The blockchain in telecommunication and post services market is presumed to garner USD 641.8 million during the forecast period (2017-2023). The global market is anticipated to register 59.3% CAGR owing to the increased demand for digital services, asserts Market Research Future (MRFR). Blockchain technology acts as an electronic record-keeping and transaction-processing system. It allows participants to track information through a secure network and eliminates the need for any third-party verification. Blockchain in telecommunication is viewed as a groundbreaking technology for managing telecommunication operation such as identity management, billing, transactions, and roaming and payments.
Drivers and Constraints Impacting the Market
Blockchain technology offers advantages such as secure tracking of customer data, reduction of operational cost, and enhanced proficiency of new products. The security offered by the blockchain technology minimizes the rate of forgery and fraud. Moreover, telecom giants are investing in blockchain related projects to provide value-added services and expand their customer base. Such factors are highly influencing the growth of the market during the assessment period. With an inclination towards digital payment modes and increasing demand for digital services, the global blockchain in telecommunication and post services market is presumed to expand rapidly in the coming years. Additionally, the acceptance of crypto-currencies has created lucrative opportunities for the market across the globe. Moreover, the capability of blockchain technology to enable verifiable, transparent, and protected digital asset transaction with proof of rights and ownership has led to it being applied to the telecommunication and post service sector. Also, factors such as decrease cost and the necessity to drive new revenue streams are considered a major stimulus to the market growth.
On the flip side, integration concern associated with application and existing system are some of the major issues anticipated to dampen the market growth over the appraisal period.
Blockchain in Telecommunication and Post Services Industry has been segmented on the basis of service providers, organization size, applications, digital services, platform, and region.
By mode of service providers, the global blockchain in telecommunication and post services market has been segmented into middleware provider, application and solution provider, and infrastructure and protocols provider. Among these, the application and solution provider segment is presumed to expand at a CAGR of 60.6%.
By mode of organization size, the global blockchain in telecommunication and post services market has been segmented into SME and large enterprise. Among these, the small and medium enterprise is anticipated to be the fastest growing segment expanding at 61.3% CAGR during the forecast period.
By mode of application, the global blockchain in telecommunication and post services market has been segmented into smart contracts, payment & transaction, reporting and analytics, network management, billing/OSS, and others. Among these, the payment & transaction segment is likely to earn revenues worth USD 174.1 million.
By mode of digital services, the global blockchain in telecommunication and post services market has been segmented into voice/data services, digital asset transaction, content services and managed services, and value-added services identity-as-a-service. Among these, the digital asset transaction segment is anticipated to demonstrate 60.4% CAGR.
By mode of platform, the global blockchain in telecommunication and post services market has been segmented into IOTA, Ethereum, Hydrachain, Hyperledger, open-chain and IBM blockchain. Among these, the Ethereum platform is considered to lead the global market.
Geographically, the blockchain in telecommunication and post services market span across regions namely, Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America.
Among all the regions, the North American region is considered to lead the global blockchain in telecommunication and post service market as it is a technically advanced region with an established infrastructure. The U.S. holds the major share with a market value of USD 7.6 million and is projected to expand at 58.9% CAGR during the appraisal period. Europe is considered to hold the second position in the global market owing to the consumption and growth pattern in this region.
The prominent players operating the global blockchain in telecommunication and post services market are Accenture Plc, Bitfury Group, Blockchain Tech Ltd, Microsoft Corporation, Atos SE, Earthport Plc, Juniper Networks Inc, SAP SE, Coinbase, and IBM Corporation.
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