Application Programming Interface (API) Security Market Size - By Offering (Solution, Services), Enterprise Size (Large Enterprises, SMEs), Deployment Model (Cloud, On-Premises), Industry Vertical, Regional Outlook & Global Forecast, 2024 – 2032
Published Date: April - 2025 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationApplication Programming Interface Security Market Size
API Security Market was USD 1.05 billion in 2023 and is anticipated to grow at a CAGR of 29.9% during 2024-2032, owing to a praiseworthy increase in IoT and mobile adoption. As of November 2022, India had more than 600 million smartphone users and 1.2 billion mobile phone users, according to the Ministry of Information and Broadcasting. Yet another study by the Pew Research Center conducted in April 2021 estimates that 97% of Americans possess some kind of cellphone and 85% of the nation's populace own a smartphone.
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The growth in mobile and IoT devices has resulted in a rapid increase in API usage for communication between these devices and backend services. Securing these APIs is critical to avoid unauthorized access and data breaches, driving the need for API security solutions and services.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Application Programming Interface Security Market Size in 2023 | USD 1.05 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 30.4% |
| 2032 Value Projection | USD 11.05 Billion |
| Historical Data for | 2018 – 2023 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 314 |
| Segments covered | Offering, Enterprise Size, Deployment Model, Industry Vertical |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Data protection regulations, such as GDPR, HIPAA, and PCI DSS, require organizations to secure their APIs to ensure the privacy and confidentiality of user data. Compliance with these regulations drives the need for robust API security solutions.
The emergence of specialized API security solutions, including API gateways and API security management platforms, provides organizations with tools to protect APIs from threats and attacks, driving the growth of the API security industry. For instance, in March 2023, Google Cloud launched the API Security Command Center, a cloud-based solution that helps organizations protect their APIs from a variety of threats, including API abuse, data leaks, and unauthorized access.
However, while APIs offer numerous benefits for integration and communication, they can also create a complex ecosystem. Managing security across various APIs, endpoints, and integration points can be challenging, particularly in large organizations with a multitude of interconnected systems. Besides, many organizations and developers might not fully comprehend the security risks associated with APIs or may underestimate the importance of securing them. This lack of awareness can lead to inadequate implementation of security measures and an increased vulnerability to attacks, limiting market growth.
COVID-19 Impact
The COVID-19 pandemic had a notable impact on the application programming interface security market, prompting both challenges and opportunities. With the rapid shift towards remote work and digitalization, the usage of APIs surged to facilitate online collaboration and communication. However, this also created an expanded attack surface, leading to an increased risk of API-related cyber threats. Instances such as the rise in API-related breaches, like the attempted API attack on the COVID-19 relief funds in the United States, underscored the urgency for robust API security measures to safeguard sensitive data and ensure business continuity during the pandemic.
Application Programming Interface Security Market Trends
A noticeable rise in API-based applications will play a key role in defining the API security industry outlook through 2032. Many modern applications are built using microservices architecture and rely heavily on APIs for seamless communication and integration. Checkmarx API Security, a shift-left API security solution, was launched in August 2022. It helps developers find and fix API security vulnerabilities early in the development cycle. The growth of such API-based applications necessitates comprehensive security measures to protect sensitive data and prevent breaches, thus, supporting market growth.
Application Programming Interface Security Market Analysis
Learn more about the key segments shaping this market
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Based on enterprise size, the large enterprises segment held over 66% of the market share in 2023. Large organizations increasingly rely on complex digital ecosystems and interconnected applications, and the risk of API-related breaches and cyberattacks escalates. Robust API security measures are vital to protect sensitive data, maintain regulatory compliance, and ensure uninterrupted business operations. High-profile incidents, like the API security breach at a major social media platform, have highlighted the potential consequences of inadequate API security. Large enterprises are thus investing in comprehensive API security solutions to mitigate risks and fortify their digital infrastructure.
Learn more about the key segments shaping this market
Based on industry vertical, the BFSI segment accounted for 20% of the API security market share in 2023. The adoption of API security solutions and services across the BFSI industry is driven by the sector's increasing digital transformation and reliance on APIs for seamless digital payments and customer interactions. The imperative to safeguard sensitive financial data and adhere to stringent compliance regulations fuels the demand for robust API security.
For instance, the Capital One data breach, where a misconfigured API led to the exposure of millions of customer records, underscored the critical need for fortified API security within the BFSI sector. This compelled organizations to invest in advanced solutions for risk mitigation and secure operations, boosting API security adoption rate.
Looking for region specific data?
North America API security market was over 32% of the revenue share in 2023, due to the region's technological leadership and widespread digital adoption. As businesses increasingly rely on APIs for seamless operations and customer engagement, the need for robust security measures becomes paramount. For example, the Equifax data breach, where an unpatched API vulnerability exposed sensitive consumer information, highlighted the urgent need for comprehensive API security. With growing awareness and regulatory pressures, North American enterprises are embracing advanced API security solutions to ensure data protection, compliance, and business continuity.
Application Programming Interface Security Market Share
Major companies operating in the API security industry are
- Akana
- Avanan
- Axway Software
- Cequence Security
- Data Theorem API
- Fortinet Inc.
- Google LLC
- IBM Corporation
- Imperva, Inc.
- Moesif, Inc.
- MuleSoft
- Oracle Corporation
- Palo Alto Networks Inc.
- Salt Security
- Software AG
- Wallarm
These companies focus on offering innovative API security solutions and services to various industries.
Application Programming Interface Security Industry News
- In December 2022, Salt Security raised $100 million in Series C funding to accelerate its growth and expand its API security platform.
The application programming interface (API) security market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments
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Market, By Offering
- Solution
- Service
- Design and implementation
- Consulting, training and education
- Support and maintenance
Market, By Enterprise Size
- Large enterprise
- SMEs
Market, By Deployment Model
- Cloud
- On-premises
Market, By Industry Vertical
- Healthcare
- BFSI
- Media & entertainment
- Manufacturing
- IT & telecom
- Retail & e-commerce
- Travel & hospitality
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
- UAE
- Saudi Arabia
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