activities. APIs bypass centralized controls, enabling attackers to exploit vulnerabilities unnoticed. Organizations with multiple data centers and cloud environments face challenges securing high volumes of east-west API traffic. Weak input validation for APIs poses risks to sensitive data. To effectively protect critical information, APIs require tailored security measures to mitigate these issues and enhance their overall security. , By vertical, the Healthcare segment is to grow at the highest CAGR during the forecast period. , The widespread adoption of APIs in healthcare enables secure data exchange among different systems and applications. However, this increased usage also expands the potential attack surface for cybercriminals. Moreover, the sensitive nature of patient data, often stored within APIs, makes them an attractive target for hackers aiming to steal information or disrupt healthcare operations. As cyber threats become more sophisticated and targeted, healthcare organizations recognize the importance of safeguarding their APIs. This growth in API security is further fueled by the rise of telehealth and telemedicine, which rely on APIs for remote patient care and data exchange. Additionally, the adoption of cloud-based healthcare solutions and the proliferation of connected medical devices, both reliant on APIs, contribute to the increased focus on protecting these crucial interfaces in the healthcare industry. , By region, North America accounts for the highest market size during the forecast period. , The North American region accounts for the highest market size due to several key factors, such as stringent regulatory compliance, strong cybersecurity preparedness, collaborative initiatives by market players, increasing cyber threats, and economic and technological advancements. These factors drive the adoption of API solutions and services in the region to protect business and customer data and enhance overall cybersecurity. Key advancements in this field include cloud-based testing, mobile app security testing, and IoT security solutions. In collaboration with industry standards and training initiatives, governments are actively working to enhance application security. , Recent Developments , In June 2022, Google (Apigee) (US) introduced Apigee Advanced API Security, a robust solution designed to assist customers in addressing their increasing API security requirements. This comprehensive set of API security features is built on Apigee, Google's API management platform. With Advanced API Security, organizations gain enhanced capabilities for detecting and mitigating security threats within their APIs. , In July 2022, Salt Security (US) introduced significant enhancements to its advanced API Protection Platform. The updates strengthen threat detection and pre-production API testing capabilities, offering deeper insights into attacker behaviors, visual representations of API call sequences, and the ability to simulate attacks before deploying APIs into production. With these new features, Salt empowers organizations with comprehensive API usage visibility, enhances incident response speed, and improves overall business understanding. , In April 2023, Noname (US) partnered strategically with MindPoint Group, a reputable cybersecurity consulting firm. Together, they developed an advanced API security platform in a secure OVA deployment format. This collaboration offers customers a simplified and quick approach to securing their API inventory while ensuring the platform is inherently protected. , In March 2022, Imperva (US) introduced Imperva API Security, offering continuous API discovery and data classification. This product ensures data visibility and safeguarding across traditional and cloud-native applications. It can also be used alongside Imperva Cloud Web Application Firewall (WAF) or as a standalone solution, effectively protecting APIs in developer environments prone to security vulnerabilities and unintended exposure. , In January 2021, Palo Alto Networks (US) launched Prisma Cloud 2.0, introducing the Web Application and API Security (WAAS) module. This module enables the discovery and protection of web applications and APIs across various clouds, offering customizable OWASP Top 10 protection, API security, and runtime protection. It provides security teams with a single dashboard integrated with the Defender unified agent framework for easy deployment and enabling protection for cloud-native applications. , KEY MARKET SEGMENTS, By Offering: , Platform & Solutions , Services , By Deployment Mode: , On-Premises , Cloud , Hybrid , By Organization Size: , SMEs , Large Enterprise , By Vertical: , BFSI , IT and ITeS , Telecom , Government , Manufacturing , Healthcare , Retail and eCommerce , Media and Entertainment , Energy and Utilities , Other Verticals (Transportation and Logistics; Travel and Hospitality; and Research and Academia) , By Region: , North America , Europe , Asia Pacific , Middle East and Africa , Latin America , KEY MARKET PLAYERS , Google (Apigee) , Salt , Noname , Akamai , Data Theorem , Axway , Imperva , Traceable , Palo Alto Networks , Fortinet , Red Hat , Airlock by Ergon , Akana by Perforce , WS02 , Forum Systems , Cequence , Sensidia , Spherical Defense , Neosec , Signal Sciences , Firetail , Resurface Labs , 42Crunch , Aiculus , Gravitee , Nevatech.
USA (+1) 351-333-4748
