The July 2023 report evaluates four stand-alone API security solutions, revealing API sprawl averaging 20,000 APIs per organization and frequent zero-day exploits leading to over a billion compromised records. The $289 million market is projected to grow 24% annually to $700 million by 2027, though valuations outpace revenues. Managed solutions are gaining traction as firms lack expertise, while CDN providers with integrated security pose the biggest threat to stand-alone products. Despite high costs, customers value these solutions for effectively protecting complex API environments.

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