Market, technology, and legislative trends have created needs across all industry verticals to create and consume APIs. The mandate of an API economy is clear — the question that IT leaders must answer is not “if”, but “how?”
Having been around for decades, APIs today define the new normal. They decompose software monoliths and transform businesses by bridging the gap between new and old applications. More companies are funding digital transformational programs with APIs at the core of their strategy. IDC predicts that overall spending on these projects will reach a historic high totaling $6.8 trillion between 2020 and 2023.
It is worth pointing out that this trend not only touches software companies but also applies to all industry verticals as well. In industries where API-led regulations are now standard, such as Europe’s PSD2 open banking standard in financial services or FHIR for the exchange of patient information in healthcare, the digital transformation trend is accelerating. “Every company needs to become a software company” according to Twilio CEO Jeff Lawson.
The API boom is here and it is happening now. With over 24,000 APIs offered by firms today according to Programmableweb.com, it is important to carefully