|Status : Published||Published On : Sep, 2019||Report Code : VRICT5133||Industry : ICT & Media||Available Format :||Page : 125|
The global blockchain in telecom market is projected to reach USD 1,835.6 million by 2024, registering a CAGR of 82.4% during the forecast period. Increasing security concern among telecom companies, and increasing support for operation support system/business support system (OSS/BSS) processes, propelling the growth of the market.
Insight by Provider
On the basis of provider, the global blockchain in telecom market is categorized into middleware provider, application provider, and infrastructure provider, wherein application provider category is expected to witness the fastest growth during the forecast period. The growth of this segment is attributed towards increasing adoption of technologically advanced blockchain solutions in retail companies.
Insight by Application
Based on application, the blockchain in telecom market is segmented into operation support system/business support system (OSS/BSS) process, identity management, payments, smart contracts, connectivity provisioning, and others (roaming and digital asset management). Among all these segments, the connectivity provisioning category is expected to witness the fastest growth during the forecast period. It covers 5G enablement, IoT connectivity, and M2M connectivity. With the assistance of blockchain technology, administrators can provide device connection to multiple local hotspots and Wi-Fi based on permission.
Extensive use of blockchain solutions in IoT space across the globe is the key trends observed in the blockchain in telecom market, globally.
Global blockchain in telecom market has been driven by several key factors, including increasing adoption of blockchain from telecom sector for fraud management, growing cases of fraudulent activities in the telecom sector, increasing need to provide protection against data tempering, and increasing support for operation support system/business support system (OSS/BSS) processes.
Lack of awareness regarding the blockchain technique is hindering the growth of the blockchain in telecom market, globally.
Geographically, North America has accounted for the largest share in blockchain in telecom market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of players of blockchain technology in the region and also it is considered as the most advanced region in terms of advanced technology adoption The wide presence of major industry players of blockchain technology solutions in this region is the key driving factor for the growth of the market. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to the rise in in venture capital funding, growing number of startups venturing into this market space, and governments focusing on regulating the blockchain technology.
Some of the key players operating in the global blockchain in telecom market are IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Accenture plc, Intel Corporation, BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research