PUBLISHER: Grand View Research | PRODUCT CODE: 1178682
PUBLISHER: Grand View Research | PRODUCT CODE: 1178682
The global telecom API market was valued at USD 827.45 billion in 2030 and is estimated to expand at a CAGR of 21.3% from 2023 to 2030, according to a study conducted by Grand View Research, Inc. Growing demand for smartphones integrated with features such as GPS services, digital wallets, 5G, and Near-Field Communication (NFC), among others, is estimated to drive the market growth in the forecast period. Application programming interface (API) facilitates web-based solution developers to develop applications through a single point of contact using the capabilities offered by the application programming interface (API) platform for agile application development.
The increasing adoption of the Internet of Things (IoT) in the telecommunication sector is anticipated to sustain market growth over the forecast period. CSPs such as Orange, Verizon, AT&T, Inc., Google LLP, and others are providing their IoT API platforms to various sectors such as transportation, retail, utilities, and manufacturing among others. AT&T has an API marketplace to help solution providers quickly build web-based collaboration apps for their text, video, voice, and other communications services. The IoT platform developed by Orange namely Live Objects forms connections centrally through a web portal and standard API.
Web Real-Time Communication (WebRTC) API is a compilation of various standard APIs and protocols that handle simultaneously facilitate data sharing and peer-to-peer teleconferencing eliminating the necessity for installing any additional third-party plug-ins. The Telecom API market is expected to witness significant growth owing to the rising adoption of WebRTC by various Communication Service Providers (CSPs) and technology providers such as AT&T Intellectual Property, Huawei Technologies Co., Ltd., Vodafone Group, Orange, Cisco Systems, Inc., and Google among others. However, stringent government regulations for end-user data protection are expected to act as an inhibitor to market growth over the forecast period.
Since the disruption of COVID-19, major players are concentrated on solidifying their presence in the telecom API market by implementing strategies such as geographical expansion, mergers & acquisitions, new product developments, and partnerships. For instance, in March 2022, SignalWire, U.S.-based T-Mobile Ventures invested in a telecom API development startup, which develops video, voice, and messaging APIs, for advancement in 5G and API technology, among others.