(IT-NEWSWIRE.COM, July 10, 2018 ) The report "Blockchain in Telecom Market by Provider (Application Providers, Middleware Providers, and Infrastructure Providers), Application (OSS/BSS Processes, Identity Management, Connectivity Provisioning), Organization Size, and Region - Global Forecast to 2023", 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 factors driving the blockchain in telecom market include increasing support for OSS/BSS processes and rising security concerns among telcos.
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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.
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.
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.
Mr. Shelly Singh