According to a new market research report “Blockchain in Telecom Market by Provider (Application Providers, Middleware Providers, and Infrastructure Providers), Application (OSS/BSS Processes, Identity Management, Connectivity Provisioning), Organization Size, and Region – Global Forecast to 2023”, published by MarketsandMarkets, the global market is expected to grow from USD 46.6 million in 2018 to USD 993.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.4% during the forecast period.
The major factors driving the Blockchain in Telecom Market include increasing support for OSS/BSS processes and rising security concerns among telcos.
The application providers segment is expected to grow at the highest CAGR in the global Blockchain in Telecom Marketduring the forecast period
The Blockchain in Telecom Market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers. These providers offer infrastructure to develop the blockchain-based platforms. Among these types, application providers is the fastest growing segment in the overall Blockchain in Telecom Market. The introduction of blockchain solutions has witnessed a certain level of adoption across telecom applications.
Blockchain can help telecom vendors in connectivity provisioning activities which include 5G enablement, IoT connectivity, and M2M connectivity. Blockchain is also helping telecom vendors in safeguarding the public Wi-Fi. IoT connectivity can be implemented by setting up a peer-to-peer mesh network which contains blockchain blocks and which is controlled by the IoT sensor. With the demand for enhancements in telecom network and implementation of 5G network, the connectivity provisioning network is expected to grow at high growth rates. The OSS/BSS segment is expected to hold the highest market size as blockchain would address the concerns in resource inventory management, service assurance, network management, product management, order management, revenue management, and customer management. The identity management segment is expected to hold the second highest market size. Blockchain-based identity management solutions help in combating identity frauds and complying with KYC and AML.
North America is estimated to account for the largest share of the market in 2018. The region is considered the most advanced region in terms of technology adoption and infrastructure. The wide presence of key industry players offering blockchain solutions in the telecom space is the main driving factor for the growth of the Blockchain in Telecom Market. Various blockchain vendors focused in telecom space are working on POCs and are in phase of increase the count of commercialized solutions available in the market. Some of the significant application areas where North American telecom focused blockchain vendors would be looking forward to include OSS/BSS processes, identity management, smart contracts, payments, and connectivity provisioning.
Major vendors in the Blockchain in Telecom Market include AWS (US), Guardtime (Estonia), IBM (US), Microsoft (US), SAP (Germany), Bitfury (US), Cegeka (The Netherlands), Clear (Singapore), Reply (Italy), ShoCard (US), Abra (US), Auxesis Group (India), Blockchain Foundry (Singapore), BlockCypher (US), BLOCKO (South Korea), Blockpoint (US), Blockstream (US), Chain (US), Filament (US), Huawei (China), Oracle (US), RecordsKeeper (Spain), SpinSys (US), Sofocle (India), and TBCASoft (US)
(Source: PR Newswire)