According to the latest report by IMARC Group, 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. Blockchain refers to a digital ledger that is designed for recording transaction information that is shared among the nodes of a computer network. Its adoption in the telecom industry offers numerous benefits, such as simplified processes, new revenue streams, cost savings, real-time transparency, data privacy, and improved collaboration and dispute resolution. As a result, it is mainly used for roaming and settlements, identity management, service level agreement (SLA) monitoring, prevention of phone thefts and mobile number portability (MNP). The demand for blockchain is growing across the telecom sector due to the increasing adoption of mobile wallet payments among individuals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Blockchain in Telecom Market Trends:
The global market is primarily driven by significant growth in the telecommunication industry. Coupled with the growing criminal activities has led to the increasing demand for blockchain operations, thereby propelling the market growth. Since blockchain utilizes cryptography encryption that offers secured connectivity to users, there has been a considerable rise in the adoption of blockchain across the telecom sector. Moreover, the increasing investments by private and public agencies for upgrading the overall fifth-generation (5G) infrastructure for a reliable blockchain operation are providing a boost to the market. Additionally, continual technological advancements and the escalating preference for automation are impacting the market favorably. Besides this, the widespread integration of the internet of things (IoT) and artificial intelligence (AI) with connected devices are significantly impacting the demand for blockchain in the sector. Other factors, including rapid digitization, the rising initiatives towards smart city development across several countries, and extensive research and development (R&D) activities conducted by key players, are also influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4,969 Million by 2027, exhibiting a CAGR of 62.46% during 2022-2027.
- Based on the provider, the market has been classified into application, middleware and infrastructure providers.
- On the basis of the organization size, the market has been segregated into small and medium-sized and large enterprises.
- Based on the application, the market has been categorized into OSS/BSS processes, identity management, payments, smart contracts, connectivity provisioning and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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. and Wipro Limited.
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