·        Growing demand for cloud-based services: With more businesses shifting towards cloud computing, the need for secure API management solutions has increased. This has led to an upsurge in demand for intelligent API security solutions.

·        Increased use of artificial intelligence (AI) and machine learning (ML): AI and ML technologies have become crucial components of modern API security systems. These advanced technologies enable real-time threat detection and response, improving overall security posture.

·        Advancements in automation: Automation plays a vital role in intelligent API security, enabling faster and more accurate risk assessment, vulnerability scanning, and remediation.

·        Greater emphasis on zero-trust architecture: Zero-trust architectures prioritize least privilege access controls, making it easier to manage permissions and limit exposure to sensitive data.

·        Integration with DevSecOps practices: As DevSecOps becomes more prevalent, intelligent API security solutions must integrate seamlessly into development workflows, providing continuous monitoring and protection throughout the entire software delivery lifecycle.

The Intelligent API Security Market was valued at 10.4 billion in 2022 and is expected to grow at a steady rate of around 26.8% in the forecasted period (2023-2030) owing to the proliferation of cloud-based services, the adoption of microservices architecture, and the increase in cyberattacks targeting APIs. The intelligent API security market refers to the practice of protecting application programming interfaces (APIs) from various types of threats using advanced technologies like artificial intelligence (AI), machine learning (ML), and automation. As more businesses move towards digital transformation and rely heavily on APIs for communication between systems, securing these interfaces has become increasingly important.

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Moreover, with the rise of cloud computing, mobile applications, and IoT devices, there has been a surge in the usage of APIs that facilitate communication between these systems. This increased dependency on APIs has made them lucrative targets for hackers and malicious actors. To ensure data protection and maintain system integrity, robust API security solutions are becoming essential and thereby adding value to the market.

Some of the recent developments are:

Ø In November 2023, Fortinet, a leading provider of network and cybersecurity solutions, has decided to concentrate on three key markets - Secure Networking, Universal SASE, and Security Operations - as part of their business refocus. By doing so, they aim to better serve their clients with more specialized offerings while staying true to their credo of innovation.

Ø In April 2023, Akamai Technologies has announced plans to purchase Neosec, an API detection and response platform that utilizes data and behavioral analytics. With this move, Akamai seeks to expand its capabilities in protecting against emerging threats within the rapidly growing API security market.

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Conclusion

The intelligent API security market is expected to experience continued growth due to factors such as increased demand for cloud-based services, advancements in automation and artificial intelligence, and growing regulatory pressures. Organizations prioritizing digital transformation initiatives should consider investing in comprehensive intelligent API security solutions that address evolving threats and compliance requirements. According to the Universal Data Solutions analysis, “Intelligent API Security Market” report, the global market was valued at USD 10.4 Billion in 2022, growing at a CAGR of 26.8% during the forecast period from 2023 - 2030 to reach USD XX billion by 2030.  

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