The API economy, according to Mr. K.

Moyer, VP and analyst at Gartner, is a catalyst for transforming a

company into a platform. Platforms enable business ecosystems inside and outside of the enterprise to complete
matches between users and facilitate the creation and/or exchange of goods, services, and social currency so that
all participants are able to capture value. As a result, platforms multiply value creation by enabling these
processes.
Businesses were switching from the brick-and-mortar company model to application-based models that could be
controlled through smartphones and other devices as they became more aware of the strategic relevance and
income possibilities of APIs.