Application programming interfaces or APIs are becoming ubiquitous in the digital world, driving Amazon cloud, Google products, and Facebook feature. APIs can enable big organizations to develop a technology platform that can seamlessly connect interdependent systems, data, and people. APIs allow organizations to develop reusable and interoperable systems, not only within the organization but also within the entire community. The article presents ten points to consider for building successful APIs.
Along with the indirect benefits of growing the business, APIs today are leading to direct monetization. As per a report published by Custom Market Insights, the Global API management market size is estimated to reach 41.5 billion by the end of 2030. In 2021, an average organization earned 27% of the revenue from APIs. It is not a surprise that big firms such as Salesforce.com, Expedia.com, and ebay.com are earning a major chunk of their revenue from APIs, as highlighted by HBR.