“Increasing support for OSS/BSS processes is expected to drive the overall growth of blockchain in telecom market”
The blockchain in telecom market size 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 blockchain in telecom market is driven by various factors, such as the increasing support for OSS/BSS processes and rising security concerns among telcos. However, growing concerns over the authenticity of users, and uncertain regulatory status and the lack of common standards can hinder the growth of the market.
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Application providers segment is expected to grow at a higher CAGR during the forecast period
The application providers segment is the fastest growing segment in the blockchain in telecom market. The blockchain in telecom market has been categorized as, application providers, middleware providers, and infrastructure providers. The application providers leverage the platforms and solutions provided by infrastructure providers and tools provided by middleware providers for the development of applications. Applications developed have various use cases and can run on endpoints, mobile devices, and other IoT devices.
OSS/BSS processes segment is expected to hold the largest market share during the forecast period
The OSS/BSS processes segment consists of import set of functions required for the telecom sector. OSS applications are important for the telecom sector as they aid in management and operations of telcos’ network and customer services. BSS helps the telecom sector in 4 areas: product management, order management, revenue management, and customer management. The OSS/BSS processes running on the traditional networks are subject to data theft and clustered business operations. Blockchain efficiently handles various challenges involved in OSS/BSS processes. Concerns over number portability, billing and flexi eSIM provisioning, roaming, and fraud are efficiently handled by the blockchain network. Apart from the OSS/BSS processes, connectivity provisioning is one such segment which will be growing at the highest CAGR during the forecast period. 5G enablement, IoT connectivity, and M2M connectivity will drive the adoption of blockchain in the connectivity provisioning segment of blockchain in telecom market.
APAC is expected to have the highest growth rate during the forecast period, due to the increase in venture capital funding, increasing number of startups, governments’ increasing focus on regulating the blockchain technology in the telecom market space. The key telecom service providers, financial hubs, and government organizations in China, Australia and New Zealand, India, and Singapore, provide huge opportunities for the adoption of the blockchain solutions in the telecom sector. Meanwhile, North America is projected to hold the largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the blockchain in telecom marketplace.
By company type: Tier 1: 35%, Tier 2: 55%, and Tier 3: 10%
By designation: C-Level: 60%, Director Level: 25%, and Others 15%
By region: North America: 25%, Europe: 35%, APAC: 25%, MEA: 10% and Latin America: 5%
The blockchain in telecom market comprises major solution providers, such as 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). The study includes in-depth competitive analysis of these key players in the blockchain in telecom market, with their company profiles, recent developments, and key market strategies.
Related Report:
Blockchain Technology Market by Provider Application (Payments Exchanges Smart Contracts Documentation Digital Identity Clearing and Settlement) Organization Size Vertical and Region - Global Forecast to 2021
“Need for transparency and immutability is driving the growth of the blockchain technology market”
MarketsandMarkets estimates the global blockchain technology market to grow from USD 210.2 million in 2016 to USD 2,312.5 million by 2021, at a Compound Annual Growth Rate (CAGR) of 61.5%. The blockchain technology market is growing rapidly as the organizations are more focused on transparency & immutability, and scalability. However, factors such as lack of awareness about the blockchain technology and uncertain regulatory status are the major restraints in the overall growth of the market.
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