Inkwood Research estimates that the Global Telecom API Market is evaluated to project a CAGR of 3.82% in terms of revenue and 16.22% in terms of volume during the forecasting years of 2022-2030.
“Browse 55 Market Data Tables and 48 Figures spread over 215 Pages, along with an in-depth TOC on the Global Telecom API Market Forecast 2022-2030.”
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The telecom application programming interface (API) is a set of standard software functions that can be used by applications for operating the networking architecture. The API merges the union between the resource and application across the device. Telecom APIs enable access to data and telecom services for multiple communication-enabled applications.
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Increasing Adoption of Cloud-Based Technology drives Market Growth
The increased adoption of cloud-based technologies and services across the telecom sector is one of the key growth drivers of the global telecom API market. There is a rising demand for cloud communication platforms among telecommunication operators due to telecom API offering chat, voice, video, and SMS. At the same time, there has been a surge in demand for telecom APIs and mobile top-up APIs.
Moreover, technology giants like Orange SA, WhatsApp, and Google Cloud have increased their efforts to leverage API-based applications to implement their services across varied platforms used by the developers. Besides, the flourishing cloud communication platforms are projected to facilitate novel niche points for the industry players to offer mobile internet applications.
Messaging API is the Largest Service Type
The messaging API segment growth is propelled by the vast adoption of SMS and RCS services that use messaging APIs. The MMS, SMS, and RCS API facilitate contact management, activate transactional updates OTPs, receiving of incoming SMS, and deliver bulk SMS. In addition, there is a growing need for monetizing telecom carrier services and an increasing demand for enhanced mobile app developer experience.
Asia-Pacific: Fastest-Growing Region
The Asia-Pacific market growth is majorly attributed to the growth prospects of the developed and developing economies of the region. India is a fast-growing digitized nation driven by surging mobile connectivity, enhanced internet infrastructure, emerging start-ups in the digital transformation space, and increasing data consumption. Whereas in Australia, the fast-paced development of information technology has raised the demand for telecom API. The recent innovations in the IT industry are further propelled by the technical expansion of telecommunications networks.
The high competitive rivalry is attributed to the presence of market players and their strategic initiatives like investments, partnerships, joint ventures, collaborations, expansions, and product launches. Some of the leading firms in the market include Vodafone Group PLC, Apigee Corporation, Verizon Communications Inc, Nexmo Inc, etc.
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