Open API Market Overview (2023 to 2033)

The global open API market is projected to amass a revenue of around US$ 19,591.4 million by 2033, up from US$ 2,794.5 million

Report Attributes Details
Open API Market Value (2023) US$ 2,794.5 million
Open API Market Anticipated Forecast Value (2033) US$ 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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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.

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.

Regional Analysis

North America Leading the Open API Market

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.

Growth Outlook for the Europe Open API Market

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.

Sudip Saha
Sudip Saha

Principal Consultant

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Start-up Ecosystem in the Open API Market

  • PaySprint is a one-stop shop for the entire financial Application Programming Interface (API) stack, and it was founded in Delhi by S Anand in December 2020. 600 partners from banks, NBFCs, and other organizations have been added in just one year.
  • PaySprint, a startup based in Delhi and founded by S Anand in December 2020, is assisting the B2B market, retail, microfinance institutions (MFIs), NBFCs, and cooperative banks in making the transition to digital payments, collections, and banking. It provides a unified open API platform and is a fintech company specializing in next-generation neobanking solutions. For lack of a better phrase, a one-stop shop for the full financial Application Programming Interface (API) stack.

Some of the Key API Standardization Initiatives

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.

  • National ITMX, based in Thailand, launched an Open API infrastructure initiative in July 2023 to facilitate the development of member banks' goods and services. By marketing the API Hub as a source of Monetary and Non-financial APIs, the initiative also intends to create a vibrant app programmer community for the banking sector.
  • MTN Group, a global telecoms corporation, declared the commencement of its Open API Hackathon in July 2023, encouraging developers from many markets to engage in developing novel mobile apps for their local markets that employ the MTN Mobile Money APIs.

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Report Scope

Report Attributes Details
Growth Rate CAGR of 21.5% from 2023 to 2033
Open API Market Value (2023) US$ 2,794.5 million
Open API Market Anticipated Forecast Value (2033) US$ 19,591.4 million
Base Year for Estimation 2022
Historical Data 2018 to 2022
Forecast Period 2023 to 2033
Quantitative Units Revenue in US$ 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

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
  • Western Europe
  • Eastern Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

Frequently Asked Questions

Where is the higher demand for the Open API Market?

North America has the most demand for the Open API Market, followed by Europe and Asia Pacific.

Which regional market will witness higher growth?

The Asia Pacific region is expected to expand the most in the Open API Market.

Which is the preferred material for making the Open API Market?

Plastic is the most commonly used material for the open API Market, followed by metal and glass.

Which form/product type is in higher demand?

In the Open API Market, cloud-based forms/products are in higher demand, followed by on-premises and hybrid.

How has the Open API market developed in the Past?

Increased Adoption of cloud computing and mobile phones led to the development of the open API market

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

    3.2. Scenario Forecast

        3.2.1. Demand in Optimistic Scenario

        3.2.2. Demand in Likely Scenario

        3.2.3. Demand in Conservative Scenario

    3.3. Opportunity Map Analysis

    3.4. Investment Feasibility Matrix

    3.5. PESTLE and Porter’s Analysis

    3.6. Regulatory Landscape

        3.6.1. By Key Regions

        3.6.2. By Key Countries

    3.7. Regional Parent Market Outlook

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

    4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022

    4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033

        4.2.1. Y-o-Y Growth Trend Analysis

        4.2.2. Absolute $ Opportunity Analysis

5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application

    5.1. Introduction / Key Findings

    5.2. Historical Market Size Value (US$ Million) Analysis By Application, 2018 to 2022

    5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2023 to 2033

        5.3.1. Cloud Computing (IaaS, PaaS, SaaS)

        5.3.2. Transportation

        5.3.3. Financial Services

        5.3.4. e-Commerce

        5.3.5. Social Networking

        5.3.6. Media & Entertainment

        5.3.7. Advertising

        5.3.8. Government

    5.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022

    5.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033

6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region

    6.1. Introduction

    6.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022

    6.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033

        6.3.1. North America

        6.3.2. Latin America

        6.3.3. Western Europe

        6.3.4. Eastern Europe

        6.3.5. South Asia and Pacific

        6.3.6. East Asia

        6.3.7. Middle East and Africa

    6.4. Market Attractiveness Analysis By Region

7. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    7.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022

