APIs in IT are certainly not new, but, like many longstanding technologies, they are experiencing a period of renewed interest. In fact, this interest has surged to the point that a few years ago, the term “API Economy” was coined, highlighting the increasing relevance that APIs have gained over the years. Whether used as networking tools within an enterprise, technologies for cross-partner communication, or as a revenue source, organizations today rely on APIs for many of their vital functions.

APIs in IT: from tools to ecosystems

The term API in IT stands for Application Programming Interface; simply put, it refers to software intermediaries that allow two or more computer programs or components to communicate with each other. Over time, and with the advancements of the World Wide Web and later the emergence of the Cloud, APIs have taken on an increasingly pivotal role, both as an internal communication tool and as a preferred method for exposing data and services to third parties, offering a higher level of control over the exchange of this data. These customer-facing software interfaces became so successful that, in 2021, Forbes provocatively claimed that every company was, in fact, an API Company. Market researchers share this enthusiasm: at the end of 2023, the global API market was valued at 10.9 trillion dollars, with estimates projecting it to reach 14.2 trillion dollars by the end of 2024.

Top trends for APIs in 2024

We have mentioned how APIs in IT have entered a phase of considerable maturity. However, there is still significant room for growth. As is often the case in more mature markets, this growth involves strategic, management, and governance aspects. Once again, we refer to Forbes for identifying the main trends. Here is an overview.

Unbundling of API Management

A particularly significant aspect is the transformation of API Management: moving from monolithic tools managing the entire life cycle of APIs to using multiple tools, often developed by different vendors, which can better satisfy specific business needs. This implies the creation of a more complex yet dynamic ecosystem capable of supporting enterprise goals. In this way, API management becomes more flexible and can be integrated into a company’s strategy.

Artificial intelligence and APIs

These two technologies are closely interconnected, not only because modern artificial intelligence tools make extensive use of APIs for both functional and monetization purposes, but also, and more importantly, because the use of AI enables new scenarios. These include AI-assisted design of APIs and self-governing APIs, which possess semi-autonomous self-management capabilities.

API Curation and API marketing

As mentioned earlier, a major trend is the evolution of APIs from simple enterprise assets to products. While API reuse has long been a key focus, 2024 can be considered the year in which APIs will begin to be massively managed as products, thereby being treated and promoted as such.

A greater balance between API development approaches

Finally, Forbes predicts that enterprises will strive to balance different development approaches, particularly Top-Down and Bottom-Up strategies. The goal is to find an equilibrium between the governance needed for managing complex projects and the agility required for APIs to respond to rapidly changing business needs.

More trends in APIs to consider: IT and management

In addition to these trends, which are important for outlining the overall scenario, there are other relevant trends that enterprises should keep in mind in 2024, possibly more technological in nature but equally significant. Here are some of the most noteworthy.

API documentation becomes essential

To move from maintenance to management, the first essential step for enterprises is to become aware of their API resources; then they should be able to expose them effectively to both external and internal parties. Effective API documentation is the starting point, an increasingly crucial need. 

Improve monitoring and observability

As APIs become more strategic, it is increasingly necessary to monitor their behavior and performance and promptly identify potential issues. When an inefficiency leads to poor service quality for third parties, business agreements and reputations are at stake. Therefore, performance monitoring and anomaly detection must take on a central role. 

Do not neglect security

No component in the digital ecosystem is exempt from cybersecurity threats, especially services like APIs that, by their nature, must be exposed to fulfill their function. For this reason, enterprises cannot neglect API security management, implementing tools and policies to ensure regulatory compliance, particularly in sectors with specific obligations.

APIs in IT: is 2024 the year of maturity?

In the long-lived success story of APIs, it is difficult to identify disruptive turning points: the story of APIs is more about constant and continuous evolution towards greater maturity and consistency. The year 2024 will be no exception to this evolutionary path: new trends and capabilities are certainly shaping the API landscape, but they are mostly confirmations of trends from previous years. 2024 is shaping up to be the right year to capitalize on them.