Online services are more popular than ever and growing increasingly popular every day as consumers expect more than ever from products and services. Companies all over the United States are undergoing digital transformation in a bid to provide more personalized customer experiences and gain analytics insights to help them make better business decisions. Moreover, the high demand for personalized services and big data means companies have to load up on business software applications to enhance their business processes. Businesses of all sizes have robust IT infrastructures these days, and they need a platform that can support and maximize these robust systems.
Application programming interfaces (APIs) make application development, data integration, business application monetization, and many other processes simpler. However, even APIs require advanced API management tools to allow business users to get the most from their API processes. Many industries use API management tools and plenty of viable use cases for them. In this article, we’ll tell you about the industries that use API management platforms the most and how they use them. Continue reading to learn more about API management and how it’s impacting the real world.
These industries use APIs the most.
API management used to be considered a niche field whose value was limited to large companies in only a few industries, but that’s totally changed in recent years. In fact, these days you would be hard-pressed to find an industry where there are no companies using API management solutions. However, studies show that the financial services, healthcare, tech, and telecommunications industries use them the most. It makes perfect sense when you consider that those three industries need to personalize their products, services, and customer experiences more than most others.
Data management companies use API management to provide data as a service.
As you may have heard, big data has become a pretty big deal in recent years. The reason industries like the ones mentioned in the previous section can provide such unique customer experiences is big data. Data science is one of the fastest-growing markets on the planet, having an astronomically high projected CAGR of over 30% over the next five years. Most tech companies use API platforms to provide data-as-a-service (DaaS) business applications and tech support.
Online businesses use API gateways to share microservices with third-party services.
API management tools are an invaluable asset for e-commerce companies. Many online businesses rely on third-party services to expand their customer base and deliver advanced features. API management tools enable them to provide microservices through third-party partners without having to redirect customers to their web or mobile application. Furthermore, as they learn more about individual customers through online interactions, they can offer relevant microservices to tailor their online experience.
B2B companies use API platforms for integration and API security.
One of the great things about APIs is they enable software developers to easily create business applications and share APIs to enable customers to tailor them to their needs, providing ultimate scalability. Indeed, API management tools make API integration much simpler and safer. With complete access control, you can control API usage and set permissions for what API users do, providing API security and ensuring data quality.
The API management industry was worth close to $3.9 billion in 2020, and it’s expected to be worth almost twice as much by 2026. So, as you can see, APIs aren’t going anywhere any time soon, especially with them being so prevalent in the financial services, healthcare, and telecommunications industries. As you can see, there are plenty of use cases for API management tools, and we’re confident that you can find creative ways to take your business to the next level as well. So, is your company down with APIs? Because the rest of the business world certainly is.