You’ve likely heard of the API Economy – it’s a concept which has grown in recent years to become a vital part of the technology landscape. But what exactly does the term mean, and what impact could it have for your business?
The API Economy defined
Let’s start with some basic definitions: An API, or Application Programming Interface, is a bundle of code that essentially acts as a bridge between digital services, allowing one app to access information or capabilities from another.
IoT, smartphones, and wearables have created an instant-update lifestyle that we’ve come to expect. They’ve also spurred the creation of endless apps and services to meet the needs of today’s always-on consumers. It’s the underlying seamlessness of APIs that pulls everything together behind the scenes.
The sharing, access, and integration of these core competencies with business systems and processes is what we call the API Economy.
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