In today's world, an organization without APIs Access is like the internet without the World Wide Web (WWW). API Access enables companies to grow at unprecedented rates by sharing services with external enterprises.
API Access also acts as "doors to new ecosystems", but access is requisite for applications to communicate with each other. For example, in the past, Google Maps was never considered an essential asset until another third-party application enabled real estate locations to be visualized on a map. This caused Google Maps' popularity to grow exponentially. As a result, Google expanded its API-based access to various other products.
Third-party developers and end-users benefit from APIs, which handle all the "heavy lifting" behind the scenes. For instance, by allowing third-party developers to access APIs, they can concentrate on creating new solutions rather than duplicating existing work.