The main driver will be subscribers’ identity APIs, and especially Number Verification and SIM Swap APIs
New research from Omdia predicts a surge in revenues from network API, with global revenue projected to rise from $161 million (€148 million) in 2023 to $8.7 billion in 2029. The main driver will be subscribers’ identity APIs, and especially Number Verification and SIM Swap APIs.
The intention is they will reduce fraud and secure digital transactions. Omdia says Number Verification APIs “offer a faster, more secure alternative to traditional SMS verification”.
Already SIM swap APIs are used in the banking sector. Their use will expand rapidly, from $33 million in 2023 to $700 million 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.”
Omdia’s forecast includes qualitative analysis and quantitative segmentation of 5 network API categories, including 17 network APIs, 11 API-specific forecasts, and 4 regions.