Participating in the API Economy: An API Lifecycle Analysis
Application programming interfaces (APIs) are an essential tool, and the market around them is thriving. Opening up APIs has led to a range of new business models, which in turn created a new market with complex relations. This new market is summarized under the term API Economy. The API Economy plays a vital role in the digitalization of today’s world since APIs are transformed into digital products, affecting the way organizations cooperate.
In this thesis, I analyze the API lifecycle in the API Economy, which is supposed to help companies to participate in the API Economy network and include examples from companies that already thrive in it.
First, I do systematic literature research to gather information regarding APIs, API Economy, their growth, and trends.
Additionally, I analyze the business strategies, monetization models and legal considerations that companies need to use when they plan to have an API. Furthermore, the design techniques and technologies to design, build and deploy an API. Moreover, the marketing and engagement strategies to boost the API traffic in the market and the performance metrics to measure the API growth and success. Last but not least, the reasons and preparations for retirement to keep an excellent reputation in the API community.
Based on this information, I create a thorough lifecycle analysis of the API participating in the API Economy.