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Global Blockchain in Telecom Market Forecast to 2023 by Provider, Application, Organization Size and Region - CAGR to Grow at 84.4%DUBLIN, July 11, 2018 /PRNewswire/ -- The "Blockchain in Telecom Market by Provider, Application, Organization Size and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering. The blockchain in telecom market is expected 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. The major driving factors in the market are increasing support for Operation Support System/Business Support System (OSS/BSS) processes, and rising security concerns among telcos. The major restraining factor in the growth of blockchain in telecom market include growing concerns related to the authenticity of users and uncertain regulatory status and the lack of common standards. Many enterprises believe identity theft done by criminals can help them to gain access of account details and blockchain would not be able to prevent it. Also, there is a notion among enterprises that data confidentiality, integrity, and availability can be affected seriously. Also, government bodies' restriction in the adoption of blockchain technology and lack of common standards can hinder the growth of blockchain in telecom market. The blockchain in telecom market study aims at estimating the market size and future growth potential of the market across different segments, such as provider, application, organization size, and region. The application segment includes OSS/BSS process, identity management, payments, smart contracts, connectivity provisioning, and others (roaming and digital asset management). The connectivity provisioning 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 the help of blockchain technology, operators can provide device connection to multiple local hotspots and Wi-Fi based on permission. 5G enablement is also one of the important use cases of blockchain technology. The 3GPP (LTE, GPRS) and non-3GPP (WiMax, WLAN, and Wi-Fi) can be implemented using the blockchain network. The blockchain in telecom market has been segmented on the basis of providers into 3 categories: application providers, middleware providers and infrastructure providers. Among these types, application providers are the fastest growing segment in the overall market. The introduction of technologically advanced blockchain solutions has witnessed a certain level of adoption in the telecom sector for various application areas thereby fueling the overall market growth. 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 estimated to account for the largest market share in 2018. North America is cosidered the most advanced region in terms of technology adoption and infrastructure. The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor for the growth of the market. Various telcos in the region are adopting the blockchain technology to reduce identity and roaming frauds and enhance customer experience. Furthermore, APAC is expected to record the highest growth rate during the forecast period, due to the increase in venture capital funding, significant increase in the number of startups venturing into this market space and governments focusing on regulating the blockchain technology. Major telcos in Japan, Australia and New Zealand, India, and Singapore, provide huge opportunities for the adoption of the blockchain technology. The major blockchain in telecom players majorly adopted partnerships and new product launches as the key growth strategies to offer feature-rich blockchain in telecom solutions to their customers and further penetrate into regions with unmet needs. Key Topics Covered 1 Introduction For more information about this report visit https://www.researchandmarkets.com/research/vrbqwx/global_blockchain?w=5 Media Contact: Research and Markets
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