Blockchain in the global telecom market

Blockchain In Telecom Market Forecast Number of Mobile 5G Subscriptions Worldwide from 2019 to 2026

Dublin, June 05, 2023 (GLOBE NEWSWIRE) — The “Blockchain in Telecom Market – Growth, Trends and Forecasts (2023-2028)” report has been added ResearchAndMarkets.com’s Offering.

The blockchain market in the telecom industry is expected to register a CAGR of approximately 61.45% over the forecast period. In the telecom industry, blockchain plays a very important role in preventing fraud, securing user identities and supporting next-generation network services and IoT connectivity solutions, which in turn significantly drives the market.

Important highlights

• The increasing use of 5G is a catalyst for blockchain implementation in telecom, as 5G helps in fast and reliable blockchain operations. Blockchain technology provides robust encryption to record and store the data on the network in a more secure and verifiable way. This makes the information transparent and tamper-proof. Thus, Blockchain technology is expected to help various telecom companies increase network security and reduce operating costs, driving the market’s growth.

• Also, telecommunications or wire fraud is a rapidly growing field of criminal activity. According to Europol’s European Cybercrime Center and Trend Micro, wire fraud costs around $32.7 billion annually. It represents a new challenge for law enforcement agencies. Blockchain can aid in fraud detection and prevention for communications service providers, exponentially fueling the market’s growth.

• Furthermore, in emerging countries like India, the effectiveness of the telecom regulator’s deployment of blockchain technology to curb spam SMS has set an example for the government to build a transparent and reliable framework for various critical use cases such as Aadhar authentication, property and vehicle ownership and direct tax collection, among other things. In March last year, the Ministry of Electronics and IT released a draft policy for blockchain technology to regulate its use in various cases of public and private use. The Telecom Regulatory Authority of India (TRAI) has also deployed distributor-ledger technology (DLT), which is currently one of the main use cases of blockchain technology to control spam SMS traffic.

• On the other hand, scalability and interoperability are the several critical factors necessary for the general adoption of blockchain technology. This is only possible when industry standards are set, which are in a lagging phase. The telecoms sector needs help with the mass adoption of blockchain technology, which could hinder the market’s growth.

The story continues

Blockchain in Telecom Market Trends

Smart contracts to dominate the market

• Smart contracts allow computer code to be executed when specific conditions are met. The telecom industry is expected to witness significant adoption as it allows for automation in its internal operations, such as billing, supply chain management and roaming.

• Deploying smart contracts to manage all billing related to roaming can lead to significant cost savings, as it provides prevention against fraudulent traffic. Blockchain can also add value to identity management solutions by cutting out intermediaries through smart contracts. This helps reduce roaming fraud, cost savings and instant settlement. It helps telecom players resolve disputes quickly through tamper-proof verifiable transactions and real-time updates to end customers.

• Moreover, 5G technology is one of the important instances of how blockchain will change the telecommunications industry. For example, in 5G technology, smart contracts can streamline the overall delivery between the end user and the networks with a blockchain-based solution. For 5G to be implemented securely, the data received by connected devices must be reliable and free from various malicious interference. Furthermore, to enable 5G to reach its full potential and protect against major security breaches, blockchain can deliver decentralized, tamper-proof and real-time verification of data transmission.

• According to 5G Americas, solid growth in 5G subscriptions is expected to continue for the foreseeable future, reaching 5 billion subscriptions by the end of 2026. This includes the total development of 700 million subscriptions from this year to next year and 900 million in the year to next year.

Asia Pacific to witness the highest growth

• The Asia-Pacific region has huge potential for the market, primarily due to the increasing prominence of mobile payments in countries such as India and China. India, especially after the demonetisation scheme, has witnessed many telecom operators switching to this model. For example, Jio and Airtel, the country’s leading telcos, offer digital wallets to enable customer-to-customer payments. Thus, the use of blockchain to handle the transactions of these companies can make their wallets more secure and cheaper, driving the market significantly.

A selection of companies mentioned in this report include:

Key topics covered:

1. INTRODUCTION

2 RESEARCH METHODOLOGY

3 SUMMARY

4 MARKET DYNAMICS
4.1 Market overview
4.2 Industry attractiveness – Porter’s five forces analysis
4.3 Assessment of the impact of COVID-19 on the industry

5 MARKET DYNAMICS
5.1 Market drivers
5.1.1 Focus on detection and prevention of telecom fraud drives market growth
5.2 Market Restrictions
5.2.1 Lack of industry standards

6 MARKET SEGMENTATION
6.1 Application
6.1.1 Identity management
6.1.2 Payment and invoicing
6.1.3 Smart contract
6.1.4 Facilitation for connection
6.2 Geography

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Blockchain Foundry Inc.
7.1.2 Huawei Technologies Co. Ltd.
7.1.3 Microsoft Corporation
7.1.4 Oracle Corporation
7.1.5 SAP SE
7.1.6 ShoCard Inc. (Ping Identity)

8 INVESTMENT ANALYSIS

9 THE FUTURE OF THE MARKET

For more information on this report, visit https://www.researchandmarkets.com/r/crcz7v

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