An Application Programming Interface (API) is a data connection allowing data to be shared with other applications. They can be viewed as digital middlemen between organisations / enterprises and platforms that need to access data for driving innovation, increasing reach, discover new business models, increase partner network, etc.
APIs let your product or service communicate with other products and services without having to know how they have been implemented. This can simplify app development, integration of multiple product functionalities, saving time, money while providing a seamless user experience. While designing new tools and products—or managing existing ones—APIs provide flexibility, ease of usage, simplify design and administration.
With the speed of digital transformation, APIs are playing a central role in both mobile commerce and the internet of things (IoT). The usage of APIs has increased significantly during the past few years. Akamai estimates that roughly 83% of internet traffic is being driven by APIs. Further, according to Slashdata survey, which offers several granular insights into how developers use APIs, nearly 90% of developers are using APIs in some capacity. This increasing dependence on API, in turn, is leading to API security becoming a serious concern as it not only expands the attack surface but also introduces new security risks. In addition, there could be severe consequences for consumers, businesses, and third-party providers in case of API breaches.3