The API economy is eating software and Irish tech firms have a chance to reap the whirlwind.
An API (application program interface) specifies how software components should interact and are vital to a slew of new services from some of the most popular web and mobile services.
There are currently over 12,000 APIs offered by firms today. The Harvard Business Review reports that Salesforce.com generates 50pc of its revenue through APIs, Expedia.com generates 90pc and eBay generates 60pc.
‘Companies across a diverse range of sectors such as finance, media, hospitality and travel are using APIs as a critical component of their business model’
– ADRIAN MULLETT
At an event organised by the Irish Software Association and Bank of Ireland (BOI) on the API economy opportunity, Adrian Mullett, head of technology at BOI, said that API usage is accelerating.
Planet of the APIs
“Companies across a diverse range of sectors such as finance, media, hospitality and travel are using APIs as a critical component of their business model,” said Mullett.
“The API economy also allows disruptive technology innovators to collaborate with established brands and improve their functionality, service and operations.
“A key part of our tech sector approach is to identify and understand key trends in industries and the API industry is the most exciting and dynamic opportunity.
“Software companies such as Milner Browne (which is supported by BOI) are building APIs and leveraging the reach of major software players,” Mullett said.
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