With a predicted CAGR of 20.8% during the forecast period, the global open API market is anticipated to generate revenues of roughly US$ 14,718.6 million by 2032, up from US$ 2,229.4 million in 2022. (2022-2032). A publicly accessible interface is known as an open API, and demand for them is growing as they are created to be easily accessible by a larger population of online and mobile developers.
An open API’s ability to be utilised by developers both inside the company that published it and by developers outside the company who register for access to the interface is one of the key elements promoting the market.
What are Some of the Key API Standardization Initiatives?
In recent years the market has witnessed a number of industry initiative with an aim to create standards for APIs growth.
There is some evidence that APIs are likely to become a permanent fixture across several industry verticals.
Some of the key API standardization initiatives are – Open Banking Working Group (OBWG) UK, CAPS, Open Bank Project, Open API initiative, IXARIS Open Payment Ecosystem, Open Financial Exchange (OFX), Financial Transaction Services (FinTS), Banking Industry Architecture Network (BIAN) and W3C Web Payments Interest Group.
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Key Companies Profiled
- Open Banking Working Group (OBWG) UK
- CAPS
- Open Bank Project
- Open API initiative
- IXARIS Open Payment Ecosystem
- Open Financial Exchange (OFX)
- Financial Transaction Services (FinTS)
- Banking Industry Architecture Network (BIAN)
- W3C Web Payments Interest Group.
What are the Key Open API Market Dynamics?
The demand for open API is likely to gain momentum, majorly contributed to features that helps in enables third parties to build applications ‘on top’ of the platform, reduction in costs & speeding up time-to-market. In addition to this, open API facilitates the adoption of social sharing practices for marketing purposes and syndicate products and services across different platforms, thereby fostering the adoption of open API.
Additionally, today APIs are increasingly important as they determine how developers can create new apps that tap into big Web services – social networks such as Facebook or Pinterest, or utilities such as Google Maps or Dropbox.
These APIs provide advantages of time saving and offering user convenience in many cases and the same is expected to sway the open API market future trends.
Characteristics like enabling third parties to build applications ‘on top’ of the platform, contraction in costs, and speeding up time-to-market bolster the market growth of open APIs. In addition, open API promotes the adoption of social sharing practices for marketing activities and syndicating products and services across different platforms. Moreover, APIs are highly important as they decide how developers can produce new apps that tap into big Web services such as social networks like Facebook or Pinterest, or utilities such as Google Maps or Dropbox. These APIs save time and provide a certain convenience to users. All of these factors stimulate the growth of the target market during the projected period.
“APIs enable third-party consumers to construct applications ‘on top’ of the platform, ensures convenience, and saves time. This is expected to have a positive impact on the global growth of the open API market over the forecast period,” says an FMI analyst.
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Key Takeaways:
- Associated management and security issues will stunt the market growth.
- North America’s open API market will dominate the global market space.
- The open API market in North America will account for 29% of the market share.
- In 2022, the open API market in Europe will hold a market share of 20.9%.
- Start-ups in this market are offering next-generation neo-banking solutions.
Key Segments Profiled in the Open API Market Survey
By Application:
- Cloud Computing (IaaS, PaaS, SaaS)
- Transportation
- Financial Services
- e-Commerce
- Social Networking
- Media & Entertainment
- Advertising
- Government
- Others
By Region:
- North America
- Latin America
- Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- The Middle East and Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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