API Management is a mechanism to manage APIs from the outside clients, such as controlling an API's access through throttling or rate limiting. Rate limiting is a mechanism to control access for a specific consumer of an API. For example, you want to give access to a customer to use a specific API with only 100 requests per day. You can monetize your APIs using API Management tools by restricting the access to an API using rate limiting.

API Management tools help to manage the administrative complexities of APIs. As we know, API usage is increasing in the market. A lot of businesses depend on APIs. So, the API Management process is also important for API providers. The API development process is totally different from the API Management process.

If you want to use APIs properly, then strong documentation of them is also very important. Other parameters of API Management, such as increased levels of security, comprehensive testing, routine versioning, and high reliability, are important to have for your APIs. The API Management tools and software provide all these functionalities for API requirements.