Global Telecom API Market to Reach $186.49 Billion by 2027 at a CAGR of 5.79%
DUBLIN, Aug. 4, 2022 /PRNewswire/ -- The 'Telecom API Market - Forecasts from 2022 to 2027' report has been added to ResearchAndMarkets.com's offering.
The global telecom API market is projected to grow at a CAGR of 5.79% during the forecast period to reach US$186.492 billion by 2027, from US$125.721 billion in 2020. An Application Programming Interface (API) is a software intermediary that enables communication among different computer programs or computer devices.
The Telecom API allows carriers to pass valuable data sets to third parties and monetize them. Application programming interfaces have grown in popularity in the telecom business, as they have in other industries. Due to their improved capability and mobility, APIs have become the predominant mechanism for internal communication among operators and customers. The emergence of 5G technology is further expected to augment the market size in the forecasted period.
In November 2021, with its $6.2 billion acquisition of Vonage, Ericsson dived deep into the Communications Platform-as-a-Service industry with the aim of expanding its API and 5G abilities to a higher level. The firms hope to generate new chances to accelerate initiatives and innovation by combining Vonage's developer community and customer base with Ericsson's network knowledge, 26,000 R&D personnel, and worldwide reach. Accelerating enterprise digitization and designing enhanced APIs enabled by 5G is also part of the firms' goals.
Strategic collaborations, innovations, and launches are expected to drive the market growth onward. For instance, AT&T, Deutsche Telekom, Salesforce, and China Telecom have all signed on to support the TM Forum's Open APIs. The four firms signed the TM Forum's Open API Manifesto to show their support for the latter. This deal commits them to utilize the TM Forum's APIs in their products and services and their RFP (Request for Proposal) processes.
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