Application program interface (API) monetization plays an important role in unlocking the value of API programs and boosting their adoption globally. Monetization helps API providers reach beyond present business models, scale up API programs, and open new opportunities for developers, customers, and partners. API monetization plays a crucial role in billing facilities and creating billing documents. API monetization platform is creating significant opportunities for businesses, developers, and customers. It is also creating new market channels for end-users. APIs allow companies to grow beyond their enterprise boundaries and drive revenue generation through new business models. They help organizations expand the reach of their business capabilities through rapid consumption of an existing model. They help in providing access to assets, thereby enabling new and innovative use of assets to generate additional revenue. An API monetization platform helps in charging directly for an API, by call or subscription. It helps in using an API as an upsell opportunity, continuously increase revenue generating actions using your API, increase delivery through strategic partners and distributors, increase efficiency of operations and decrease its delivery time to market. Also some of the other benefits of APIs include faster customer onboarding, faster application building, testing of an application’s revenue potential, deeper access into data for better decision making and many more.
The API ecosystem essentially has three important stakeholders: API provider, API developer, and end-user/customer. The API provider chooses which business assets are under API and important for driving the success of API. The API developer uses API under given terms and conditions and supplies applications to the end-user. The end-user does not have access to the APIs but is benefitted from the use of app provided. API monetization options are divided into four categories: free, developer pays, developer gets paid, and indirect. The developer pays category can be further classified into freemium, tiered, points based, pay as you go, and transaction fee. Vendors offering pay as you go model include IBM Corporation and Amazon Web Services. Vendors offering freemium services include Compete and Dropbox. Vendors offering tiered services include vertical response and constant contact. The developer gets paid scenario includes sub-models such as revenue share, affiliate, and referral. The indirect category comprises content acquisition, content syndication, internal consumer, B2B customer, B2B partner, and business expansion. Major drivers helping the growth of API monetization platform include increasing adoption of smartphones, growing demand for IoT, and rising use of web-based APIs in enterprises globally.
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The global API monetization platform market can be categorized based on type of monetization, enterprise size, application, end-user industry, and region. On the basis of type of monetization, the API monetization platform market can be classified into developer pays, developer gets paid, indirect. In terms of enterprise size, the global API monetization platform market can be split into large enterprises and small and medium enterprises (SMEs). Based on end-user industry, the API monetization platform market can be segmented into individuals and enterprises. The enterprises segment can be further classified into hospitality, healthcare, transportation, retail, education, and others. In terms of region, the global API monetization platform market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Major players operating in the global API monetization platform market include Envato Pty Ltd., IFTTT Inc., Microsoft Corporation, IBM Corporation, Google Inc., Datadog, MuleSoft, Inc., Cloud Elements, and Amazon Web Services Inc. These vendors continue to invest significantly in research & development to diversify their existing portfolio and introduce innovative products to increase their market share. Also, they continue to establish partnerships with local players to expand their presence and increase their share in regional markets.
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