@article{(Open Science Index):https://publications.waset.org/pdf/10013327,
	  title     = {Analyzing the Market Growth in API Economy Using Time-Evolving Model},
	  author    = {Hiroki Yoshikai and  Shin’ichi Arakawa and  Tetsuya Takine and  Masayuki Murata},
	  country	= {},
	  institution	= {},
	  abstract     = {API (Application Programming Interface) economy is expected to create new value by converting corporate services such as information processing and data provision into APIs and using these APIs to connect services. Understanding dynamics of a market of API economy under strategies of participants is crucial to fully maximize the values of API economy. To capture the behavior of a market in which the number of participants changes over time, we present a time-evolving market model for a platform in which API providers who provide APIs to service providers participate in addition to service providers and consumers. Then, we use the market model to clarify the role API providers play in expanding market participants and forming ecosystems. The results show that the platform with API providers increased the number of market participants by 67% and decreased the cost to develop services by 25% compared to the platform without API providers. Furthermore, during the expansion phase of the market, it is found that the profits of participants are mostly the same when 70% of the revenue from consumers is distributed to service providers and API providers. It is also found that, when the market is mature, the profits of the service provider and API provider will decrease significantly due to their competitions and the profit of the platform increases.},
	    journal   = {International Journal of Economics and Management Engineering},
	  volume    = {17},
	  number    = {10},
	  year      = {2023},
	  pages     = {693 - 699},
	  ee        = {https://publications.waset.org/pdf/10013327},
	  url   	= {https://publications.waset.org/vol/202},
	  bibsource = {https://publications.waset.org/},
	  issn  	= {eISSN: 1307-6892},
	  publisher = {World Academy of Science, Engineering and Technology},
	  index 	= {Open Science Index 202, 2023},
	}