In the fairly consolidated global application-to-person (A2P) SMS and application program interface (API) market, the top five vendors, including Twilio Inc., Syniverse Technology, and CLX Communications accounted for well over half of the overall A2P SMS and API market revenues in 2017.
Owing to the lucrative growth that the market currently offers, many new vendors are entering the fray with their A2P SMS APIs at a continuous pace. The rising number of vendors in the market is expected to intensify competition in the market in the next few years.
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In the intensely competitive market, releasing APIs as open source applications is among one of the most evident strategies among key vendors. Leading companies in the market, including Syniverse Technologies, Nexmo Inc., and Twilio Inc., have followed the trend in the past years with an aim of reaching out to a larger developer base across the globe.
Moreover, so as to develop loyalty among developers about their products, A2P SMS and API providers are also following the course of offering technical support for resolving technical glitches that may occur while integrating the APIs in any app at no extra cost.
The rising discontent surrounding the conventional ways of ensuring security of crucial consumer data during online transactions has paved way for the two factor authentication (2FA). Owing to the provision of an extra layer of security and authentication to the consumers, 2FA is gradually becoming the first choice for enterprises across the world.
As per a 2015 report published by The Dialogue Group, a leading company operating in the field of A2P SMS traffic monetization software and services, 2FA will become the most preferred security validator for online transactions in the next few years.
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