Telecom Application Programming Interface (API) Market Is Growing At A CAGR Of 18.2% And Will Reach A Wooping USD 473.33 Billion By 2026
Telecom APIs are gaining popularity in the global telecom sector as these APIs enable telecom service providers to stay ahead in the market and maintain their cash inflow in this era of information and communication technology. Telecom APIs facilitate telecom services like SMS, IVR, and phone calls with the help of software programs that act as an interface between the application and the platform being used by the application. With the use of APIs, the service providers can enable swift communication between the application and the device in which the application runs, empowering telecom service providers to implement enhanced services for their consumers in significantly less time than before.
The market for telecom APIs is primarily triggered by a growing demand for online amusement services and a proliferation of connected devices. The increase in competition among telecom service providers to provide high-quality services at a reasonable price would drive the market for telecom APIs. Further, stiff competition from over-the-top content providers such as Whatsapp, Facebook Messenger, Netflix, and Amazon Prime among others, which use the infrastructure of telecom companies to provide their contents directly to the user, are pushing telecom service providers to deploy APIs to monetize their advanced services and maintain their profitability. With a spiraling rise in the market, the governments all over the world are framing regulatory policies to protect consumers for discriminatory or unfair practices that may be followed by the telecom companies.
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North America is the key revenue generating region in the telecom API market. This can be attributed to an increase in the use of smartphones application among consumers as well as growing advancements in the IT field in this region. The telecom API market in Asia-Pacific region, on the other hand, would witness the highest growth rate chiefly due to an increase in the level of disposable income in this region as well as the countries in this region especially China and India constitute a very large consumer base for telecom services.
Key players in the telecom application programming interface market include Vodafone Group PLC (UK), Twillo Inc. (US), Alcatel-Lucent (France), AT&T Inc. (US), Apigee Corporation (US), Telefonica (Spain) Orange S.A. (France), Verizon Communications (US), Nexma Inc. (US), Fortumo (Estonia), LocationSmart (US), and Aspect Software (US) among other players.
Vodafone, one of the largest telecom company in the world provides a platform, called Vodafone API Monetization Platform, dedicated to providing application developers the platform to get the most out of the inherent capabilities of the network infrastructure provided by the telecom companies.
The telecom APIs enable the companies to expand their geographical boundaries and provide better experience to their customers along with monetizing their services.
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