Kong’s 2024 Report: 83 Percent of Developers See AI Investments Creating New Product Opportunities

Global Economic Impact of APIs Expected to Reach $17.3 Trillion by 2030

Kong Inc., a leading developer of cloud API technologies, has released the results of the 2024 API Impact Report, which finds developers working with AI feel overwhelmingly positive about its benefits to business strategy. According to the report, 92% of developers say AI is a priority in their organizations with 83% reporting AI investments have created opportunities for new products or services in the last year. The findings highlight a shift in public perception, with developers choosing to embrace AI versus fearing it.

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Additionally, the report found that the economic impact of APIs in the U.S. is expected to reach $3.4 trillion by 2030 with the global impact reaching $17.3 trillion. In the same timeframe, the value of APIs to enable AI is expected to grow 170%, highlighting the need to have a strong API strategy in place for future innovation.

“We’ve reached the moment where AI adoption is imperative; however, doing so strategically will be the ultimate marker of long-term success,” said Marco Palladino, CTO and co-founder of Kong. “Our report highlights the need for infrastructure underneath AI applications that provides strong governance while enhancing AI performance.”

Of course, strengthening security should remain a priority as the report finds an expected 548% growth in the forecasted annual number of API attacks by 2030. Understandably, data privacy and security/governance were a top concern for nearly 60% of developers surveyed when it comes to integrating AI services with existing microservice infrastructure.

Additional key findings include:

• Though 80% say their organizations have guidelines or restrictions on AI use, 60% say they find ways to work around the restrictions.
• ChatGPT is the most used LLMs among developers surveyed, followed by Azure AI and Google Gemini.
• Half of developers and managers say their organization needs to be more aware of the business value of APIs.
• 60% of developers are passionate about working with AI.
• Developers cite the most critical aspect of API management in the next 1 to 2 years will be the integration with AI.

It is clear developers have embraced AI with 57% saying AI will make their job easier. While 80% of organizations have put guidelines in place for AI, the challenge remains on how to enforce them effectively without hindering productivity. This brings us to the need for a stronger API strategy, because while AI enables platforms to become intelligent, APIs are what build the platform. Starting with a base of observability, security and governance allows organizations to adopt AI quickly, without opening them up to vulnerabilities.

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This study examined the financial landscape of API infrastructure and associated technologies, analyzing the economic trends alongside the costs tied to different API security vulnerabilities. Expert opinions on the use of AI in the workforce and the future of AI were obtained through a survey of 747 IT professionals and business leaders conducted in June and July 2024.

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