# Network-as-a-Service (NaaS): How Operators Monetize the Network in 2026

For twenty years operators have heard the same story: stop being a dumb pipe, monetize the network, sell capabilities to developers. For twenty years it didn't work. SDP gateways failed. WAC failed. ParlayX failed.

In 2026, something is finally different. The numbers are still small, but they're real, and they're growing. Here's the actual state of NaaS in April 2026.

What Changed

Three things made this attempt different from the failures.

First, CAMARA. The Linux Foundation project, launched in 2022 by GSMA and operators, defines standardized REST APIs for network capabilities. Not vendor-specific, not operator-specific. A developer integrates once, the API works across operators that implement it. This was the missing piece in every previous attempt — universal interfaces.

Second, Open Gateway. GSMA's commercial framework on top of CAMARA. As of Q1 2026, 67 operator groups covering 75% of global mobile connections have signed on. Federation infrastructure exists. Aggregators (Vonage, Infobip, Twilio, Sinch) provide the developer-facing layer.

Third, 5G Standalone. SA cores expose capabilities that 4G EPCs simply could not — slice management, deterministic QoS, edge integration, exposure functions (NEF) as a first-class architectural element. The technical substrate finally matches the business ambition.

The Eight CAMARA APIs That Are Actually Generating Revenue

There are around 30 CAMARA APIs at various maturity levels. The ones moving real money in 2026:

1. Number Verify (Silent Auth). SIM-based authentication that replaces SMS OTP. Vonage and Infobip are reselling this from Verizon, T-Mobile, Vodafone, Orange. Per-transaction pricing in the 1-3 cent range. Banking and fintech are the main buyers because SMS OTP fraud has gotten expensive. Vodafone publicly disclosed €40M+ run rate in late 2025. 2. SIM Swap. Tells an enterprise whether a SIM has been swapped recently. Same buyers as Number Verify, often bundled. The fraud prevention pitch writes itself. 3. Device Location. Network-verified location, not handset GPS. Not as precise as GPS but harder to spoof. Used by banks, gambling operators, and increasingly by IoT logistics platforms. 4. Quality on Demand (QoD). Boost network priority for a specific session for a specific time. Microsoft Teams, gaming platforms, and live broadcast are early adopters. Telefónica has been the most public about QoD revenue, with deals at LaLiga and several broadcasters. 5. Device Status. Roaming status, connectivity status. Useful for fraud teams and IoT fleet operators. 6. Edge Site Discovery / Edge Cloud. Tells an application where the closest MEC is. AWS Wavelength, Azure Public MEC, Google Distributed Cloud all integrate. 7. Carrier Billing. Not new, but CAMARA-ified now. Steady revenue in markets where card penetration is low. 8. Population Density / Geolocation Insights. Aggregated, anonymized analytics. Government and retail buyers.

The other 20+ APIs exist on paper. Few generate meaningful revenue.

What Operators Are Actually Earning

The public numbers from operator earnings calls and analyst reports through Q1 2026:

  • Vodafone disclosed Open Gateway revenue at roughly €60M run rate, growing 80% YoY. Most of it Number Verify and SIM Swap.
  • Verizon doesn't break out NaaS specifically but enterprise wireless and APIs combined showed double-digit growth, with API revenue called out as a notable contributor.
  • Telefónica has been the most aggressive on QoD and reports an 8-figure euro NaaS run rate, though it bundles slice and edge revenue into the figure.
  • Deutsche Telekom through its developer portal hit roughly €30M run rate. Strong growth from anti-fraud APIs.
  • AT&T is quieter publicly but is rumored to be at similar levels to Verizon.

Global NaaS revenue across all operators is somewhere in the $1.5-2.5B range for 2026 by various analyst estimates. Big number in absolute terms. Still a rounding error against $1T+ industry revenue.

Slicing-as-a-Service: Real or Theater

Network slicing has been promised since 2017. In 2026 the reality is:

  • Enterprise dedicated slices: real, deployed, modest revenue. Manufacturing, ports, mining sites. Custom SLAs, custom pricing.
  • Public slice consumer products: T-Mobile's network slicing for first responders and gaming is shipping. Verizon has done similar. Revenue impact is small.
  • Wholesale slicing for MVNOs and verticals: emerging. The technical capability is there, the commercial frameworks are not yet.
  • Dynamic slicing on demand via API: this is where QoD lives. Below the slice abstraction, but commercially adjacent.

Operators that built proper SBA cores with NSSF and good slice orchestration are eating those who didn't.

The Aggregator Problem

Developers don't want to integrate with 67 operators. They want one API. Aggregators (Vonage, Twilio, Infobip, Sinch) provide that single API and fan out to operators behind the scenes.

The aggregator captures a meaningful share of the value — typically 30-50% — and the operator becomes the wholesaler. Some operators (Vodafone with Vonage acquisition) have integrated forward. Others accept the wholesaler position because the alternative is no developer reach.

This is the unsolved tension: operators want platform economics. The aggregator economics are platform economics. Operators that don't own an aggregator will keep ceding margin.

Where the Next Money Comes From

Four areas to watch in 2026-2027:

  1. Generative AI integration. Voice agents, fraud detection models, customer service bots all need verified identity and location. AI vendors are buying CAMARA APIs by the millions.
  2. AI agent traffic management. As autonomous agents transact on networks, operators are positioning to charge for verifiable identity and traffic shaping for agent traffic.
  3. Drone and UAV connectivity. Regulatory mandates are pushing cellular-connected drone identification. NaaS APIs for UAV traffic management are an emerging category.
  4. Vertical slicing for enterprises. As 5G SA matures in private and hybrid deployments, enterprises buy slice-as-a-service from MNOs.

What Engineers Should Take Away

If you work on 5G core, exposure functions (NEF, CHF, NWDAF) are no longer optional. If you work on RAN, slicing isn't a 2027 problem — operators are commissioning slices now. If you work on OSS/BSS, charging and exposure integration is the bottleneck most operators are stuck on.

And if you're skeptical NaaS will scale: the skepticism was correct for 20 years. The 21st year, it's wrong.

Takeaway: NaaS is finally working in 2026 because CAMARA standardized the APIs, Open Gateway federated the operators, and 5G SA cores actually expose capabilities — but the aggregators are taking the platform economics.