APIs are an integral piece for the future of technology. They are vital to IoT in the connected home, enterprise and industrial environments. With more devices getting connecting to the internet from these environments, the number of APIs will significantly increase. Businesses catering to the emerging technology market need to manage APIs accordingly towards enhancing their value proposition and creating new business opportunities.
APIs are an accelerating force in terms of creating innovations in this space. Connected systems across digital environments is one of the most lucrative business in the world today. APIs provide the necessary connectivity and without proper management, this opportunity becomes infeasible. Simultaneously, there is also an inherent element of risk and an array of governance related issues that arise with the use of APIs.
Comprehensive management of APIs is a key part of the solution towards building the necessary intelligence and control. API Management is a strategic and compelling extension to governance and APIs by including a tactical set of API tools and techniques. These include a central platform and components that enable provisioning, publishing, documentation, cataloging, policy management, governance, discovery, reporting, security, mediation, and testing among others.
The application of these tools in unison and the implementation of API management across cloud, on premise, or hybrid environments helps enterprises and users to accurately manage their APIs. API management solutions also come with lower upfront costs coupled with the ability to perform faster and automated deployments. Apart from this, the integrations built through API management will empower businesses with the necessary scale, flexibility and control for the future.
APIs are the bridge of connectivity between apps, IoT endpoints and backend services. They are set to be at the edge of the digital transformation for businesses that are looking forward in terms of technology adoption in the next generation. The market opportunity for API Management across the globe is significant and offers a new value-driven opportunity for market participants, vendors and integrators. API management also enables vendors to employ it as an approach to provide a unified connectivity platform along with iPaaS for developers to roll out packaged applications. The transition from the current generation of businesses into the digital era is where the market value of API management truly is and grows.
Arcluster forecasts the worldwide API market to reach $1.54 billion in revenues in 2021.