According to a recent report, ICT spend on 5G services projects is set to hit a whopping $4.5 trillion by 2030. On top of that, the global API market is also flourishing – and CSPs want in. Another report states that the global API market will grow from $4.1 billion in 2021 to $8.4 billion in 2027.
These are immense new markets to which any major CSP would like access.
CSPs can offer compelling and innovative use cases to get a community of developers to build software using their 5G marketplace. For example, the API marketplace enables CSPs to list their APIs while developers can view the APIs and buy them.
That way CSPs become actively engaged in helping a community of people build 3rd party products on top of their network. This will increase consumer and enterprise capacity use and diversify monetization. For example, every time someone uses one of their APIs, the CSP generates revenue. It also creates a foundation for a long-tail of enterprise innovation.
CSPs can monetize APIs such as:
- Fraud Prevention – Detect fraud through SIM verification and change activity, routing, account verification and change activity.
- Call Verification – Verify inbound callers using real-time data to detect and prevent fraud.
- Location – Asset-tracking applications and IoT devices.
Looking beyond APIs and data, CSPs will be able to monetize IoT kits and other digital assets. This will give the developer community the tools needed to build products and services on the CSP’s 5G network.
If you’d like to read more about marketplaces, then please see our eBook to learn more.
Eric Morhenn
Chief Commercial Officer
LotusFlare
