According to Gartner, API investments are set to increase by 37% in 2023. This increase is expected since organizations are investing heavily in digital transformations due to the global pandemic. APIs and API management is crucial if you want to achieve digital innovation in the current technology landscape. Also, customer trends, economic forces, and industry shifts are changing the way organizations use API to grow their business.
Regardless of the business, API management is essential to thriving in this digital economy.
Here are five API management trends to keep your eye out for in 2024:
Digital transformation to continue through APIs
Digital transformation investments are expected to total $6.8 trillion between 2020 and 2023. The pandemic has caused a digital transformation in nearly all industries, whether it is retail, banking, travel, or hospitality. The trend is expected to continue in 2024 as well. Traditional business models, such as healthcare, have also not been spared.
APIs ensure that all new services and revenue channels come together. With API management, companies can ensure that all relevant APIs are secure for offering new services to customers.
API will continue to dominate the delivery approach
Organizations should ensure longevity in their API products because they are crucial for delivering digital experiences. An API-first approach will allow companies to incorporate the full-scale API product mindset. In this new year, implementing an API-first approach will be preferred for successful API delivery.
No-code and low code API delivery will become popular
Just because you have built a few APIs, it does not mean that you are equipped to manage APIs at scale. Businesses that want to maintain several APIs may want to leverage no-code or low code features.
Many platforms offer low-code features when it comes to API management. By using such platforms, organizations can build and update APIs without the need for software developers. As API adoption increases across industries, low code and no-code features will become more popular in 2024.
Use of AI and ML in APIs
AI and ML are not only prevalent, but they are also evolving rapidly. In 2024, businesses will continue to harness the power of AI and ML through APIs. It could predominantly be used in services like chatbots, speech recognition, customer service automation, and more.
API automation to gain momentum
Businesses have always worked with a team of skilled people to create and monitor APIs. However, in 2024, organizations would veer towards hyper-automated tools and technologies to work with APIs directly. It will no longer be necessary for organizations to hire people to monitor, manage, and run APIs.
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