Asia Pacific is Witnessing High Growth in the Blockchain in Telecom Market Globally
The market is expected to witness a CAGR of 77.9% during the forecast period 2018–2024 to touch $1.37 billion
Bangalore, India, March 15, 2019: With its recently published study “Global Blockchain in Telecom Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for blockchain in telecom will continue to grow, owing to the increasing need for generating new revenue opportunities, addressing increasing customer demand for enhanced digital experience, and securing subscriber identity from cyber threats.
The blockchain is a distributed or decentralized public ledger that contains blocks of transaction or information linked to each other. Blockchain ensures secure, authenticated, and verifiable transactions and allows to make changes only with the consent of each participant involved. The adoption of blockchain has gained momentum in the past few years and has the potential to foster innovations in the telecom sector. There is an increasing demand for blockchain technology within telecom companies for securing IoT connectivity, streamlining 5G implementation process, managing frauds, and enabling secure payments.
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Rising security concerns among telecom carriers and the need to eliminate intermediaries and optimize costs are the major factors steering the growth of the blockchain in telecom market. This is expected to continue during the forecast period 2018–2024, growing at a CAGR of 77.9% to touch $1.37 billion by 2024.
North America is maintaining the dominant position in the blockchain in telecom market, followed by Europe and APAC. Being the early adopter of blockchain technology, North America is estimated to hold the largest market share during the forecast period. Companies like AT&T and Verizon continue to invest in blockchain technology. For example, Verizon uses blockchain for IoT and in September 2018, AT&T announced the creation of a suite of blockchain solutions by using the IBM and Microsoft blockchain technology.
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In terms of segmentation analysis, application providers contribute to a significant revenue share within the blockchain in telecom market, and secure connectivity application is expected to grow at the highest rate. At present, the large enterprises segment has a high share in the blockchain in telecom market, but SMEs are projected to increase the blockchain adoption over the years, growing at the highest CAGR.
“Blockchain technology has the potential to reshape the telecom sector by providing smart contracts, streamlining internal processes, enhancing security, and speeding up inter-carrier settlements. Many proof of concepts and pilot projects are being conducted by companies offering blockchain-based solutions for telecom companies, delivering a wide range of applications across this sector. However, blockchain applications in the telecom industry are at a nascent stage, but with growing partnerships and collaborations, the market is expected to increase significantly in the coming years,” – pointed out Sonam Chawla, Research Analyst, Infoholic Research.
Key Insights of the Report Include:
- Application Providers
- Middleware Providers
- Infrastructure Providers
- Key Applications
- Smart Contracts
- Streamlining OSS and BSS Processes
- Identity and Fraud Management
- Secure Connectivity
- Organization Size
- Large Enterprises
- Industry outlook : Market trends, drivers, restraints, and opportunities