One of the most sought-after jargon in mobile and web app development is API, an acronym for Application Programming Interface.
As per MarketsAndMarkets, the API management market is projected to grow at a CAGR of 32.9% with a net worth of $1.2 billion in 2018 to $5.1 billion in 2023.
So, the numbers speak for themselves and prompt us to discuss the dynamism of APIs in the Software market today and in the years to come.
The growing predominance of leading technology companies like Amazon, Meta (formerly known as Facebook), Microsoft, and Salesforce in this domain has showcased a more vibrant API market.
If you are a business leader or technologist looking to explore more about implementing APIs in your application, this blog post is a must-read for you.
Let us get started.
Table of Content
- What is API?
- Types of APIs
- Why Do You Need API Development Services?
- Must-Have Features of an Efficient API
- Three Most Popular API Use Cases
- How Much Does It Cost to Develop an API?
- Emergence of API Economy Featuring Web 3.0
What is API?
Retail traders would forcibly use separate applications to identify stocks and place their bids. The process would be time-consuming and less efficient. The adoption of APIs in web and mobile app development has transpired speed and efficiency.
So, what are APIs? How have they transformed the traditional development of applications?
APIs are the programs that allow the backend of an application to communicate with the frontend by sending or retrieving data.
“An API is a program used to access multiple programs.”
In an entire application structure, there are several endpoints. These endpoints are where developers can integrate APIs to access certain functionalities.
APIs create an interoperable application system providing easy and fast-paced access to the data.
Structurally, an API can be viewed as a set of code parsing queries and data, sending instructions between resources, and a lot more. These programmatic codes provide data services across a variety of fields and contexts.
Types of APIs
There are four types of APIs categorized based on their application and deployment.
Public or Open APIs are developed by brands that promote a business strategy or process. These APIs can help a web and mobile app development company to use them for monetization purposes by these companies.
Private or Internal APIs are created within the organization for the internal sharing of data and systems among the developers. The APIs resources are made available with greater threat awareness and regulatory compliance.
Partner APIs are created with the purpose of external sharing to those having professional ties with the development organization.
Composite APIs are used to call data from multiple applications and servers. These APIs simplify complex application behaviors with increased performance and productivity.
Why Do You Need API Development Services?
If we have to summarize why a business leader should consider API development services, we can say that APIs are a fast, simple, and secure way to send data in an application system. But, there is more to consider to back the reason.
An internal API is the most suitable example of enriching productivity through APIs within businesses. These APIs help the developers to save time in accessing the backend information and other app functionalities.
There can be many other functionalities in the web and mobile app development process for which you can create Partner or Open APIs.
APIs allow developers to focus on innovation and other key components of the application rather than investing more time in creating repetitive backend components. APIs are all about making quick calls on implementing user-oriented functionalities.
Must-Have Features of an Efficient API
An API is used to engage in a flexible client/server model in an application. An API is both a communication channel and a boundary between processes.
So, what is that you need to consider while hiring an API development company for your mobile or web application?
There are some primary features that determine the success of an API.
Abstraction in APIs hides every piece of information that is unnecessary or irrelevant to the users and only presents standardized functionalities to them. This approach is considered ideal for low-level and specific code operations.
Discoverability in APIs allows easy, comprehensive, and sophisticated documentation which helps in faster detection of loopholes within the application system.
Detained documentation of APIs allows easy deployment of new developers. There can be multiple endpoints in APIs dedicated to specific functions where it acts as a technical reference.
APIs symmetry allows better access control, simplified parameter names and validation rules, and adoption of customized fields and protocols.
APIs have become a commonly used element in the development of digital solutions like mobile and web applications. They are used to send sensitive data across components. It makes APIs vulnerable to cyberattacks. Business leaders should ensure that the API development company they hire offers sustainable app security solutions.
A sophisticated verification of inputs from external sources ensures consistent validation. Comprehending the limited functions and identifying potential issues is an important element of the validation process.
It is important to consider all important constraints while testing your APIs. Integration testing is an effective approach for testing APIs.
Three Most Popular API Use Cases
APIs transpire an excellent ability to access data. Leading mission-driven API development companies have used to launch transformative business initiatives and improve customer experience.
Banking-as-a-service Platform in Finance
To engage in a streamlined customer experience to a large-scale audience, leading financial services companies have invested in developing API-based Banking-as-a-Service platforms. An API-led development approach has benefited both customers and partners of the companies utilizing this innovative digital solution.
Omnichannel In-Store Digital Experience in Retail
Global retailers are using APIs to enhance customer and digital shopping experience through quality solutions and managed control. This approach has led app developers to indulge in end-to-end transactions and establish an omnichannel network of retailers.
Private Healthcare System With API-Led Connectivity
APIs have led medical innovation to the next level with the development of private health systems. These solutions feature multiple APIs retrieving and extracting diverse data from a series of sources.
How Much Does It Cost to Develop an API?
Developing an API is a complex process. It comprises a series of technical developments. The cost of developing an API relies upon several components, such as type, project scope, ecosystem, etc.
To comply with the infrastructure demands of the market, developers utilize the latest technology trends and achieve desired business objectives.
Depending upon the project complexity, the cost of developing an API may range anywhere between $7,500 — $20,000.
The costs to hire API developers may also differ based on the geographical location of the service providers.
You can consult a mobile and web development company to get a precise cost estimation of API development for your enterprise project.
Emergence of API Economy Featuring Web 3.0
From integrating maps in fitness apps to multi-option payment interfaces in eCommerce marketplaces, APIs have showcased diverse use cases. The API economy is booming more than ever.
In Developers Economics Survey, 69% of the total participants confessed to using third-party APIs in developing applications whereas 20% of respondents accepted using private and internal APIs.
Image Source: Developers Economics Survey by SlashData
The widening enterprise mobility market is prompting the need for public and private APIs. Robust web and mobile app solutions need secure and extensive APIs that nurture personalized app experiences.
The foundation of Web 3.0 lies in the conceptual implementation of democratic, distributed, and decentralized sharing of data. API, on the other hand, is defining the incorporation of new innovation into the mobile and web app development processes.
Both technological concepts are enabling an open and independent delivery of data to the end-users.
Blockchain APIs may stay at the core of Web 3.0 and allow institutions to manage decentralized networks at a single point and support multiple digital assets.
How Can We Help You?
Sparx IT Solutions is a mobile and web development company creating, integrating, and managing APIs for more than a decade. Our team of API developers has worked on more than 1500+ projects from diverse industry domains including healthcare, fintech, transportation, education, retail, and a lot more.
There are three main service categories in which you can utilize our expertise in APIs.
API Development Services
Our API developers utilize an extensive technology stack to APIs that can run across platforms ensuring feasible interaction and connectivity.
API Integration Services
In this process, we provide a sustainable infrastructure and service expertise for incorporating internal and external APIs into your applications.
API Management Services
Our API management professionals manage, regulate, secure, and monitor APIs in a protected digital infrastructure.
APIs are transforming app development through faster retrieval of data. With APIs, businesses have the opportunity to leverage the affordable development of feature-rich applications. It also makes development time-efficient with easy integration and management.
If you are planning to create an API for your project or want to have a word with our API experts, feel free to fill in the comment box. Stay tuned!!