Axway Study Shows APIs Can Be a Major Revenue Driver for Organizations

To seize opportunities and reach business goals, enterprises must pivot to API consumption

Axway, an API Management leader, finds in a new study that APIs offer a valuable return on investment – but only if organizations drive consumption of their APIs.

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“By improving the efficiency and effectiveness of our API development and management process, we’re cutting the time it takes from ideation to service deployment — helping us to bring value-added services to our customers faster than ever”

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The 2022 Axway API Adoption Survey, a commissioned study conducted by Forrester Consulting in December 2021 on behalf of Axway, analysts surveyed more than 300 IT and business decision-makers tasked with driving digital business at global organizations.

72% of respondents say they expect an estimated 26.4% digital business growth on average if they could increase API adoption.

However, there’s still a significant gap between API development and API consumption: 71% of those surveyed said they didn’t achieve the business results planned from their APIs – often due to a lack of API adoption, UX issues, as well as lack of API performance metrics and related insights.

“Many enterprises are enthusiastic about APIs, but it’s essential to focus on creating the right APIs, ones that will deliver business value. What people often lack is a holistic view of their APIs to make data-driven decisions,” says Axway Chief Catalyst Brian Pagano.

86% of API decision-makers agree the value of their APIs is not in their existence alone, but in their consumption. 59% have seen or expect to see increased revenue from API traffic if they had an API management product that closes the gap between development and consumption.

Yet companies often face cultural challenges as well as technological obstacles, both internally (legacy systems, IT complexity, inflexible processes, slow API adoption) and externally (complicated partner onboarding).

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“By improving the efficiency and effectiveness of our API development and management process, we’re cutting the time it takes from ideation to service deployment — helping us to bring value-added services to our customers faster than ever,” said Jim Cornelius, Vice President, Solution Architect at Robert W. Baird & Co.

“If there are any challenges with API consumption or authentication, the Amplify API Management Platform allows us to troubleshoot them and get to the root cause rapidly,” adds Cornelius.

“The right API management platform helps close the gap between development and usage through centralized, automated governance, leading to increased revenue and more valuable APIs – not to mention a decrease in API complexity,” said Pagano.

Outcomes may be helped by experts who specialize in digital transformation and API technology. Axway Catalysts, for example, advise organizations looking to align their API strategy with larger, transformative business goals. As the study highlights, this kind of vendor expertise and support can help make the cultural shift required to truly leverage the power and promise of APIs.

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