Dublin, June 05, 2023 (GLOBE NEWSWIRE) -- The "Blockchain in Telecom Market - Growth, Trends and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Blockchain Market in the Telecom Industry is expected to register a CAGR of approximately 61.45% over the forecast period. In the telecom industry, blockchain plays a very significant role in preventing fraud, securing user identities, and supporting next-generation network services and IoT connectivity solutions, which in turn is driving the market significantly.
Key Highlights
- The increasing adoption of 5G is a catalyst for blockchain implementation in telecom, as 5G is helping in quick and reliable blockchain operations. Blockchain technology provides robust encryption to record and store the data on the network in a more secure and verifiable way. It makes the information transparent and tamper-proof. Thus, Blockchain technology is expected to help various telecom companies boost their network security and reduce operational costs, driving the market's growth.
- Moreover, telecommunications or telecom fraud is a fast-growing field of criminal activity. According to Europol's European Cybercrime Centre and Trend Micro, telecom fraud costs around USD 32.7 billion annually. It represents a new challenge for law enforcement agencies. Blockchain can help in fraud detection and prevention for communication service providers, exponentially fueling the market's growth.
- Furthermore, in emerging countries such as India, the effectiveness of telecom regulator's deployment of blockchain technology for curbing spam SMSs has set an example for the government to build a transparent and trustworthy framework for various critical use cases such as Aadhar authentication, property, and vehicle ownership records and direct tax collection among others. In March last year, the Ministry of Electronics and IT released a draft policy on blockchain technology to regulate its deployment in various public and private use cases. The telecom regulatory authority of India (TRAI) has also deployed distributor-ledger technology (DLT), which is currently one of the most significant use cases of blockchain technology to control spam SMS traffic.
- However, on the other hand, scalability and interoperability are the several critical factors necessary for the overall adoption of blockchain technology. This is only possible when industry standards are set, which is at a lagging phase. The Telecom sector needs help with the mass adoption of blockchain technology, which can hinder the market's growth.
Blockchain in Telecom Market Trends
Smart Contracts to Dominate the Market
- Smart contracts allow computer code to execute when specific conditions are met. The telecom industry is expected to witness significant adoption as it provides scope for automation in its internal operations, like billing, supply chain management, and roaming.
- Deploying smart contracts to manage all the billing related to roaming can lead to significant cost savings, as it provides prevention against fraudulent traffic. Blockchain can also add value to identity management solutions by cutting out intermediaries through smart contracts. This helps reduce roaming frauds, cost savings, and instant settlements. It helps telecom players to resolve disputes quickly through tamper-proof verifiable transactions and real-time updates to end customers.
- Moreover, 5G technology is one of the significant instances of how blockchain would change the telecommunication industry. For instance, in 5G technology, smart contracts can streamline the overall provisioning between the end user and the networks with a blockchain-based solution. For 5G to be implemented securely, the data received by connected devices must be reliable and free from various malicious interference. Furthermore, to enable 5G to reach its full potential and protect against large-scale security breaches, blockchain can deliver decentralized, tamper-proof, and real-time verification of data transmission.
- As per 5G Americas, Solid growth in 5G subscriptions is expected to continue into the foreseeable future, reaching 5 billion subscriptions by the end of 2026. That includes the overall development of 700 million subscriptions from the current to next year and 900 million by next-to-next year.
Asia Pacific to Witness the Highest Growth
- The Asia-Pacific region boasts tremendous potential for the market, primarily owing to the growing prominence of mobile payments in countries such as India and China. India, specifically after the demonetization scheme, has witnessed many telecom operators shifting toward this model. For instance, Jio and Airtel, the country's leading telcos, offer digital wallets to enable customer-to-customer payments. Thus, the adoption of blockchain to handle the transactions by these companies could make their wallets more secure and cheaper, driving the market significantly.
A selection of companies mentioned in this report include:
- Blockchain Foundry
- Huawei Technologies
- Microsoft Corporation
- Oracle Corporation
- SAP
- ShoCard Inc. (Ping Identity)
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Assessment of COVID-19 impact on the industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Focus on Telecom Fraud Detection and Prevention is Driving the Market Growth
5.2 Market Restraints
5.2.1 Lack of Industry Standards
6 MARKET SEGMENTATION
6.1 Application
6.1.1 Identity Management
6.1.2 Payment and Billing
6.1.3 Smart Contract
6.1.4 Connectivity Provisioning
6.2 Geography
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Blockchain Foundry Inc.
7.1.2 Huawei Technologies Co. Ltd.
7.1.3 Microsoft Corporation
7.1.4 Oracle Corporation
7.1.5 SAP SE
7.1.6 ShoCard Inc. (Ping Identity)
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/crcz7v
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
- Blockchain In Telecom Market Forecast Number Of Mobile 5 G Subscriptions Worldwide From 2019 To 2026
