Worst of all, lots of free Twilio alternatives are popping up, like https://www.bitrix24.com/alternatives/free-twilio-alternativ...
Twilio is great but it's hard to compete with free.
Twilio is great but it's hard to compete with free.
...Or you're not disclosing a interest in the company.
This is happening because the actual network operators often require their customers to provide a volume of X SMS's per month, and they have to pay upfront. They are then selling their capacity downstream in a long distribution chain, finally ending up with regular businesses that wants to add SMS capability.
Regulation changes is the only thing that stirs the market tbh.