15 June 2024 Episode 1
Trends and Innovation
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Summary of the Episode
This episode is all about the emerging API economy which is projected to reach $5.1 billion this year. In this episode, we are going to talk about the best API strategy for businesses, API-Led product growth, and trends to watch out for in the API economy this year.
Show Notes
In this episode we discussed:
- Becoming the backbone of the modern economy, digitalization no doubt has made organizations highly dependent on APIs to deliver new services and better compete. But around the globe, businesses often face difficulties in integrating APIs, and our guest terms this as API fatigue. As per Z, it is important for businesses to understand the importance of API. In this episode, he suggests the steps toward the best API business strategy/ API Business Model.
- Zedneck says the first and foremost step towards API integration for a company is to understand why it needs APIs and how they can help the company. Secondly, make an API strategy and implement it on a small scale to see its effects.
- Zedneck also points out that Application Programing interfaces or in short APIs have been around for a while but in the last ten to twenty years the modern API economy has boomed reaching the value of $5.1B this year.
- Companies are connecting to each other on a massive scale via APIs but it is within the company that most APIs are used. Furthermore, our guest Z discusses the importance of internal APIs, public APIs, and partner APIs which are used in communication between strategic businesses. He also elaborates on the three types of APIs.
- The security issues attached to APIs are affecting the API economy in an adverse manner. As 94% of the companies, last year faced attacks on their APIs. Public APIs are very much prone to attacks and there are certain solutions and tools available. What you can do is ensure that API clients, servers, and gateways are continuously guarded and pay attention to new security protocols.
