The global open API market is projected to amass a revenue of around USD 19,591.4 million by 2033, up from USD 2,794.5 million
| Report Attributes | Details |
|---|---|
| Open API Market Value (2023) | USD 2,794.5 million |
| Open API Market Anticipated Forecast Value (2033) | USD 19,591.4 million |
| Open API Market Projected Growth Rate (2023 to 2033) | 21.5% |
An open API is a publicly available interface and the demand for open API is on the rise as it is developed to be easily accessible by the wider population of web and mobile developers.
One of the main features fostering the market is that an open API can be used both by developers inside the organization that published the API as well as by developers outside the organization who wish to register for access to the interface.
Three main characteristics of open APIs that are boosting the overall open API market growth are – freely available to use by all developers, they are backed by open data, and are based on an open standard.
Digital market players utilize API technologies to meet their respective business objectives and subsequently create customer value, in turn, expand their open API market share.
The surging adoption of open API is also owed to the fact that it has been witnessed that using APIs in opening up systems, to the outside world, facilitates driving traffic to one’s assets. The open API also creates end-customer value in the ecosystem and shares the load and benefits among the parties involved when unlocking new markets, facilitating the open API adoption trends to thrive.
Generally, open APIs are made available on the Internet and are shared freely. The open API market share likely expands as a software development company might publish a series of APIs to encourage third-party developers in different vertical industries to be innovative and figure out new ways to use the company’s software product.
Open APIs are used by enterprises to leverage the ever-evolving freelancing developers, opening up numerous open API market opportunities as it is capable of creating innovative applications that can add value to their core businesses.
The demand for open API also contributed to its preference in the business sphere due to its capability to increase the production of new ideas without direct investments in development efforts. Often, enterprises tailor their APIs targeting specific developer audiences that they consider to be the most effective in creating valuable new applications, shaping the open API market key trends & opportunities.
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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.
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.
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. The global open API market size is likely to dwindle as it faces challenges such as management and security issues associated with publishing APIs.
The adoption of open APIs may take a dip as publishing open APIs makes it difficult for organizations to control the experience end users have with their information assets. An API can significantly degrade the functionality of an application if it is overloaded with features, negatively impacting the open API market outlook.
North America is projected to dominate the open API market with a revenue share of 30% in 2023 due to the spiking demand for open API in the healthcare industry, growth is anticipated. Patient-centric healthcare is a growing value-based strategy for healthcare services that has led to better outcomes, higher levels of patient satisfaction, and higher levels of care quality.
Application programming interfaces (APIs) are playing a pivotal role in the delivery of patient-centered healthcare over the past few years.
And the emergence of a wide range of services, including wearable medical devices and remote patient monitoring, is expected to hugely contribute to North America’s open API market share.
The European payment industry's ongoing transition to open APIs has been a gradual process, shaping its open API market share of 21% in 2023. The Spanish banking behemoth BBVA and the French lender Credit Agricole were the forerunners in this direction.
Both banks provided open API access to third parties, enabling them to use core bank functionality to create financial applications, experiment with new business models, or simply enhance user experience.
The open API market size is expanding in the region where the bank's collaboration with the FinTech firm Dwolla to provide real-time payments to BBVA customers is an early example of the advantages of open APIs for BBVA's customers.
Although these initiatives limited the potential for increased innovation, as per the open API market survey, there is a clear trend among European payment players to strengthen their position in the value chain through Open APIs.
In recent years the market has witnessed a number of industry initiatives 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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| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 21.5% from 2023 to 2033 |
| Open API Market Value (2023) | USD 2,794.5 million |
| Open API Market Anticipated Forecast Value (2033) | USD 19,591.4 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| 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.; Wipro Limited |
| Customization & Pricing | Available Upon Request |
North America has the most demand for the Open API Market, followed by Europe and Asia Pacific.
The Asia Pacific region is expected to expand the most in the Open API Market.
Plastic is the most commonly used material for the open API Market, followed by metal and glass.
In the Open API Market, cloud-based forms/products are in higher demand, followed by on-premises and hybrid.
Increased Adoption of cloud computing and mobile phones led to the development of the open API market
| Estimated Market Size (2024E) | USD 14,176.7 million |
|---|---|
| Projected Market Size (2034F) | USD 21,535 million |
| Value-based CAGR (2024 to 2034) | 4.3% |
| Market Value for 2024 | USD 760.8 million |
|---|---|
| Market Size for 2034 | USD 12,980.0 million |
| Market CAGR (2024 to 2034) | 32.8% |
| Market CAGR (From 2023 to 2033) | 18.3% |
|---|---|
| Market Size - 2023 | USD 3.007 billion |
| Market Size - 2033 | USD 34.349 billion |
| Expected Market Value (2023) | USD 6.1 Billion |
|---|---|
| Anticipated Forecast Value (2033) | USD 72.6 Billion |
| Projected Growth Rate (2023 to 2033) | 28.1% |
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