The global blockchain in telecom market will grow from $27.8 million in 2017 to $993.8 million by 2023, witnessing a CAGR of 84.4% during the forecast period (2018-2023), according to a new report by MarketsandMarkets.
The rapid growth in support for OSS (operations support system) and BSS (business support system), and rising security concerns among telecom service providers will majorly drive the adoption of blockchain in telecom market.
Blockchain is currently the most talked-about technology, and has potential benefit all the industries including telecom vendors. It can help telcos in connectivity provisioning activities like 5G enablement, IoT connectivity, and M2M connectivity.
The application providers will be the fastest growing segment in the blockchain in telecom market.
The other significant segments expected to witness growth are middleware providers and infrastructure providers. These providers help telcos to build blockchain-based platforms.
Connectivity provisioning segment will grow at the highest CAGR, driven by demand for improvements in telecom network and implementation of 5G network.
The OSS/BSS segment will hold the highest market size, according to the report. This segment will address the concerns in service assurance, and management of network, product, orders, revenue and customers.
Following the OSS/BSS segment, the identity management segment will hold the second highest market size by 2023. The identity management solutions help telcos in fighting identity frauds and complying with AML and KYC.
North America is considered the most advanced region for technology adoption and infrastructure. It is expected to dominate the market during the forecast period.
The top vendors in the blockchain in telecom market are Amazon Web Services (AWS), IBM, Microsoft, and SAP followed by Bitfury, Cegeka, Clear, and Reply.