Open API Market: Industry Outlook, Growth Prospects and Key Opportunities

An open API (Application Programming Interface) is openly or freely accessible application programming interface that offers developers with programmatic access to proprietary software application. These are the set of requirements that administrate the way an application will interact and communicate with another. Open application programming interface also allows developers to access definite internal functions of a program.

Moreover, it aid an individual software to interact with another software. This technology is used both by the developers outside the organization who wish to register access to the interface or developers inside the organization that published the application programming interface. Open APIs are free for everyone to use, backed by open data and are based on an open standard. Some of the well-known open application programming interface are Twilio, eBay and Youtube’s API.

Urgency of creating business models is one of the important factors bolstering the demand of global application programming interface market. APIs are the components that allows diverse platforms, systems and apps to share and connect data with one another. Application programming interface are important for customizing and defining graphical user interface. Moreover, cloud platform providers too have wide-ranging APIs defined and functions in close collaboration with development partners to tweak the application performance.

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Customer centric development is another important factor boosting the demand of open application programming interface across the world during the forecast period. Organizations are emphasizing strong focus on the customers demand and are responsible for how the quality of the APIs turns out is important. Moreover, growing numbers of third party mobile applications is also an important factor responsible for the growth of the global application programming interface market during the forecast period. If a company’s API is used by the third party developers, it will increase the revenue generation. It helps the API developers to capitalize on their existing assets i.e. hardware and software. It will also help the API providers to reach out to a greater customer base through different partners without experiencing huge distribution cost.

Uncertainty and vulnerability of the third party apps in terms of security is one of the major restraining factors in the global application programming interface market. Since the third party developers gets access to the company’s API, there is an increasing chance of threat levels and opportunities for the cyber criminals to exploit the weaknesses in banking system and online payment. There are intrinsic weaknesses in the APIs that communicate with back- end systems and transfer data. Moreover, continuous exposure to the internet makes them easy to probe. Additionally, insecure web browsers leave the API and UI exposed to attack.

Implementation of innovative and advanced application programming interface in various sectors is likely to be an important opportunities in the global open API market. Advancement in security of the application programming interface is expected to help this technology to be used in various sectors where the use of open API is less.

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Based on types the open application programming interface encompasses web service API, Hardware API, class based API among others. Moreover, on the basis of levels, the global application programming interface market is bifurcated into partner API, Member API, Acquaintance API and Public API. On the basis of application, the market bifurcation comprises banking, healthcare, telecom, financial institutes, Hotels, E-commerce among others. The geographical split of the global application programming interface market encompasses North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America is likely to have the highest market revenue during the forecast period.

Some of the key players in the open API market are Apigee Corp.(U.S.), International Business Machines Corporation (U.S.), Twillo, Inc.(U.S.), Google Inc.(U.S.), Orange SA (France), Wipro Limited (India), Oracle Corporation (U.S.), Banco Bilbao Vizcaya Argentaria (BBVA) (Spain), SAP SE (Germany) and Visa Inc. (U.S.) among others.

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