APIs have been around since the early days of computer programming, but the concept of API products is relatively new. Here’s a quick timeline:

APIs were introduced in the 1960s and 1970s as a way for programmers to interact with operating systems and other software components. These early APIs were typically limited to specific programming languages and platforms.

Web services emerged as a way to implement Service Oriented Architecture (SOA) in the 1990-2000s. They enabled complex communication and interaction between different applications over the internet, typically using XML-based protocols like SOAP. Web service APIs were a wonderful invention at the time. Still, their limitations soon became apparent, such as higher traffic volume, slower response time, complex industry standards and higher implementation and maintenance costs over simpler HTTP APIs. Additionally, implementing and using web services usually requires additional training and experience for developers and system administrators compared to HTTP APIs. During this time, other integration technologies were used (though not as widespread as web service APIs), but all shared more or less the same limitations.

HTTP APIs gained popularity in the mid-2000s as a simpler, more lightweight alternative to the more complex and heavyweight web service APIs. The demand for web-based services and applications grew during this time, and HTTP APIs attracted many developers and organisations looking to build and integrate web-based systems. The rise of cloud computing and the increasing availability of web-based tools and services further contributed to the growth of HTTP APIs as a more popular and practical choice for many use cases. However, HTTP APIs were considered highly technical assets primarily used for internal use cases and not widely viewed as business-related tools.

In the 2010s, API products began taking hold as companies created APIs for external and internal developers to use in their applications. API products are designed to be easy to use, with clear documentation and developer-friendly features such as SDKs, code samples, and testing tools. Today, API products are crucial to many businesses, enabling them to expand their ecosystems, reach new customers, and create new revenue streams. By exposing their services and data through APIs, companies started to unlock new value for their products and services, enhancing services for their customers and building new revenue streams.