API Analytics: Driving Modern Businesses into a New Dimension
Internet of things (IoT) is transforming the entire world into a big information bubble where people and businesses can manage their assets in a more enlightened manner. A large number of appliances in the IoT paradigm are rooted in sensor devices in the real world. Through a unified architecture, the interconnectivity of IoT devices provides the capability to share information across platforms and develop a common operating picture. Application Programming Interfaces (APIs) help in achieving this by connecting devices, businesses, services and people together. By utilizing API analytics, businesses can gain insights from the data that flows through APIs, in order to have a better understanding of organizational strategy and its objectives.
Businesses are investing a huge amount of capital and resources to gain insights of every possible data and information through APIs. Even for digital-only startups, APIs impart a seamless way to connect with customers and potential partners to obtain knowledge about the demand for certain products and services through data analytics platforms.
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For organizations that use legacy systems and infrastructure, API dispenses a lucid way to connect with modern digital initiatives such as IoT and big data. Moreover, IoT is primarily shifting industry dynamics with more connected things and digital data networks are pushing big data analytics towards a new horizon. According to an analysis by Business Insider, companies are planning to invest about $5 trillion on the IoT in the next five years along with a large portion to be disbursed on API analytics.