LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global telecom application programming interface (API) market is expected to grow at a CAGR of almost 32% during the predicted period.
This research report titled ‘Global Telecom API Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Increased demand for smartphone, network connectivity, and carrier operators are the major drivers of the market. The market is calculated by considering the revenue generated from APIs based on new software integration and subscription basis. A major factor contributing to the revenue generation from 2016 to 2017 is the increased utilization rate of applications, wherein the services such as SMS, voice, and payment gateway are integrated into the already existing web or software applications.
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Technavio’s analysts categorize the global telecom API market into five major segments by services:
- SMS, MMS, and RCS
- Identity management
- Maps and location
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The top three segments of the global telecom API market are discussed below:
Global telecom API market by SMS, MMS, and RCS
The growth rate of the API market for SMS, MMS, and RCS services will increase during the forecast period due to the emergence of applications, which include services such as SMS, MMS, and RCS. The service providers for SMS and MMS cover around 800 networks in more than 200 countries across the globe. They provide SMS, RCS, and MMS API that enable the website, in which the SMS APIs were integrated and provide sending and receiving messages facility.
Reliable reply paths, availability of threading, seamless operation, easy and cost-efficient implementation, and scalability are some of the major advantages of SMS, MMS, and RCS. For instance, in 2016 February, Bustova, a bus ticket booking mobile application, was launched. Globe Labs' SMS API is used by the users to book their bus tickets and pay a reservation fee using their mobile prepaid airtime. At the bus terminal, on the day of the trip, the user can pick up the ticket and pay the bus operator directly.
Global telecom API market by payment
In organizations across the globe, the application developer focuses on security breaches and enterprise. Operators are deploying security solutions to keep their web and mobile applications safe from intrusions. The major factor driving the payment services is the increased requirement of the E-commerce and banking applications.
According to Jujhar Singh, a lead M2M and connected devices research analyst from Technavio, “Through payment APIs, the e-commerce application such as Amazon.com and Flipkart.com can integrate payment API during checkout and buy a page in their mobile app or web applications. Thus, payment API is not only easy to integrate but also makes the developer's life easier.”
Global telecom API market by maps/location
Maps or location-based APIs can utilize the location and provide the end-users with relevant information about the promotion and offers in particular locations. The application developers use APIs, which are user friendly. The APIs can also estimate the pick and drop time and calculate the prices within the google maps.
“Location-based service highlights the restaurant location on the restaurant webpage. Also, the telecom service providers can provide simple and valuable services through APIs. Telecommunication offers a complete portfolio of location-based services, which enhances the location-based services. The location-based services support the location information for both the indoor and outdoor environments,” says Jujhar.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Verizon Communications
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