API Set to Redefine Telecom Sector as Telecom 2.0 Gets Closer to Reality
The telecom sector has played an imperative role in the development of human society and has consistently remained the main driver for global digital transformation. Over the past couple of decades, technological advancements and implementation of new software infrastructure have played a pivotal role in the development of the telecommunication sector around the world. The telecom sector is expected to provide a makeover to enterprise systems and an array of B2C channels and transform them into agile and modern platforms. The tectonic shift toward digital technologies is likely to have a strong impact on the future of the telecom sector. The integration of streamlined messaging and voice is the major factor that is likely to reshape the telecom industry during the forecast period.
The advent of the application programming interface into the telecom space is expected to set the tone for how developers as well as consumers interact with a system. User-friendly API is set to make a solid impression across the telecom sector and set the wheels rolling for Telecom 2.0. Over the past few years, a large number of telecommunication companies have gradually drifted from being carriers and are increasingly becoming more visible across the value chain. The proliferation of cloud technologies and mobile Internet coupled with increasing access to the 4G LTE network is projected to provide a significant boost to the overall growth of the global telecom API market. At the back of these factors, the global telecom API market is expected to attain a market value of ~US$ 1 Trn by the end of 2030.
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Identity APIs Likely to Address Digital Identity Management
Over the past decade, APIs have played an essential role in the development of mobile applications and the modern web due to constant pressure to launch applications into the market. The adoption of third party APIs is primarily driven by C level digital transformation initiatives and growing requirements to find the right expertise, owing to complex requirements of applications. At present, some of the leading companies involved in the telecom API market are utilizing their spare resources to develop some pre-existing and common functionalities from scratch.
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The adoption of API is on the rise across the telecom sector, as it provides access to niche and advanced functionalities to companies of all sizes. In addition, as payment, identity, and communications are core requirements of customer-facing applications, the demand for telecom API is on the rise. At present, data management and protection of the identity data of thousands of customers that engage with the different applications is highly crucial to prevent bad press, data breaches, and GDPR fines. Some of the key areas wherein telecom API developers are currently seeking improvements include multi-factor authentication, single-sign-on (SSO), dynamic utilization of strong identities, usage of social identity, setup and contextual authentication, identity storage data, and mobile identity support, among others.
Market Players Increasingly Focus on API Development to Enable Integration of Services
Over the past few years, the telecom sector has experienced a tectonic shift from the hardware space to the software space primarily driven by API. Cloud communication platforms are at the vanguard of the telecom API providing SMS, video, chat, voice, etc. Recent trends suggest strong demand for mobile top-up API and a range of other telecom APIs– a factor that is expected to propel the growth of the telecom API market during the assessment period. Several companies in the current telecom API market landscape are focusing on the development of API to enable the integration of their services within programs and applications of developers. For instance, Twilio, provides an API in which its own cloud network can be integrated into the developer’s applications. Moreover, another participant involved in the telecom API market, Aepona, provides an API foundation platform, that is largely used to implement, create, and monetize APIs. While identity API is expected to garner considerable popularity, maps and location API is expected to remain the most popular service type.
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