Blockchain In Telecom Market To Grow To Around $1 Bln By 2023

Blockchain, the new gen technology behind cryptocurrencies, would contribute nearly $1 billion to the telecoms market within the next five years, according a new research report.

Increasing support for Operation Support System/Business Support System processes along with rising security concerns among telecom companies would be the main driving factors, ResearchAndMarkets.com’s study noted.

The blockchain in telecom market is expected to grow to $993.8 million by 2023 from $46.6 million in 2018, at a Compound Annual Growth Rate or CAGR of 84.4% during the period.

The study, named “Blockchain in Telecom Market by Provider, Application, Organization Size and Region – Global Forecast to 2023”, says blockchain’s growth in telecoms would be restrained by growing concerns related to the authenticity of users, uncertain regulatory status, as well as the lack of common standards.

The study aims to find the market size and future growth potential of the market across different segments. Among the three categories of providers, application providers are the fastest growing segment in the overall market.

In terms of geographic coverage, North America is estimated to account for the largest market share in 2018, while Asia Pacific would record the highest growth rate during the forecast period. Major telcos in Japan, Australia and New Zealand, India, and Singapore, already provide huge opportunities for adopting the blockchain technology.

by RTTNews Staff Writer

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