The Latest Api Economy Industry Statistics Explained
In 2020, the global API management market size was valued at USD 3.01 billion.
The statistic stating that in 2020, the global API management market size was valued at USD 3.01 billion refers to the total monetary value of the market for API management solutions worldwide during that particular year. API management involves the processes and tools utilized to create, publish, maintain, monitor, and secure application programming interfaces (APIs) that allow different software applications to communicate with each other. The market size of USD 3.01 billion indicates the significant demand for API management solutions across various industries and underscores the growing importance of APIs in enabling seamless integration and communication between different software systems in the digital economy.
By 2027, the market size of API management is predicted to reach USD 13.7 billion.
The statement suggests that the market size of API management, which involves the creation and distribution of application programming interfaces, is projected to grow significantly and reach a value of USD 13.7 billion by the year 2027. This prediction indicates a strong upward trend in the demand for API management solutions among businesses and organizations. The increasing use of technology, digital transformation initiatives, and the importance of seamless communication between software systems are likely driving factors behind this anticipated growth in the market size of API management. This statistic highlights the expanding opportunities in the API management industry and reflects the growing significance of APIs in enabling efficient and interconnected digital ecosystems.
The Compound Annual Growth Rate (CAGR) for the API management market from 2021 to 2027 is expected to be 34.9%.
The Compound Annual Growth Rate (CAGR) of 34.9% for the API management market from 2021 to 2027 indicates the average annual growth rate at which the market is projected to expand over the specified period. This statistic suggests a significant and rapid pace of growth in the API management sector, with a compounded rate of 34.9% over the six-year timeframe. Such substantial CAGR implies a robust demand for API management solutions, driven by factors such as increasing digital transformation initiatives, the proliferation of cloud services, and the rising adoption of APIs across various industries. This growth rate highlights a favorable market opportunity for stakeholders in the API management space, signaling potential for revenue growth and market expansion within the sector.
The percentage of organizations that design APIs specifically for consumers is over 62% worldwide.
This statistic indicates that the majority of organizations worldwide, accounting for more than 62%, design their application programming interfaces (APIs) with a specific focus on consumers. This suggests that a significant portion of organizations prioritize creating APIs that cater to the needs and preferences of end-users or external developers who will be utilizing their APIs. By designing APIs specifically for consumers, organizations aim to enhance the usability, functionality, and overall user experience of their APIs, ultimately leading to better engagement, adoption, and successful integration within consumer applications and services.
The number of APIs doubled from 10,000 to 20,000 in just 18 months (between 2017-2019).
The statistic that the number of APIs doubled from 10,000 to 20,000 in just 18 months between 2017 and 2019 indicates a rapid rate of growth in the field of application programming interfaces (APIs). This type of growth suggests a high level of demand for APIs and innovation in technology development within that time period. Doubling the number of APIs in such a short timeframe is significant as it highlights the increasing importance and widespread adoption of APIs across various industries and sectors, showcasing the dynamic nature of the technology industry and its ability to quickly adapt and scale to meet evolving demands and opportunities.
The API management market size in North America was valued at USD 976 million in 2019.
The statistic refers to the total market value of the Application Programming Interface (API) management industry in North America in the year 2019, which was estimated to be USD 976 million. This figure represents the total revenue generated by companies offering API management services and products in the North American region during that year. API management involves the creation, deployment, and monitoring of APIs that allow different software applications to communicate with each other effectively. The market size of USD 976 million indicates the economic significance and growth potential of the API management sector within North America, reflecting the increasing demand for API-related technologies and solutions in the digital age.
By 2025, a predicted 55% of net new digital applications will be created using APIs.
The statistic that by 2025, a predicted 55% of net new digital applications will be created using APIs suggests a significant shift in the way software development is being approached. APIs, or Application Programming Interfaces, facilitate the communication and interaction between different software systems, enabling developers to easily access functionalities and data from other applications. This trend indicates a growing reliance on API-based development as organizations seek more efficient and scalable ways to build digital applications. By leveraging APIs, developers can accelerate the development process, enhance interoperability between systems, and create more seamless and integrated digital experiences for users.
API-driven businesses are growing 2.5 times faster than their competitors.
