The API economy is not conceptually new in most of its facets. The core idea that libraries of services could be called to create applications has been both proposed and adopted through SOA and ESBs for more than a decade, and prior to that in mainframe programming with the use of Programming Libraries. There are however, some marked differences in the surrounding technology climate that have made the API economy different from previous iterations, and in many ways much more potent, which include availability over the Internet, the true enablement of multi-vendor suites, and their ubiquity in the rise of Cloud, Mobile, Social, and Analytics.

Why is it Happening?

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