The Asia Pacific Application Programming Interface (API) Security Market would witness market growth of 32.7% CAGR during the forecast period (2023-2030).
Healthcare organizations have grown increasingly aware of the significance of protecting their APIs as cyber-attacks become more sophisticated and specialized. The development of telehealth and telemedicine, which depend on APIs for remote patient care and data exchange, has also contributed to this rise in API security. In addition, the growth of connected medical devices and the adoption of cloud-based healthcare solutions, both of which depend on APIs, have raised awareness of the importance of securing these vital interfaces in the healthcare sector.
API use is expanding due to IoT (Internet of Things) development and increased online transfer of sensitive data. A two- or three-step verification process has taken the role of a username and password-based basic authentication to strengthen API security and safeguard the data from hackers. The API security system verifies the limitations on database modification and access authorization.
The government of India (GoI) aspires to make all government services digitally accessible to residents through various channels, such as the web, mobile devices, and common service delivery outlets, according to the Ministry of Communications & Information Technology. Government of India (GoI) policy initiatives include "Policy on Open Application Programming Interfaces (APIs) for Government of India" to move quickly in this direction. Given the significant benefits in this region, a policy requiring open application programming interfaces (APIs) from government organizations in India has to be developed. The official use of Open APIs in Government organizations will be promoted by the "Policy on Open APIs for Government of India" (hence referred to as the "Policy").
According to the Hong Kong Monetary Authority the creation of the Open API Framework, is one of the seven initiatives launched by the HKMA in September 2017 to get Hong Kong ready to enter a new era of smart banking. In July 2018, the HKMA released the Open API Framework for the Hong Kong Banking Sector after conducting a public consultation. The Framework adopts a risk-based approach and a four-phase implementation process for various Open API functions. It also outlines how banks are expected to join forces with TSPs and keep close connections with them to guarantee consumer protection. The HKMA considers that the Framework will be crucial in helping the Hong Kong banking sector utilize APIs successfully and strike a healthy balance between innovation and risks. It is projected that the market will expand due to the growing adoption of API.
The China market dominated the Asia Pacific Application Programming Interface (API) Security Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $389 million by 2030. The Japan market is registering a CAGR of 31.9% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 33.5% during (2023 - 2030).
Based on Offering, the market is segmented into Platform & Solutions and Services. Based on Vertical, the market is segmented into BFSI, Government, IT & Telecom, Manufacturing, Retail & Ecommerce, Media & Entertainment, Healthcare, Energy & Utilities, and Others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Deployment Mode, the market is segmented into Cloud, On-premise and Hybrid. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Application Programming Interface (API) Security Market is Projected to reach USD 4.9 Billion by 2030, at a CAGR of 32%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), Salt Security Inc., Noname Security, Akamai Technologies, Inc., Data Theorem, Inc., Axway Software SA, Imperva, Inc., Traceable Inc., Palo Alto Networks, Inc. and Fortinet, Inc.
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