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A new report from Market Research Engine has predicted that the worldwide telecom network API market will grow at a CAGR of more than 23%, surpassing $184 billion by 2021.
The primary factors driving the telecom network API market are the need for new revenue streams to overplay competition, monetisation and evolution of new network business models, and powering the ‘mobile app revolution’, according to the researchers. The report highlights that scalability issues and load capacity are the major restraining factors for the market.
Over the past few years, the report notes that the communication service providers (CSP) offered different content services to its customers. The CSPs gradually started losing traction with the advent of application developers such as Apple, Google, Amazon and others, who made the most by offering various content services to their customers. This situation has led the CSPs to adopt network APIs to retain its current customers and gain the new ones.
The adoption of network APIs provide opportunities to CSPs to extend products and services, increase operational efficiency, explore new business models, improve partner opportunities, decrease the business friction, maximise business development, and speed-up internal projects. The other advantages which CSPs have over APIs include providing universal connectivity in the form of voice and messaging, global billing mechanism, and security.