    7.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033

        7.2.1. By Country

            7.2.1.1. USA.

            7.2.1.2. Canada

        7.2.2. By Application

    7.3. Market Attractiveness Analysis

        7.3.1. By Country

        7.3.2. By Application

    7.4. Key Takeaways

8. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022

    8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033

        8.2.1. By Country

            8.2.1.1. Brazil

            8.2.1.2. Mexico

            8.2.1.3. Rest of Latin America

        8.2.2. By Application

    8.3. Market Attractiveness Analysis

        8.3.1. By Country

        8.3.2. By Application

    8.4. Key Takeaways

9. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022

    9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033

        9.2.1. By Country

            9.2.1.1. Germany

            9.2.1.2. United Kingdom.

            9.2.1.3. France

            9.2.1.4. Spain

            9.2.1.5. Italy

            9.2.1.6. Rest of Western Europe

        9.2.2. By Application

    9.3. Market Attractiveness Analysis

        9.3.1. By Country

        9.3.2. By Application

    9.4. Key Takeaways

10. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022

    10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033

        10.2.1. By Country

            10.2.1.1. Poland

            10.2.1.2. Russia

            10.2.1.3. Czech Republic

            10.2.1.4. Romania

            10.2.1.5. Rest of Eastern Europe

        10.2.2. By Application

    10.3. Market Attractiveness Analysis

        10.3.1. By Country

        10.3.2. By Application

    10.4. Key Takeaways

11. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022

    11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033

        11.2.1. By Country

            11.2.1.1. India

            11.2.1.2. Bangladesh

            11.2.1.3. Australia

            11.2.1.4. New Zealand

            11.2.1.5. Rest of South Asia and Pacific

        11.2.2. By Application

    11.3. Market Attractiveness Analysis

        11.3.1. By Country

        11.3.2. By Application

    11.4. Key Takeaways

12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022

    12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033

        12.2.1. By Country

            12.2.1.1. China

            12.2.1.2. Japan

            12.2.1.3. South Korea

        12.2.2. By Application

    12.3. Market Attractiveness Analysis

        12.3.1. By Country

        12.3.2. By Application

    12.4. Key Takeaways

13. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

    13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022

    13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033

        13.2.1. By Country

            13.2.1.1. GCC Countries

            13.2.1.2. South Africa

            13.2.1.3. Israel

            13.2.1.4. Rest of MEA

        13.2.2. By Application

    13.3. Market Attractiveness Analysis

        13.3.1. By Country

        13.3.2. By Application

    13.4. Key Takeaways

14. Key Countries Market Analysis

    14.1. USA.

        14.1.1. Pricing Analysis

        14.1.2. Market Share Analysis, 2022

            14.1.2.1. By Application

    14.2. Canada

        14.2.1. Pricing Analysis

        14.2.2. Market Share Analysis, 2022

            14.2.2.1. By Application

    14.3. Brazil

        14.3.1. Pricing Analysis

        14.3.2. Market Share Analysis, 2022

            14.3.2.1. By Application

    14.4. Mexico

        14.4.1. Pricing Analysis

        14.4.2. Market Share Analysis, 2022

            14.4.2.1. By Application

    14.5. Germany

        14.5.1. Pricing Analysis

        14.5.2. Market Share Analysis, 2022

            14.5.2.1. By Application

    14.6. United Kingdom.

        14.6.1. Pricing Analysis

        14.6.2. Market Share Analysis, 2022

            14.6.2.1. By Application

    14.7. France

        14.7.1. Pricing Analysis

        14.7.2. Market Share Analysis, 2022

            14.7.2.1. By Application

    14.8. Spain

        14.8.1. Pricing Analysis

        14.8.2. Market Share Analysis, 2022

            14.8.2.1. By Application

    14.9. Italy

        14.9.1. Pricing Analysis

        14.9.2. Market Share Analysis, 2022

            14.9.2.1. By Application

    14.10. Poland

        14.10.1. Pricing Analysis

        14.10.2. Market Share Analysis, 2022

            14.10.2.1. By Application

    14.11. Russia

        14.11.1. Pricing Analysis

        14.11.2. Market Share Analysis, 2022

            14.11.2.1. By Application

    14.12. Czech Republic

        14.12.1. Pricing Analysis

        14.12.2. Market Share Analysis, 2022

            14.12.2.1. By Application

    14.13. Romania

        14.13.1. Pricing Analysis

        14.13.2. Market Share Analysis, 2022

