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API Economy: An EcoSystem for Exchanging Digital Services
Application Programming Interfaces (APIs) are collections of entry points into software components that enable the components to be interacted with remotely. Most major software applications now provide an API interface for developers which can be used to access and extend the capabilities of applications.
Integration between software applications is typically now done using APIs. APIs simplify the access and interconnections with other stacks and applications. The result is that technologies often become interwoven with each other. The interconnectedness, business models, and practices enabled by APIs are called the API Economy.
A major benefit of the API Economy is that businesses can leverage APIs to bring new products and capabilities to market more quickly. And the result is greater process efficiency and reduced cost.
A survey by RapidAPI found that 75 percent of developers considered their participation in the API Economy a top priority.
A report by PostMan found that 67 percent of companies rank themselves as embracing an API-first philosophy for software development.
Brad Drysdale, Field CTO at Kong, wrote for Intelligent CIO that “by building a thriving internal API economy, an organization can create a valuable catalog of APIs that can be made available externally. This catalog also allows other developers within the organization to leverage and reuse code for future projects and outcomes. A new digital experience can leverage an API built for a previous digital experience, knowing that it’s useful, relevant, and has already met the security and governance standards set.”
