According to IMARC Group’s latest report, titled “Blockchain in Telecom Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.’ The global blockchain in telecom market reached a value of US$ 275 Million in 2021. A blockchain refers to a growing list of records, also called blocks, that are linked together utilizing cryptography. Every block comprises of a cryptographic hash of the previous block, a timestamp, and transaction data. Blockchain is a decentralized technological solution used for collecting, recording, and maintaining the transaction history of digital assets between two or more parties. It is utilized by organizations to streamline administrative procedures, prevent thefts, store unique device data, create transparent networks, curb fraudulent activities, etc. Blockchain also aids in enhancing the operational efficiency of the business processes and assists in tracking the historical records of the users, which can be verified by other stakeholders. Blockchain in telecom is used widely for smart contracts, identity management, connectivity provisioning, payment, billing, etc.
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The escalating data security concerns among telecom organizations are some of the key factors driving the blockchain in telecom market. Besides this, the incorporation of the Internet of Things (IoT) and artificial intelligence (AI) with connected devices is further catalyzing the market growth. Moreover, the widespread adoption of blockchain technology in the telecom industry to reduce identity and roaming frauds is acting as another growth-inducing factor. In line with this, the increasing demand for smart contracts to manage all of the billing related to roaming to ensure significant cost savings is also stimulating the market growth. Additionally, the integration of 5G technology and the elevating utilization of blockchain-based mobile wallet payments are anticipated to fuel the blockchain in telecom market over the forecasted period. Looking forward, IMARC Group expects the market to reach US$ 4,969 Million by 2027, exhibiting at a CAGR of 62.46% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape:
- Amazon.com Inc.
- Blockchain Foundry Inc.
- Cegeka
- Deloitte Touche Tohmatsu Limited
- Huawei Technologies Co.Ltd.
- Infosys Limited
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Tbcasoft Inc.
- Wipro Limited.
Key Market Segmentation:
Breakup by Provider:
- Application Providers
- Middleware Providers
- Infrastructure Providers
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- OSS/BSS Processes
- Identity Management
- Payments
- Smart Contracts
- Connectivity Provisioning
- Others
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
