Kong Research Forecasts API Monetization to Grow by 115% by 2027
Thursday, November 2, 2023
New "2023 API Impact Report" Study Finds API-Driven
Innovation has Increasing Macroeconomic Influence Across North American and Global Economies
SAN FRANCISCO, Oct. 25, 2023 /PRNewswire/ -- Kong Inc., a leading developer of cloud API technologies, today announced its most recent study, the company's "2023 API Impact Report." 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 analyzes the escalating risks of cybersecurity threats aimed at inadequately secured API technology infrastructures.
Key findings from the study include:
-- API monetization 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 4 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."
To read the full report, click here.
Methodology
This study examined both economic trends in API infrastructure and related technologies, as well as the cost of various API security vulnerabilities. Kong used statistical modeling to forecast future API inflation-adjusted economic growth, and the projected costs of security issues (both direct and indirect), weighted and adjusted for inflation as compiled by the US Bureau of Labor Statistics. This data was compared to the US Gross Domestic Product (GDP) productions developed by the Congressional Budget Office.
About Kong Inc.
Kong Inc., a leading developer of cloud API technologies, is on a mission to enable companies around the world to become "API-first." Kong helps organizations globally -- from startups to Fortune 500 enterprises -- unleash developer productivity, build securely and accelerate time to market.
For more information about Kong, please visit www.konghq.com or follow us on X @thekonginc.
View original content:https://www.prnewswire.com/news-releases/kong-research-forecasts-api-monetization-to-grow-by-115-by-2027-301967152.html
SOURCE Kong Inc.
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