They have become essential, ubiquitous and pervasive in our lives. Yet most business leaders know very little about them… let alone know how to leverage them. Hence, businesses struggle with monetization, despite having great solutions to big problems. The term ‘API economy’ is termed as such because organizations can design services which may be leveraged by users, developers and partners across platforms, websites, apps, tech products etc. – with the aim of increasing channels/avenues for revenue generation. Unsurprisingly, tech companies were the first to understand the potential of APIs. Therefore, while the first API only launched in 2000, today there are 20,000+ public APIs, which are expected to grow to over 1 million. In 2015 it was reported that Salesforce.com generates 50% of its revenue through APIs, Expedia.com generates 90%, and eBay, 60%. A sector which is ripe for API adoption, is the knowledge and wisdom based – professional services & consulting firms. APIs may just solve the endemic issue faced by them, of enabling scale without adding people.
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