The coming years will see continued growth in the telecom API market, especially as more mobile users worldwide shift to online activities.
The rising penetration of smartphones has driven the demand for mobile applications. This has led to an ever-increasing need for API-based services and offerings. That was the finding of a recent research report from ResearchAndMarkets.com. However, the API market report notes that telecoms are under increasing pressure from web services rivals and will need to pay close attention to emerging markets.
The report covers ten years, starting in 2021 and makes estimates and predictions through 2030. It found that the coming years will see continued growth in the telecom API market, especially as more mobile users worldwide shift to online activities. It also found that telecom operators are also experiencing increased competition and pressure from related service providers. Consumers are more than willing to spend more for internet bandwidth, leaving telecom searching for ways to bolster customer experiences, and subsequently, loyalty.
Telecoms can help shore up revenue by acting as the connector between mobile applications and some of their international functionality. This allows telecoms to disclose valuable information about consumer habits – something that gives both telecoms and their business partners a serious advantage in customer experience.
See also: Why Telcos Must Redefine Quality of Experience Strategies
Not many surprises but some quiet changes on the API market horizon
Europe will continue to dominate the telecom API market, but a rising segment, according to the report is Asia Pacific. China and India are particularly valuable consumer segments that could present positive customer markets as others compete over Europe. Also, the rising penetration of mobile and internet services in this area will facilitate much of this growth.
In addition, payment and voice APIs will also continue to dominate market share. However, WebRTC will experience the highest growth during the forecast period. WebRTC offers a lower cost for calls compared to traditional voice services, and that should help spur this segment into higher growth.