API Management: Next Generation Strategies & Solutions

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What is API Management?

Application Programming Interface (API) Management is a series of processes which allow a company to control and visibly connect applications and data to the APIs throughout the enterprise and clouds. API management solutions generally include: the Developer portal, an API gateway, lifecycle management of the API, analytical capabilities, and support to API monetization, to help businesses get the most out of their API programs. API management is delivered in the cloud as a SaaS (Software as a Service) solution or in the cloud in the premises, or with the use of a hybrid cloud approach sometimes.
Global API Management Market (2018-2024)

Why do we need API Management?
With the exponential increase in the number of applications in the digital world, companies need to disclose more information via APIs so that they can provide both internal users, customers and partners with a rich personalized app experience. Public APIs encourage innovation and allow companies to rapidly market new products and services. All such APIs depend on the use of a strong API management platform with the full lifecycle which measures performance to enlighten business decisions based on API use.

What factors are highlighting the need for API Management Solutions?
The primary factor in API management demand is mobility and application proliferation. With the increasing number of mobile subscribers, increased social media and a massive increase in e-commerce, vendors from different sectors can now interactively provide their consumers with information, thereby increasing sales. The advances in the Internet and the cost and feature advantages are two additional key factors that favor the worldwide API industry. Furthermore, because API management helps to consistently implement policies and visualize intelligent analytics, demand is expected to expand to several organizations.

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API Management for industries

·         Retail and Consumer Goods
Over time, a mix of technologies, computer systems and various applications were deployed by many retail companies to meet the growing customers’ requirements. Customer experience is a very important factor to differentiate between a wide ranges of online shopping options. Due to negative customer experience online resellers risk losing out on their users. Retailers worldwide develop API strategies which not only help them reach their customer in new ways, but also help them to develop internal APIs to simplify business activities. API management solution allows retailers to provide their customers with e-commerce services on different digital channels.

·         Media and Entertainment
The evolution of mobile devices, emergence of social networking and advancements in cloud computing have established a major shift in how consumers expect to enjoy content within this industry. Application programming interfaces (APIs) have become critical for companies to move at the new digital pace and scale, and to constantly adapt to change. The APIs play a major role in the ecosystem, as the implementation of an API management layer makes it possible to quickly interact with the supply chain partners.
The advantage of this new layer in your IT infrastructure is that they provide a stable safe corporate system for new, rapidly moving applications and partner integrations. APIs allow companies to keep their operational record systems stability while enhancing the agility and speed needed to build powerful new applications, services and experiences. An API layer can make content from various back-end systems seamless and deliverable to every device. As a result, the APIs also offer developers the chance to consume available content and build applications for any device without using different languages and protocols.

·         Travel and Transportation
The travel API basically contains a range of web services from different travel agents to access the travel deals. GDS, third-party API flight, hotel APIs - all are used online by travel agencies. Suppliers provide APIs to allow companies to access feeds, banks as well as other payment processors to use APIs.  
The travelers would be able to make secure payments online with their credit card or debit card, by integrating the payment gateway API. There are many payment gates and a partner in travel technology may help companies choose the right one. APIs using mobile telephones could include hotel searches using a GPS capability within a certain distance from the user. For trucking or logistics, the GPS phone coordination and route navigation API may support route planning or traffic adaptation or route adjustment.

API Management on-premise deployment
On-Premises deployment type has a number of benefits such as full data & technology control, full ownership and a company's ability to upgrade on its own schedule. Internally, APIs are used by various companies. If an enterprise has several software products, on-site deployment type APIs are used to "talk" with each other for software. At the will of the firm, the components of the APIs can change, while changing to a cloud API is a smear.

An Overview
As API management platforms mature, industries see trends in what companies see for the adoption of an API management platform as critical elements. It is crucial that existing systems can integrate and operate and that new technologies can be flexible and that the environment can respond quickly. Important components include full lifecycle management, micro-service API management, and iPaaS API management. The ability to create APIs like products and to pay for APIs in order to unlock business value is also important. To sum up, upon evaluating the ongoing market trends, the API Management Market has been estimated to rise at a CAGR of 28.4% over the coming years.

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