With technology being used in every industry and telecommunications (telecom) being no stranger to technology such as mobile 2G internet, 3G internet, 4G internet, and the upcoming 5G internet, there is a need for arrangements regarding roaming charges during a call or data session from one network provider to another. This can generate a lot of data. This is where blockchain comes in order to validate the accuracy of the files that are being transitioned through the system. Blockchain is also necessary for curbing redundant work. Telecom industry and experts are counting on blockchain to streamline 5G network deployment around the world. The importance of blockchain is being seen for internet of things (IoT) device management too, and its potential lies in providing cutting-edge computing capabilities, and make the cross-carrier payment networks more efficient, along with boosting the inter-carrier clearing efficiencies. Hence, blockchain in telecom market is gaining traction worldwide.
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A blockchain firm that specializes in the settlement and clearing has recently secured a US $ 13 million in a Series A round in order to build a high-volume transaction system for payments between telecom companies. The European cybercrime center of Europol have revealed in a report that every year, the telecom fraud costs US$ 32.7 billion to the world. Telecom companies are demanding blockchain to prevent fraud. The major factors that are driving the global blockchain in telecom market are many but the most important one is growing investment towards enhancement of operational efficiency among telecom companies. Smart contracts on blockchain can eliminate frauds related to roaming & settlements, human error, and lack of transparency. Blockchain solutions can place identity management in a secure way after taking them from multiple third-party agents. This gives greater control to individuals. Hence, the demand for blockchain is telecom market is on the rise.
Blockchain-powered smart contracts can ease the service level agreement (SLA) monitoring. If the unique device/SIM data is stored on the blockchain, then phone theft can be prevented with swift identification of stolen phone and stolen devices can be blocked instantaneously. The programmable nature of blockchain makes it possible to automate actions. Verified information can be added to blockchain through a consensus process to keep the data secure. Saved data cannot be translated into readable information without a key. The growth of global blockchain in telecom market is likely to open new opportunities in the governance area. There is a possibility of decentralized autonomous organizations having an entirely new mechanism so that the capital and commercial activity can be organized properly.
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The detailed research study provides qualitative and quantitative analysis of global blockchain in telecom market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- The global blockchain in telecom market was valued at US$ 1040.09 Mn in 2020 growing at a CAGR of 18.76 % during the forecast period (2021 – 2029)
- Regarding offering, the solutions category of global blockchain in telecom market registered for the highest market share in 2020 because through blockchain, online transactions can be done instantly and frauds related to financial transactions can be identified quickly. For telecom industry, the benefits offered by blockchain include instant credit to users during trade, faster deposits, easy automation, cost savings due to automation, and fraud identification. As 5G internet is going to be launched in many countries soon, telecom companies are making their operations automated and internet-based. More internet-oriented setup is creating the possibility of more frauds. Hence, blockchain solutions are offering Identity as a Service (IDaaS).
- Based on organization size, this report about global blockchain in telecom market explains that in 2020, large enterprise segment occupied the larger market share because earlier investment in blockchain required high amount of money which only large enterprises could afford. When most people were not aware about how blockchain could benefit the telecom industry, few large enterprises became pioneers of offering this service to telecom industry, creating their oligopoly. During the forecast period, the small and medium enterprise (SME) is expected to shoot up as the fastest growing market segment.
- By provider type, the infrastructure providers segment accounted for the largest market share of the global blockchain in telecom market in 2020 because in order to accelerate their digital transformation and increase their competitive edge, communications service providers (CSPs) are providing their services to IT industry leaders and business leaders. Infrastructure providers offer services focused at modernizing (and upgrading) the IT infrastructure. An advanced IT infrastructure can deliver higher performance, offer more scalability, and provide operational efficiency by transforming workloads and processes. By optimizing security operations, infrastructure providers strengthen cyber security and ensure data privacy. Maintaining control, visibility, and agility, they also strengthen compliance operations. Choosing from pre-trained artificial intelligence (AI) services or build, infrastructure providers can train and deploy machine learning (ML) faster as they have support for all the popular frameworks. Through data lake or data warehouse integration, infrastructure providers can help clients to use insights and analysis so that the latter can make critical decisions regarding business. Enterprise resource planning (ERP) from infrastructure providers maximizes business visibility and control in order to eliminate data redundancy, insufficient reporting, and inventory inaccuracy. To avoid poor network performance caused by legacy Wide Area Network (WAN) architectures, the infrastructure providers deploy high-performance software defined networks (SD-WAN). By leveraging AI and ML, infrastructure providers are rapidly restoring productivity when producing root cause insights by speeding up solution discovery.
- Considering the application segment, roaming & settlements management segment had occupied the largest market share in 2020 because mobile roaming makes it possible for mobile users to continue to avail their mobile services such as voice calls, text messages, and the mobile internet while they visit another country. Through a roaming agreement signed between the mobile user’s home operator and the visited mobile operator, roaming extends the telecom coverage of the home operator’s seamless services. In 2020, before the first COVID wave, it was common to travel. After the first COVID wave came, most people travelled who did not live in their hometowns and were working in other cities as during lockdown, they wished to stay in their homes. Hence, these factors lead to an increase in the market share of roaming & settlements management segment. Comprising of the technical as well as commercial terms & conditions, the roaming agreements are set up among telecom operators around the world. The terms & conditions regarding charges and payment are set on the basis of smart contract rules.
- In 2020, North America was the largest regional market in the global blockchain in telecom market due to technological advancement, presence of many major market players, economic power, and high investments in IT softwares. High internet connectivity in USA and Canada also enables the setting up of blockchain operations with ease. The availability of advanced cyber security systems have also smoothened the path for market growth of blockchain in telecom sector of North America.
- Some of the major players operating in the global blockchain in telecom market are Amazon Web Services Inc., BlockCypher Inc., Cegeka, Clear, Huawei, IBM Corporation, Infosys Limited, Microsoft, Oracle, R3, Reply, SAP SE, Wipro Limited, and others.
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Global Blockchain in Telecom Market:
By Organization Size
- Small and Medium Enterprise
- Large Enterprise
By Provider Type
- Application Providers
- Middleware Providers
- Infrastructure Providers
- OSS/BSS Processes
- Roaming & Settlements Management
- Identity Management
- Fraud Prevention
- Smart Contract
- Internet of Things (IoT) Device Management
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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