Developer of cloud API technologies, Kong, has released 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 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.

The global economic impact of APIs is expected to rise from approximately £7.17 trillion in 2023 to about £9.33 trillion over the next four years.

The total value of APIs to artificial intelligence-related growth will reach around £4.41 trillion in 2027, indicating a substantial 76% increase from 2023 estimates.

The impact on blockchain, cryptocurrencies, and web 3 is forecasted to increase by approximately 78%, from around £2.07 trillion to about £3.68 trillion. Do note that exchange rates can fluctuate, so it’s advisable to check the current rate for precise conversions.

“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 at Kong Inc.

He added: “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.”

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“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.

Whaley concluded: “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.”