xTech is the keyword for which we at the API team advocate. Now, we would like to present an overview of the concept.
What is xTech?
As of late, the buzzword "FinTech" has been making the rounds. This term was coined by combining the terms "finance" and "technology." Other well-known examples of the same type of term include AgriTech (agriculture + technology), EdTech (education + technology), and AdTech (advertising + technology). xTech is a general term for these portmanteaus of "________" + "Technology."
What is the connection between xTech and APIs?
So, how are APIs used with respect to xTech? APIs can be said to be the technological basis for almost every measure. APIs are used not only for inter-enterprise collaboration, but also for cases such as when multiple enterprises need to combine data, and when one company is adding content to its own services. If tasks such as these are not automated, the costs can increase, to the point that it defeats the purpose of adding value.
This is not about bringing up the term "API" for just any old reason; APIs exist as an essential aspect of xTech.
Why xTech now?
FinTech, AgriTech, EdTech, and so on; what might be behind the appearance of so many xTech keywords? The normalization of a lifestyle in which, due to technological development and the popularization of smartphones, the internet has taken on a central role is thought to be one factor. Also, along with smartphones, sensor devices that interface with the "Internet of Things" exist in great numbers. It is said that in the course of our daily lives, data is generated moment by moment from our use of smartphones and web browsers, as well as from sensor devices.
As the data collected in this way interacts with the conventional market, new forms of added value are coming into existence. Devices and sensors are appearing that can be put to use not only in fields such as AdTech that had been centered around technology all along, but also in domains such as education and medicine that had been largely unconnected to Internet technology.
What We Need To Do?
Those people whose work is connected to xTech can be divided into two main categories. The first group is comprised of people in the field of technology. By exerting influence on other markets, people working in technology have the chance to seize great opportunities such as API development, and collaboration with other enterprises. That being said, in some other markets, the investments being made in technology are not great, and there is a need to see examples of API management services being used for more agile implementation compared to developing from scratch, as well as successful demonstrations of starting small. There is also a major shortage of knowledge of other markets within the technology field, and as such, there is a need to study and understand them.
The other group is comprised of those enterprises involved in fields such as agriculture, education, and medicine. For many of these enterprises, it is common for business to go well enough with traditional workflows, and there has to be a strong desire to further improve, expand, and develop new revenue streams. However, as knowledge of technology in these fields is insufficient, it may be good to start by consulting with a local system integrator or other expert. In this regard, what likely matters is not whether the enterprise is big or small, but whether it proactively undertakes efforts to move forward, and whether it has knowledge of xTech.
xTech is a movement that began from last year. As it is only in its early stages, the next couple of years will likely see the arrival of new services and precedents. By all means, please join us in striving to take part in this movement.