Rise of API economy

Abstract

An API is similar to an UI, UI allows humans to interact with the software & in API all interaction between softwares. It’s used on almost all apps & websites that we use. An application programming interface (API) is a set of definitions and protocols for creating and integrating software applications. APIs can be internal(within a company), private(between organizations) & public(public consumption). 5

The API market value was valued at $1.2 billion in 2018, & is expected to grow to $5.1 billion by 2023. The key players include Postman, Google, IBM, Mulesoft, AWS & SAP. * API economy is a set of business models & channels that are based on creating secure access, exchange of data between digital ecosystems. APIs are new products that a corporation might offer to open a new business channel, accelerate digital transformation, attract a partner ecosystem, or sell more of its traditional products. As companies become more & more digital, the smart devices consumption is expected to increase & hence API economy is only going to become bigger & bigger. APIs package data and functionality. APIs can be used to construct applications. Using the APls on a platform, ecosystems can create new value chains. *Companies obtain a variety of benefits by exposing APIs or hosting hackathons to generate new platform concepts. In exchange for a quicker efficient execution of a business process, companies grant free access to the APIs they provide.