The application programming interface (API) is commonly regarded as one of the most valuable tools in a growing arsenal of development tools. New reports suggest that the market for APIs will reflect an almost universal acceptance of that value by showing substantial gains, measured by a compound annual growth rate (CAGR) of 19.87 percent.
The market for API in 2016 was measured at $93.69 billion, reports noted, and the expectation is that, by 2021, that number will hit a hefty $231.86 billion. Substantial growth by any measure, but perfectly reasonable when one looks at what's driving that growth. The advancing demand for telecom services overall is one major driving factor of the API market, but in addition, there's also the rapidly increasing market for Internet of Things (IoT) devices and applications that depend on APIs for key connectivity and other issues.
Reports suggest that the biggest growth vector in a field already laden with growth opportunities will be the location API market, which drives many common location-based services. With retailers embracing the location-based service market with open arms, and many other markets poised to follow, it's clear that the APIs focused around location-based services will have a real chance to shine.
Not all the news is positive, though, as some factors will actually restrain this market from achieving the dazzling levels of growth of which it's capable. Government regulations will be one of the major weights on the market, in addition to the growing gap in carrier product offerings at the commercial level that is holding this market back, at least somewhat.
Those interested in getting a better look at the future of the API market will need only attend Communications 2020, a new industry event collocated with the IoT Evolution Expo. Running July 18-20 at Caesars Palace, the event will offer exhibits, speeches, and networking opportunities for those concerned with the overall future of communications development.
The good news here, in the end, is that the API market will grow on at least some level, and by all reports, a pretty brisk level at that. A growth market is a hard thing not to take notice of, and with the API market on the rise, that likely means a general rise for other communications markets as well. Since so many communications markets turn to APIs for help in development, we may well see a variety of new products emerge from this growth. That's good news overall for not only communications service providers (CSPs) but also for end users.
With the API market on the rise, that's an opportunity for other markets to grow as well. Good news all around, and we may be looking at a new renaissance in communications technology.
Edited by
Alicia Young
