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7 STATS YOU MUST BE AWARE OF ABOUT API DEVELOPMENT
By: Deepan Chakkaravarthy
16 Feb

7 MUST-KNOW STATS ABOUT API DEVELOPMENT, OPEN BANKING AND SPRING FRAMEWORK

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7 Essential Statistics for API Development, Open Banking, and Spring Framework Adoption

Have you ever wondered how apps and services smoothly work together behind the scenes? Imagine a web of connections, making data exchange quick and smooth, like a bunch of secret codes working together.

  • All of these are done using Open Banking, API Development, and spring framework.
  • In 2023, Open Banking, API, and Spring Framework evolved and grew faster than ever.
  • Now in 2024, They are going to be more popular.
  • Here are some stats that will help you understand the current market trends of open banking, API development, and spring framework.

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  • API Economy Surge
  • Global Open Banking Adoption
  • Security Concerns in Open Banking
  • Java Dominance with Spring Framework
  • Microservices Adoption with Spring Boot
  • API Security Challenges
  • Open Banking's Positive Impact on Customer Experience

API Economy Surge

  • The API economy has witnessed an unprecedented surge in recent years.
  • According to a report by Gartner, by 2023, more than 75% of organizations will be using API-first design for their applications, up from less than a third in 2018.
  • This statistic underscores the critical role APIs play in modern software development, facilitating interoperability and enabling organizations to stay agile in a competitive market.

Global Open Banking Adoption

  • Open Banking is transforming the financial sector, bringing up collaboration between traditional banks and fintech innovators.
  • Research by Deloitte reveals that over 80% of global banks have either adopted or are planning to adopt Open Banking initiatives by 2024.
  • This statistic emphasizes the industry's recognition of Open Banking as a catalyst for enhanced customer experiences, increased competition, and the emergence of new business models.

Security Concerns in Open Banking

  • While Open Banking brings numerous benefits, security remains a paramount concern.
  • A study by the OpenID Foundation found that 74% of respondents believe that security is the most challenging aspect of Open Banking implementation.
  • This statistic underscores the importance of strong security measures and standardized protocols to ensure the integrity of financial data in Open Banking ecosystems.

Java Dominance with Spring Framework

  • The Spring Framework, a popular Java-based framework, continues to dominate the development landscape.
  • Stack Overflow's Developer Survey 2023 revealed that Java remains one of the top programming languages, and Spring is the most widely used framework.
  • This statistic highlights the persistence of relevance and preference for Java and Spring among developers, emphasizing their reliability and versatility in building strong applications.

Microservices Adoption with Spring Boot

  • Microservices architecture is gaining traction for its scalability and flexibility. - According to the State of Java 2023 report, over 62% of Java developers use Spring Boot for building microservices.
  • This statistic underscores the pivotal role Spring Boot plays in simplifying the development of microservices, providing developers with a streamlined and efficient approach to building modular applications.

API Security Challenges

  • As APIs become integral to application development, security challenges are on the rise. - According to the Akamai 2023 API Security report, there was a 62% year-over-year increase in API traffic on their platform, accompanied by a surge in cyberattacks.
  • This statistic emphasizes the critical need for robust API security measures to protect against vulnerabilities and safeguard sensitive data.

Open Banking's Positive Impact on Customer Experience

  • Open Banking is not just about compliance; it significantly enhances customer experiences.
  • A survey by Accenture found that 63% of customers believe Open Banking improves their overall banking experience.
  • This statistic underscores the transformative impact Open Banking has on customer-centric financial services, fostering innovation and providing users with personalized, efficient, and integrated financial solutions.

So there you have it: 7 Must-Know Stats About API Development, Open Banking, and Spring Framework. Has it helped you decide on a field that interests you? If you’re ready to learn more, dive deeper into spring based with Garranto Academy. Register for our three-day spring based short course.

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Teaser

In 2023, Open Banking, API, and Spring Framework evolved and grew faster than ever.

Now in 2024, They are going to be more popular. Here are some stats that will help you understand the current market trends of open banking, API development, and spring framework.

We've talked in detail about the same. Read our newsletter here ;

7 Must-Know Stats for API Development in Open Banking