Blockchain is a distributed and decentralized ledger that facilitates collaboration and trust in the internet space. The blockchain technology provides secured sharing of information while making it transparent and immutable for all the participants. Various startups are increasingly venturing into the blockchain in telecom marketspace and the market is witnessing a high influx in venture capital funding owing to the increasing demand for blockchain technology by telcos. MarketsandMarkets expects the global Blockchain In Telecom Market 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.
Major driving factors in the blockchain in telecom market are increasing support for Operation Support System/Business Support System (OSS/BSS) processes, and rising security concerns among telcos. Furthermore, increasing venture funding and investments in the telecom space for blockchain technology would provide growth opportunities for blockchain technology vendors to prosper in the telecom space.
Connectivity provisioning application segment is expected to grow at the highest CAGR during the forecast period. The connectivity provisioning segment covers 5G enablement, IoT connectivity, and M2M connectivity. With interest from various carrier providers in 5G enablement, the demand for blockchain technology is expected to increase in the coming years. Communications Service Provider (CSP) can manage data stored on such blocks by using public and private keys, thereby securing the data. 5G enablement is also one of the important use cases of the blockchain technology. With the rapid digitalization and demand for connectivity in IoT devices and machines, vendors in the blockchain in telecom market will be focusing on connectivity provisioning segment to increase their market share.
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Application providers segment is expected to grow at the highest CAGR during the forecast period. Application providers leverage the infrastructure and middleware provided by infrastructure providers and middleware providers to develop application which would be running on workstation, mobiles, and other IoT devices. Major blockchain vendors focusing on the telecom space provide applications for identity management, payments, smart contracts, OSS/BSS processes, digital asset management, and other telecom application areas. With the introduction of start-ups working in PoC and commercial applications the blockchain in telecom market in growing at a significant rate.
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In terms of geographic coverage, the blockchain in telecom market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. North America is expected to account for the largest share of the overall market in 2018. North America is considered the most advanced region in terms of technology adoption and infrastructure. The wide presence of key industry players offering blockchain solutions for the telecom sector and the early adoption by the telcos in this region is the main driving factor for the blockchain in telecom market. Furthermore, APAC is expected to record the highest growth rate during the forecast period, due to the increasing venture capital funding, increasing number of startups venturing in this market space, many telcos exploring new market opportunities and various use cases in blockchain in telecom will drive the market in the APAC.
The major blockchain in telecom vendors include AWS (US), Guardtime (Estonia), IBM (US), Microsoft (US), SAP (Germany), Bitfury (US), Cegeka (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), Sofocle (India), SpinSys (US), and TBCASoft (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global blockchain in telecom market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2016 to 2018, which helped them to innovate on their offerings and broaden their customer base.
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