LONDON, Oct. 16, 2024 - New research from Omdia predicts a surge in telecom network API revenue, with global revenue projected to rise from $161 million in 2023 to $8.7bn in 2029, driven by subscriber identity APIs. Network APIs have been a hot topic in the telecoms industry as operators aim to differentiate their connectivity services.
Notably, Number Verification and SIM Swap APIs are positioned to lead the growth, reducing fraud and securing digital transactions. Number Verification APIs offer a faster, more secure alternative to traditional SMS verification. SIM swap APIs, already in use in the banking sector, will see rapid revenue growth from $33mn in 2023 to $0.7bn in 2029.
Omdia's Senior Analyst for Service Provider Strategies, Adam Mackenzie said: "Network APIs not only provide new revenue directly but can also drive further revenue through connectivity and newly enabled services. Telecom operators have taken an inclusive approach as they recognize that each party in the ecosystem adds to the business case: hyperscale operators, aggregators, equipment vendors and telecom operators are working together to improve security and quality of applications and customer experience."
"We expect subscriber identity APIs to make up the bulk of the revenues. SIM swap and Number verification are already in use in some major banks and offer clear value to businesses."
The forecast includes in-depth qualitative analysis and quantitative segmentation of 5 network API categories, including 17 network APIs, 11 API-specific forecasts, and 4 regions.
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Fasiha Khan fasiha.khan@omdia.com
SOURCE Omdia
