In a recent published report, Kenneth Research has updated the market report for Blockchain in Telecom Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blockchain in Telecom Market products.
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In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2024. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Blockchain, a decentralized solution originally developed for the cryptocurrency bitcoin, has evolved beyond its intended scope and offers several other opportunities in many sectors such as government BFSI, healthcare, education, IT & telecom, energy, and industrial. Blockchain can verify data in real time and thus helps in reducing fraud across various industries. Telecom operators are transforming themselves from legacy telecom service providers (TSP)s to service providers focusing on customer experience and core business segment.
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The telecom industry involves many vendors, network providers, distributors, partners, VAS providers & customers and has the most complex operations framework. This creates challenges including transparency and trust issues among others, especially with the involvement of multiple entities. The blockchain technology can be applied to a variety of telecom processes, which can simplify day-to-day operations, increase security, and reduce operating costs.
Market Analysis
According to Research, the global blockchain in telecom market is expected to grow at a CAGR of 77.9% during the forecast period to reach revenue of 1.37 billion by 2024. For increasing the overall revenue, profitability, and addressing the rising customer needs, traditional telecom companies are focusing on adopting blockchain technology to unlock new opportunities. Rising security concerns, demand for fraud management, and 5G implementation are few of the factors driving the growth of the blockchain in telecom market. The increasing number of blockchain consortia, such as Hyperledger, Carrier Blockchain Study Group (CBSG), and many more, is also among the primary factors leading toward the growth of blockchain applications in telecom. For instance, the number of blockchain consortia increased from around 27 in 2017 to more than 60 in 2018.
Market Segmentation Analysis
The report provides in-depth qualitative insights and validated market forecast or projections based on certain assumptions and historical data. The projections and trends featured in the report have been derived using proven research methodologies and assumptions based on the vendors portfolio, blogs, whitepapers, and vendor presentations. Thus, the research report represents every side of the market and is segmented based on regional markets, providers, applications, and organization size.
Competitive Analysis
The report covers and analyzes the blockchain in telecom market. Major vendors across different verticals are planning for high investments in this market, and as a result, the market is expected to grow at an impressive rate in the coming years. The key players are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in the strong position in the market.
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The report contains an in-depth analysis of the vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views. The prominent vendors covered in the report include IBM, SAP, Microsoft, AWS, Huawei, BubbleTone, Clear, Guardtime, TBCASoft, and Filament among many others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
IBM, SAP, and Microsoft are the key players in the blockchain in telecom market. In 2018, Telefónica, a Spanish telecom company, partnered with IBM for using its blockchain technology for managing the international call traffic. IBM is working with Indian telecom firms and Telecom Regulatory Authority of India (TRAI) for offering blockchain solutions and addressing problems of coordination between multiple parties in mobile number portability (MNP) and to Do Not Call (DNC) registries. In 2019, Tech Mahindra partnered with Microsoft in India for creating blockchain-based solutions for combating spam calls. In June 2018, Deutsche Telekom, a German telecommunication company announced that it was working with SAP on blockchain technology for preventing hackers from accessing data on stolen phones.The report also includes the complete insights of the industry and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenario, initiatives taken by the government, and the latest technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and to take informed decisions.
Regional Analysis
North America held the largest market share in 2017 and is expected to dominate the blockchain in telecom market during the forecast period. The high presence of key players offering blockchain in telecom solutions such as IBM, AWS, and Microsoft is the main factor leading to the growth in the North America region. The increasing number of partnerships in this region is also among the factors driving the growth of the market. Recently in January 2019, Synchronoss Technologies, a US-based provider of cloud, messaging, digital, and IoT products, and TBCASoft, Inc., a US-based innovator of cross-carrier blockchain platform technology announced their partnership for redefining telecom operators with blockchain.
Benefits
The report provides an in-depth analysis of the blockchain in telecom market. Blockchain can enable the telecom operators in generating a new layer of confidence on the Internet, based on the data itself. Blockchain helps in building a network of peers, which consist of service providers, vendors, telecom operators, and other parties for increasing the trust among different partners within the ecosystem. Blockchain helps telecom companies in generating new revenue opportunities and streamlining internal processes. Blockchain provides strong encryption to record and store the data on the network in a more secure and verifiable way. It makes the information transparent and tamper-proof. Blockchain technology is expected to help the telecom companies in bolstering their network security and reducing the operational costs. The report discusses the market in terms of providers, applications, orgnaization size, and regions. Further, the report provides details about the major challenges impacting the market growth.
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