This statistic suggests that businesses that are leveraging APIs (Application Programming Interfaces) to drive their operations and services are experiencing significantly faster growth rates compared to their counterparts who are not utilizing APIs. The 2.5 times faster growth indicates a substantial competitive advantage that API-driven businesses have in terms of innovation, efficiency, and scalability. By enabling seamless integration with other applications, systems, and third-party services, API-driven businesses are better positioned to adapt to changing market demands, expand their reach, and deliver enhanced value to their customers. This trend emphasizes the importance of embracing digital transformation and leveraging API technology as a key driver of business success in today’s fast-paced and interconnected business environment.
83% of developers said APIs are critical or important to their work on the job, as of 2019.
The statistic stating that 83% of developers consider APIs to be critical or important to their work on the job as of 2019 highlights the significant role that Application Programming Interfaces (APIs) play in the field of software development. This data suggests that a large majority of developers believe that APIs are essential tools that facilitate their work, enabling them to efficiently access and interact with external systems, services, and data. Developers rely on APIs to streamline integration processes, enhance interoperability between different software components, and ultimately improve the functionality and effectiveness of their applications. This statistic underscores the widespread recognition and adoption of APIs within the developer community, reinforcing their importance in driving innovation and productivity in modern software development practices.
As of 2019, 60% of businesses use APIs as a revenue stream.
The statistic “As of 2019, 60% of businesses use APIs as a revenue stream” indicates that a majority of businesses have integrated Application Programming Interfaces (APIs) into their operations in order to generate income. APIs allow businesses to securely share and integrate data, services, and functionalities with other systems, partners, and customers, opening up new revenue opportunities. By leveraging APIs, businesses can create new products and services, improve efficiency, enhance customer experiences, and drive innovation. The fact that 60% of businesses are utilizing APIs as a revenue stream highlights the increasing importance of this technology in today’s digital economy and the growing trend of businesses monetizing their digital assets through API strategies.
In 2020, approximately 30% of APIs were designed using RESTful technology.
The statistic ‘In 2020, approximately 30% of APIs were designed using RESTful technology’ indicates that out of all the application programming interfaces (APIs) developed in 2020, about 30% of them were implemented using RESTful technology. RESTful technology, or Representational State Transfer, is a common architectural style used for designing networked applications, especially web services. This statistic suggests that a significant portion of developers in 2020 favored using RESTful principles for creating APIs, likely due to its simplicity, scalability, and flexibility in building web-based services.
The healthcare industry is forecasted to become the third-largest sector in the global API economy by 2024.
This statistic suggests that the healthcare industry is expected to experience significant growth and investment in the coming years, positioning it as the third-largest sector within the global API (Application Programming Interface) economy by 2024. As APIs play a crucial role in facilitating data exchange and interoperability between different systems, the healthcare sector’s increased reliance on digital technologies and data-driven solutions is likely to drive this growth. This forecast indicates a shift towards greater digitalization and integration within the healthcare industry, signaling opportunities for innovation, efficiency improvements, and enhanced patient care through the seamless exchange of information across platforms and applications.
The market size of the Data-as-a-Service (DaaS) industry, which heavily relies on APIs, is projected to reach $12.2 billion by 2026.
The statistic states that the market size of the Data-as-a-Service (DaaS) industry, which largely relies on Application Programming Interfaces (APIs) for data exchange and integration, is anticipated to grow to $12.2 billion by the year 2026. This projected market size signifies a substantial increase in demand for DaaS solutions that provide access to high-quality, real-time data through APIs. The rising adoption of DaaS across various industries is likely to drive this growth, as organizations seek efficient ways to leverage external data sources for business insights and decision-making. The continued expansion of the DaaS market underscores the increasing importance of data-driven strategies in today’s business landscape.
Conclusion
The API economy industry is rapidly growing and shaping the future of technology and business. With a wide range of applications across various sectors, APIs are becoming increasingly essential for enabling seamless connectivity and data sharing. By leveraging the power of APIs, organizations can drive innovation, improve efficiency, and deliver better customer experiences. As we move forward, staying informed and embracing the opportunities presented by the API economy will be crucial for staying competitive in the digital age.
References
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8. – https://www.apifriends.com
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