APIs (application program interfaces) and microservices have become integral to any business that interacts either internally or externally or both on a service or application level. These terms are relatively new, with API first being used in the year 2000 and microservice in 2011.
The API and microservice industries are growing at a fast pace. The global API management market is expected to reach $5.1 billion by 2023, rising from $1.2 billion in 2018, according to MarketsAndMarkets. Microservices also are growing rapidly. ResearchAndMarkets forecasts that the cloud microservices market will reach $1,880.0 million by 2023 from $683.2 million in 2018. Now, let’s examine what APIs and microservices are and how they can be beneficial to organizations.