Amidst the rising challenges of identity fraud and data breaches, an exciting opportunity has emerged in the telecom global digital identity solution market, and GTC is ready to rise to the occasion. MarketsAndMarkets projects a remarkable growth trajectory, from nearly $34.5 billion in 2023 to a projected $83 billion by 2028. This surge is fueled by the increasing instances of identity fraud, data breaches, and the implementation of new government regulations.
Oofty LLC’s study, titled “Telecoms Meets Digital Identity – 2023 Market Size & Opportunities,” reveals the magnitude of this phenomenon. A staggering loss of over $100 million due to SIM swap frauds in the US alone in 2022. The study also reveals that the anticipated worldwide losses surpassing $2.5 billion in 2023 create a substantial market opportunity for secure digital identity solutions, particularly notable in countries such as the US, Brazil, Canada, India, South Africa, and the UK.
Recognizing this immense opportunity, GTC envisions a monumental $83 billion revenue potential for telecommunications companies by 2028. With expertise spanning telecom infrastructure, cybersecurity, and digital transformation, GTC is uniquely positioned to guide clients toward capitalizing on this extraordinary growth.
Seizing the Potential: GTC’s Digital Identity Vision
At GTC, we understand that mobile identity plays a crucial role in shaping the future of secure digital interactions. As our physical and virtual worlds converge through telephony, the ordinary phone number evolves from a mere set of digits into a key unlocking a multitude of services. We firmly believe that this dual role makes phone numbers a unique and invaluable global asset.
To fully harness this potential, telecom companies need to broaden their role as custodians of identity. As industry leaders in telecommunications consultancy, we empower our clients to take charge of this transformative journey.
That’s why we’ve recently acquired a majority stake in Oofty LLC, enriching our portfolio with specialized identity services. This strategic investment demonstrates our unwavering commitment to providing customers with the insights and capabilities needed to thrive in the swiftly changing identity landscape.
“With Oofty on board, GTC is now a holistic partner for telecoms seeking to deliver seamless mobile identity solutions.” – José García, GTC CEO.
“Through this majority stake acquisition from GTC, we see this as a clear signal towards the telcos market; they need to expand their footprint to create a safer digital experience and journey for enterprises and their consumers.” – Guillaume Bourcy, founder of Oofty LLC
Mobile Identity in a Nutshell: Embracing the Phone-Number-First Approach
In this context, a robust demand resonates across industries—an urgent need for unrestricted access to mobile identity data. However, this demand is more than a passing trend; it’s a powerful incentive that can propel major Telecommunication and CPaaS players toward unprecedented growth.
At the core of this transformation is the humble yet omnipotent phone number, not just as an identifier but as a key element shaping the future of the Digital Economy. Here’s why.
Picture the phone number as a dual entity, existing both offline and online. This duality is what renders it extraordinary on the global stage. In the tangible world, it’s the familiar string of digits you recite when exchanging contact details. In the digital realm, it transforms into a virtual passport, opening gates to a myriad of online services.
This blend of offline and online existence makes the phone number an unparalleled global attribute, seamlessly connecting our daily lives with our digital interactions.
Key Features of Mobile Identity
In general, Mobile Identity refers to the process of identifying and authenticating users through their mobile devices. Here are the main benefits of implementing a mobile identity system:
- Security: Mobile identity offers insights into user behavior, aiding in fraud detection.
- Convenience: Leveraging a phone number for identity verification proves easier and more user-friendly than traditional methods.
- Universality: Widely recognized and used, phone numbers serve as a relatively universal means of identification.
- Ease of Use: Users find it convenient to remember and use their phone numbers regularly.
GTC’s Approach to Digital Identity
GTC is now able to work closely with all actors in the chain to ensure the development of new use cases through Mobile identity with a Phone number-first approach. This includes data acquisition, monetization, new product development, and platform deployment. Recognizing the role of mobile identity, GTC’s transformative approach caters to telecommunications providers, CPaaS, enterprises focusing on risk management, and aggregators exploring new product possibilities.
This comprehensive strategy encompasses thought leadership, market intelligence, and professional services, offering a concise solution for navigating the dynamic landscape of mobile identity.
1. Recruiting Top Telecom and Digital Identity Professionals
Finding top-tier talent can be challenging, but GTC eases this burden by handling your recruitment needs expertly. GTC provides specialized recruitment and talent acquisition services globally to help technology and telco organizations, large and small, build high-performing teams. Our consultative approach and commitment to outcomes sets us apart.
2. Market Intelligence
Leveraging competitive analysis, GTC provides clients with actionable insights into market evolution, consumer behavior, emerging technologies, and more. We also formulate go-to-market and sales strategies to inform decision-making and guide successful market entry.
3. International Market Expansion and M&A Advisory
We support your company’s expansion into new countries or regions by helping develop new sales channels, establish a presence, and navigate localization. Additionally, with M&A advisory services, we assist in valuations, identifying targets, negotiating deals, and ensuring due diligence. This facilitates your growth in the telecom and digital identity market.
4. Professional Services
GTC accelerates product development through project and product management services. As such, we also ensure seamless integration of solutions through trusted partnerships for optimized performance.
The Takeaway
The urgency to combat SIM swap frauds and cyber threats has never been more apparent. GTC’s acquisition of Oofty LLC strengthens our commitment to turning mobile identity into a strategic asset for risk management, market growth, and product development innovation.
We invite telecommunications providers, CPaaS entities, enterprises, and aggregators to embrace our three-pillar approach—thought leadership, market intelligence, and professional services.
Let’s chart the future of mobile identity together, mitigating risks and seizing opportunities. Get in touch with a GTC representative today to embark on this transformative journey.
Global Telco Consult (GTC) is a trusted independent business messaging consultancy with deep domain knowledge in application-to-person (A2P) services. GTC provides tailor-made messaging strategies to enterprises, messaging service providers, operators and voice carriers. We have expertise in multiple messaging channels such as RCS, Viber, WhatsApp, Telegram and SMS for the wholesale and retail industry.
GTC supports its customers from market strategy through service launch, running the operations and supporting sales and procurement. The company started in 2016 with a mission to guide operators and telcos to embrace new and exciting opportunities and make the most out of business messaging. For more information or industry insights, browse through our blog page or follow us on LinkedIn.
