The progression of blockchain for the recent past years has been magnificent. From a technological perception, it has pressed to the new and benefitted boundaries, but that doesn’t mean it is still out of its suckling stage. When associated with other technologies out there, it still has a lot to the proposition.
According to the report analysis, ‘Global Blockchain in Telecom Market Forecast up to 2024’ states that there are several key players which extremely working their task more significantly for leading the fastest market growth and dominating the highest value of market share across the globe more significantly during the short span of time while increasing the amount of investment in the blockchain, significantly augmenting the usage of blockchain technology in IoT and 5G implementation and increasing the understanding and skillset for generating the advanced solutions includes IBM, AWS, and Microsoft.
Blockchain, a decentralized solution originally improved for the cryptocurrency bitcoin, has developed beyond its intended scope and offers numerous other opportunities in several sectors which majorly involve healthcare, education, energy, industrial, BFSI, and IT & telecom. Blockchain can substantiate the data in real time and thus supports decreasing the fraud around several other industries. Telecom operatives are renovating themselves from the inheritance telecom service delivers (TSP) to service provider aiming at the customer understanding and core business sector.
The telecom industry includes most of the merchants, networks providers, partners, distributors, VAS workers, and customers and has a major complex processes framework. This generates challenges involving pellucidity and trust problems among the others, especially with the participation of the multiples groups. The blockchain technology can effectively be pragmatic to the variability of telecom procedures, which can streamline day-to-day functions, augment security, and decrease the operating prices.
Moreover, in 2018, the Telefonica, a The Spanish telecom company, amalgamated with IBM for utilizing its blockchain technology for supervising the international call traffic. IBM is operating with the Indian telecom firms and Telecom Regulatory Authority of India (TRAI) for proposing the blockchain solutions and lecturing the difficulties of coordination among the numerous parties in mobile number portability (MNP) and to Do Not Call (DNC) registries.
Furthermore, global blockchain in telecom market is predicted to increase at a handsome CAGR of 77.9% during the review period to reach revenue of USD 1.37 billion by 2024. For augmenting the overall revenue, effectiveness, and addressing the growing customer requirements, traditional telecom companies are aiming at implementing blockchain technology to unlock fresh opportunities. Significant increase in the security concerns, the requirement for the fraud management, and 5G employments are few of the factors fostering the growth of the blockchain in the telecom market.
Not only has this, based on the region, but North America also apprehended the leading market share in 2017 and is anticipated to register the blockchain in telecom market during the review period. The great existence of key players proposing the blockchain in telecom solutions such as IBM, AWS, and Microsoft is the major factor leading to the growth in the North America region. Therefore, in the coming years, it is predicted that the global market of blockchain in telecom market will increase more significantly over the coming years.
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Ankur Gupta, Head Marketing & Communications