            14.13.2.1. By Application

    14.14. India

        14.14.1. Pricing Analysis

        14.14.2. Market Share Analysis, 2022

            14.14.2.1. By Application

    14.15. Bangladesh

        14.15.1. Pricing Analysis

        14.15.2. Market Share Analysis, 2022

            14.15.2.1. By Application

    14.16. Australia

        14.16.1. Pricing Analysis

        14.16.2. Market Share Analysis, 2022

            14.16.2.1. By Application

    14.17. New Zealand

        14.17.1. Pricing Analysis

        14.17.2. Market Share Analysis, 2022

            14.17.2.1. By Application

    14.18. China

        14.18.1. Pricing Analysis

        14.18.2. Market Share Analysis, 2022

            14.18.2.1. By Application

    14.19. Japan

        14.19.1. Pricing Analysis

        14.19.2. Market Share Analysis, 2022

            14.19.2.1. By Application

    14.20. South Korea

        14.20.1. Pricing Analysis

        14.20.2. Market Share Analysis, 2022

            14.20.2.1. By Application

    14.21. GCC Countries

        14.21.1. Pricing Analysis

        14.21.2. Market Share Analysis, 2022

            14.21.2.1. By Application

    14.22. South Africa

        14.22.1. Pricing Analysis

        14.22.2. Market Share Analysis, 2022

            14.22.2.1. By Application

    14.23. Israel

        14.23.1. Pricing Analysis

        14.23.2. Market Share Analysis, 2022

            14.23.2.1. By Application

15. Market Structure Analysis

    15.1. Competition Dashboard

    15.2. Competition Benchmarking

    15.3. Market Share Analysis of Top Players

        15.3.1. By Regional

        15.3.2. By Application

16. Competition Analysis

    16.1. Competition Deep Dive

        16.1.1. Open Banking Working Group (OBWG) UK

            16.1.1.1. Overview

            16.1.1.2. Product Portfolio

            16.1.1.3. Profitability by Market Segments

            16.1.1.4. Sales Footprint

            16.1.1.5. Strategy Overview

                16.1.1.5.1. Marketing Strategy

        16.1.2. CAPS

            16.1.2.1. Overview

            16.1.2.2. Product Portfolio

            16.1.2.3. Profitability by Market Segments

            16.1.2.4. Sales Footprint

            16.1.2.5. Strategy Overview

                16.1.2.5.1. Marketing Strategy

        16.1.3. Open Bank Project

            16.1.3.1. Overview

            16.1.3.2. Product Portfolio

            16.1.3.3. Profitability by Market Segments

            16.1.3.4. Sales Footprint

            16.1.3.5. Strategy Overview

                16.1.3.5.1. Marketing Strategy

        16.1.4. initiative

            16.1.4.1. Overview

            16.1.4.2. Product Portfolio

            16.1.4.3. Profitability by Market Segments

            16.1.4.4. Sales Footprint

            16.1.4.5. Strategy Overview

                16.1.4.5.1. Marketing Strategy

        16.1.5. IXARIS Open Payment Ecosystem

            16.1.5.1. Overview

            16.1.5.2. Product Portfolio

            16.1.5.3. Profitability by Market Segments

            16.1.5.4. Sales Footprint

            16.1.5.5. Strategy Overview

                16.1.5.5.1. Marketing Strategy

        16.1.6. Open Financial Exchange (OFX)

            16.1.6.1. Overview

            16.1.6.2. Product Portfolio

            16.1.6.3. Profitability by Market Segments

            16.1.6.4. Sales Footprint

            16.1.6.5. Strategy Overview

                16.1.6.5.1. Marketing Strategy

        16.1.7. Financial Transaction Services (FinTS)

            16.1.7.1. Overview

            16.1.7.2. Product Portfolio

            16.1.7.3. Profitability by Market Segments

            16.1.7.4. Sales Footprint

            16.1.7.5. Strategy Overview

                16.1.7.5.1. Marketing Strategy

        16.1.8. Banking Industry Architecture Network (BIAN)

            16.1.8.1. Overview

            16.1.8.2. Product Portfolio

            16.1.8.3. Profitability by Market Segments

            16.1.8.4. Sales Footprint

            16.1.8.5. Strategy Overview

                16.1.8.5.1. Marketing Strategy

        16.1.9. W3C Web Payments Interest Group.

            16.1.9.1. Overview

            16.1.9.2. Product Portfolio

            16.1.9.3. Profitability by Market Segments

            16.1.9.4. Sales Footprint

            16.1.9.5. Strategy Overview

                16.1.9.5.1. Marketing Strategy

        16.1.10. Wipro Limited

            16.1.10.1. Overview

            16.1.10.2. Product Portfolio

            16.1.10.3. Profitability by Market Segments

            16.1.10.4. Sales Footprint

            16.1.10.5. Strategy Overview

                16.1.10.5.1. Marketing Strategy

17. Assumptions & Acronyms Used

18. Research Methodology

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