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 |
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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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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 |
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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 |
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Regions Covered |
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Key Countries Profiled |
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Key Companies Profiled |
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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
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
Technology
January 2024
REP-GB-15531
315 pages
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