An API (Application Programming Interface) at its most basic level, allows your product or service to talk to other products or services. In this way, an API allows you to open up data and functionality to other developers and to other businesses. It is increasingly the way in which companies exchange data and services, both internally and externally.
API management is the process of publishing, promoting and overseeing application programming interfaces (APIs) in a secure, scalable environment. It also includes the arrangement of end user support resources that define and document the API. The primary goal of API management is to allow an organization that publishes an API to monitor the interface’s lifecycle and make sure the needs of developers and applications using the API are being met.