The rapid increase and ceaseless evolution of API technology has ushered in a challenging new era of API complexity. A new study of IT leaders by Axway reveals that the average enterprise currently uses three different API management vendors, and plans to engage more to reach an average of four by 2023. In some countries, the number could even grow to five different API management solutions on average per company.

While 44% of IT leaders primarily benefit from reduced IT complexity and/or better oversight, 34% of enterprises do not have access to the multi-management capabilities needed to master API complexity, though 66% say they have some kind of plan in place to master these complexities.

There was a surprisingly strong correlation between enterprises that have mastered API complexity with an API-first approach (those who can build APIs the quickest), and the number of digital projects they can launch each year. Enterprises that build APIs in a matter of hours or days are more likely to launch more than 40 new digital projects every year, while enterprises that need weeks or months tend to launch fewer digital projects per year.

The study also showed the same correlation between the number of digital launches and the time to onboard new partners, or how often enterprises are able to reuse APIs. Companies stand to save nearly US$ 30K on average every time they reuse an API.

Axway, a global API Management company, analyzed new data from more than 800 senior IT and business decision-makers in the U.S., U.K., France, Germany, Australia, and Singapore. The study concluded that API complexity is negatively impacting the bottom line, raising numerous challenges and pain points — from security to governance to innovation and many others.

Read the full report by Axway