Global Blockchain in Telecom Market: Overview
The global market for Blockchain in telecom or telecommunications is expected to see promising growth in the future years owing to the rise in support for business support system (BSS) or operation support system (OSS).Blockchains are shared records that replicates through stakeholders in the network. Blockchains also help maintain complete history of all transactions that have taken place between two or more groups or parties. In simple terms Blockchain is a history that can be verified by other stakeholder but cannot be tampered with. The transaction records of Blockchains are indelible and any other public or private network can be restricted as per the policies of the user company.
Major players of this market are:
Global Payments Steering Group (HPSG), Spinsys, Auxesis Group, Blockcypher, and Oracle.
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There are different variations to the global Blockchain in telecommunication market on the basis of organization size, application, and provider. Based on segmentation by organization size, the market is classified into small, medium and large enterprises. On the basis of provider, the blockchain in telecom market is further categorized into infrastructure providers, middleware providers, and application providers. Based on application, the market could be divided into connectivity provisioning, smart contracts, payments, identity management, and OSS/BSS processes.
The report presented above is a complete evaluation of the global blockchain in telecom market with major focus on market dynamics. It also includes market drivers, restraints, and trends and opportunities. The above presented report also offers geographical and other segmentation of the market.
Global Blockchain in Telecom Market: Trends and Opportunities
The global blockchain in telecom market is driven by a couple of factors. One of them being the rise in security concerns among all the telecommunication companies worldwide. Adding to that is the increasing support for processes namely BSS and OSS that is further propelling the market in the recent years.
However, the rise in concerns regarding user authenticity may hamper the growth of the market and user authenticity is an important part and parcel of the telecommunications department. Apart from that the lack of common standards and uncertainty in regulation status in the telecommunications department may also hamper the overall growth of the market in the long run.
Nevertheless, the fact that blockchain technology is very useful and helps to manage fraud cases in the telecom sector may offer lucrative opportunities of growth in the years to come. Apart from the telecom sector, blockchain solutions are also being adopted extensively in the Internet of Things Space and this may further fuel market growth during the forecast period. Another important factor propelling the market for blockchain solutions is the rising use of this technology for the implementation of 5G. This is assumed to bring in more growth opportunities in the blockchain in telecom market in the future years.
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