API monetisation to grow by 115% by 2027

Kong has published its most recent study, the company’s “2023 API Impact Report.”

  • 1 month ago Posted in

The research, undertaken by Kong experts and an economist from Brown University, explores the expanding macroeconomic influence of APIs and associated technologies in the U.S. and globally. By leveraging survey insights with economic data, the report underscores the growing influence that APIs will have on global economies and enterprises in the coming years. Moreover, the study also analyses the escalating risks of cybersecurity threats aimed at inadequately secured API technology infrastructures.

Key findings from the study include:

• API monetisation is projected to grow by 115% in the United States domestic market — from $3.97 billion in 2023 to $8.56 billion by 2027.

• The economic impact of APIs in the U.S. will increase from $2.1 trillion in 2023 to $2.8 trillion in 2027, a $640 billion increase and 30% relative growth rate.

• The global economic impact of APIs is expected to increase from $10.9 trillion in 2023 to $14.2 trillion over the next four years.

• The total value of APIs to artificial intelligence-related growth will reach $5.4 trillion in 2027, a 76% increase from 2023 estimates.

• The impact on blockchain, cryptocurrencies and web 3 is forecasted to increase 78%, from $2.5 trillion to $4.4 trillion.

“APIs represent the building blocks and critical infrastructure that enable businesses to innovate and deliver superior digital experiences,” said Marco Palladino, Chief Technology Officer and Co-Founder, Kong Inc. “And it’s not hard to anticipate that forward-thinking businesses that adopt API-first strategies today, will come out on top in the economic landscape that we foresee coming. This data attempts to quantify this sea change in the economic landscape.”

“What impressed us in developing this study was the sheer value of APIs as an economic catalyst,” said Dr. Christopher Whaley, Ph.D. and associate professor, Brown University. “They are the digital accelerators to our interconnected world, in which data and services flow freely, clearing the path for innovation and technology-led growth." 

Transformational technologies, including AI-augmented software engineering (AIASE), AI coding assistants and platform engineering, will reach mainstream adoption in 2-5 years, according to the Gartner, Inc. Hype Cycle for Software Engineering, 2023.
Red Hat OpenShift helps DNEG better manage and access metadata of more than 100 million digital assets to improve productivity for globally distributed artists and software developers.
“As the digital sector stands at a pivotal crossroad between digital transformation and environmental sustainability, the SDIA is delighted to host a Summit to chart a path toward a digital future that is not only innovative, but also sustainable.” Max Schulze, SDIA’s Executive Chairman
New category of integration platform is necessary to help manage sprawling tech infrastructure.
Research commissioned by CloudBees shows that platform engineering is quickly gaining traction within IT organizations, becoming an established practice for software development teams. 83% of respondents have either fully implemented platform engineering or are in some phase of implementation.
Service provider consolidates platform strategy on Red Hat technologies including Red Hat OpenShift for cloud-native workloads.
Amid the rise of AI-assisted software development, the report also finds 45% of developers feel the value of their current skill sets are threatened.
Survey finds 78% of developers identify AI as a security risk, yet they continue to input sensitive credential, financial and health data into AI platforms.