The global open API market is estimated to create sales of around US$ 14,718.6 million by 2032, up from US$ 2,229.4 million in 2022, with a predicted CAGR of 20.8% over the forecast period. (2022-2032). An open API is a publicly accessible interface, and demand them is rising as more web and mobile developers are able to quickly access them thanks to their creation.
One of the primary factors driving the market is an open API’s ability to be used by developers both inside the company that published it and by developers outside the organization who register for access to the interface.
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What are Some of the Key API Standardization Initiatives?
The market has recently seen a number of industry initiatives with the goal of developing standards for the expansion of APIs.
There is some evidence to suggest that APIs are going to become a mainstay in a number of business sectors.
The Open Banking Working Group (OBWG) UK, CAPS, the Open Bank Project, the Open API initiative, the IXARIS Open Payment Ecosystem, the Open Financial Exchange (OFX), the Financial Transaction Services (FinTS), the Banking Industry Architecture Network (BIAN), and the W3C Web Payments Interest Group are a few of the major initiatives to standardize APIs.
Key Companies Profiled
- Open Banking Working Group (OBWG) UK
- 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 help 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 syndicates 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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- 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
- Cloud Computing (IaaS, PaaS, SaaS)
- Financial Services
- Social Networking
- Media & Entertainment
- North America
- Latin America
- Eastern Europe
- Asia Pacific excluding 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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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