LONDON–(BUSINESS WIRE)–The telecom application programming interface market is set to grow by USD 2.24 billion accelerating at a CAGR of almost 26%, during the period spanning over 2020-2024. One of the key factors driving growth is the expansion in enterprise business models. Enterprises are increasing the adoption of virtualization techniques to gain a competitive advantage. The adoption of diverse types of telecom API in emerging markets is a significant trend that will further stimulate market growth. The proliferation of mobile operators and the rising adoption of the digital economy are increasing the market for telecom APIs in emerging markets.
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Parent Market Analysis
Technavio categorizes the telecom API market as a part of the global communications equipment market. Technavio calculates the global communications equipment market size by considering the revenue generated from sales of communication equipment, broadcasting equipment, telecommunications equipment, and investments made by telecommunication service providers to improve their communication infrastructure. Growth in the global communications equipment market will be driven by the rise in the number of data centers.
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Telecom Application Programming Interface Market: Geographic segmentation
The report segments the market by geography: APAC, Europe, North America, MEA, and South America. About 37% of the market’s growth will originate from APAC during the forecast period. The increasing demand for mobile applications and the rising adoption of web-based applications by enterprises are factors fueling the growth of the market in the region. China, Japan, and India are the key markets for telecom application programming interface in APAC.
Telecom Application Programming Interface Market: Segmentation by Service
The SMR segment was leading the market in 2019. This is due to the increased use of SMS, MMS, and RCS led by the emergence of new applications that include these services. In addition, the wide presence of SMS and MMS service providers worldwide is fueling segment growth. This report provides an accurate prediction of the contribution of all the segments to the growth of the telecom application programming interface market size.
Telecom Application Programming Interface Market: Growth Drivers
The market is driven by the expansion in enterprise business models. Enterprises across the world are focusing on improving their data center footprints by adopting virtualization techniques to gain a competitive advantage in the market. This is increasing the workload on servers with cross-platform support. Hence, processor manufacturers are working on boosting the efficiency of servers operating in a distributed computing environment. With growing customer base and a corresponding increase in productivity needs, the need for adopting APIs is becoming crucial for mission-critical and high-performance applications. All these factors are fueling the growth of the market.
Telecom application programming interface Market: Challenges to overcome
The customer renewal rates either decline or fluctuate based on factors such as product functionality, performance, offerings, and migrations of APIs. Besides, customers may not renew the subscriptions regularly, which is further reducing the business opportunities for API vendors.
Telecom application programming interface Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading telecom application programming interface companies, including:
- AT&T Inc.
- Fortumo OU
- Hewlett Packard Enterprise Co.
- Huawei Investment & Holding Co. Ltd.
- Oracle Corp.
- Telefonaktiebolaget LM Ericsson
- Telefonica SA
- Verizon Communications Inc.
- Vonage Holdings Corp.
- ZTE Corp.
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Technavio reports cover the following key research areas:
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- Impact of drivers and Challenges
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- Landscape disruption
- Key industry risks
- Market position of vendors
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