The latest report by IMARC Group, titled “Telecom API Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global telecom API market size reached US$ 242.4 Billion in 2021. A telecom application programming interface (API) is a set of communication protocols and tools used to develop mobile applications. It assists in improving internal workflows and enhancing customer experiences and engagement. Moreover, telecom API also aids in building business-to-business (B2B) offerings. As a result, it finds extensive applications in various industry verticals across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Telecom API Market Trends:
The market is primarily driven by the increasing number of mobile service subscribers across the globe as telecom APIs are widely used in all mobile applications and services such as voice and video calling, messaging, mobile payments and location tracking. Apart from this, several companies worldwide are developing new revenue systems owing to the growing digitization of the telecommunications industry. As a result, telecom carriers are adopting APIs to improve the quality of their mobile communications, broadband services, and open-source technologies. Furthermore, with advancements in technology, key players are integrating the Internet of Things (IoT) with telecom APIs to help monetize additional connections and network traffic. In addition, the increasing data consumption, rapid development of the information technology (IT) sector, and the emergence of start-ups in the digital transformation space in developing countries are anticipated to strengthen the market growth in the upcoming years. Looking forward, IMARC Group expects the market to grow at a CAGR of 17.77% during the forecast period (2022-2027).
- On the basis of the type, the market has been segmented into messaging, webRTC, payment, IVR, location, and others.
- Based on the user type, the market has been divided into enterprise, internal telecom, partner, and long tail developers.
- On the basis of the deployment, the market has been classified into on-premises, cloud-based, and hybrid.
- The market has been segregated based on the industry vertical into BFSI, healthcare and life sciences, telecommunications and ITES, government and public sector, manufacturing, consumer goods and retail, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with the detailed profiles of some of the key players being Alcatel-Lucent S.A. (Nokia Corporation), AT&T Inc., Cisco Systems Inc, Google LLC (Alphabet Inc.), Huawei Technologies Co. Ltd., Infobip Ltd, LocationSmart, Orange S.A., Twilio Inc., Verizon Communications Inc., and Vonage Holdings Corp.
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