South Korea Open API Market Insights Forecasts to 2033

• The South Korea Open API Market Size was valued at USD 53 Million in 2023
• The Market Size is Growing at a CAGR of 14.09% from 2023 to 2033
• The South Korea Open API Market Size is Expected to Reach USD 198 Million by 2033

The South Korea Open API Market Size is expected to reach USD 198 Million by 2033, at a CAGR of 14.09% during the forecast period 2023 to 2033.  

Market Overview

An open application programming interface (API), also known as an external API, is freely available or has limited restrictions for third-party developers. Open API enables developers to integrate the API into open-source data and related services to develop applications. Some of the prominent end-users of the open API are IT and telecommunications, banking, financial services, and insurance (BFSI) industries. It is also gaining popularity in the travel and tourism industry, government and education, media and entertainment, energy, and utility. Open APIs are designed to be easily accessible to third-party developers. The open API is gaining popularity among developers because it provides a deeper understanding of the communication between various software programs. This type of API reduces the developer's efforts in writing new code, resulting in more time for creating unique and useful software. Since this API is freely available to the public, it improves application compatibility and allows for more timely updates. The main advantage of an open API is that it enables third-party developers to work on complementary services created by the primary application. This provides an opportunity for businesses to include their services and products in external applications, which broadens their reach and encourages customers to purchase them.

Report Coverage

This research report categorizes the market for the South Korea open API market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea open API market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea open API market.                 

Driving Factors

The South Korean open API market is expected to grow considerably in the coming years as a consequence of increased efforts to implement innovative and advanced application programming interfaces in a variety of sectors. Another major factor driving demand for open APIs is the growing emphasis on developing customer-centric products/services. Additionally, the increasing number of third-party mobile applications is a key driver driving open API market growth over the forecast period. Companies throughout the region are working hard to better understand and meet the needs of their customers. With increasing competition in all industries, large and small businesses (SMEs) are looking to gauge customer needs and meet them accordingly.

Restraining Factors

The higher cost of implementing Open API, in addition to the uncertainty and vulnerability of third-party apps in terms of security, have emerged as significant obstacles to market growth. Implementing an error-free API management environment requires a skilled developer with sound knowledge of developing software and the latest trends in API management and related technologies. Thus, finding a highly skilled professional will require a lot of time and money in hiring and training. Further, integrating API management solutions with multiple platforms requires expertise and well-developed infrastructure to implement these solutions.

Market Segment

• In 2023, the web API segment accounted for the largest revenue share over the forecast period.

Based on the product, the South Korea open API market is segmented into web API, local API, and program API. Among these, the web API segment has the largest revenue share over the forecast period. This is due to the benefits of web API, such as its ease of use, the use of HTTP protocols to access it, and the fact that it can be integrated into any application, including desktop, mobile, and web-based ones. Web APIs are APIs that act as a conduit for communication between software applications. Furthermore, Java, ASP.NET, and other programming languages can be used to create web APIs that can function as web servers or browsers. In layman's terms, a web API is a sophisticated web application that can provide numerous applications on laptops, mobile devices, and other gadgets.

• In 2023, the IT & telecommunication segment is witnessing significant growth over the forecast period.

Based on application, the South Korea open API market is segmented into media & entertainment, government, education & financial institutions, BFSI, IT & telecommunication, healthcare & life sciences, and others. Among these, the IT & telecommunication segment is witnessing significant growth over the forecast period. In the telecom and IT industries, various API types are used to facilitate device interaction. The telecom sector is currently transitioning from hardware-based to software-based systems. API use by telecom firms is being encouraged as demand for internet access via mobile devices has increased drastically in recent years. Telecom companies are increasingly using open APIs because they have the potential to increase their client base and revenue. The telecom industry is extremely dynamic, with major corporations controlling a sizable portion of the market. As a result, telecom companies use new technology to increase their customer base and gain a competitive advantage.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea open API market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Visa Inc
• International Business Machines Corporation
• Twillo.Inc
• Wipro Limited
• Oracle Corporation
• Banco Bilbao Vizcaya Argentaria
• Axway. Inc (Euronext: AXW.PA)
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In November 2022, Axway (Euronext: AXW.PA) released new results from its inaugural open everything strategy survey report. According to a survey of nearly 1,000 IT leaders, architects, and developers about their digital strategies and top issues, nearly 40% of companies are in the process of implementing a new hybrid approach to their IT infrastructure.

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea open API market based on the below-mentioned segments: 

South Korea Open API Market, By Product

• Web API
• Local API
• Program API

South Korea Open API Market, By Application 

• Media & Entertainment
• Government
• Education & Financial Institutions
• BFSI
• IT & Telecommunication
• Healthcare & Life Sciences
• Others