The blockchain in telecom market size is expected to grow from US$ 1.20 billion in 2023 to US$ 40.81 billion by 2031; it is anticipated to expand at a CAGR of 55.4% from 2024 to 2031.The increasing security concerns associated with the authenticity of users and data privacy are factors that can drive the adoption of blockchain technology in the telecom sector.
In the telecommunications industry, blockchain technology plays a pivotal role in combating fraud, ensuring user identity security, and facilitating the implementation of advanced network services and IoT connectivity solutions. This, in turn, is significantly driving market growth. The increasing adoption of 5G technology catalyzes blockchain integration in telecom, as it enables rapid and reliable blockchain operations. Leveraging robust encryption techniques, blockchain technology provides a secure and verifiable means of recording and storing data on the network, enhancing transparency and preventing tampering. Consequently, telecom companies are expected to leverage blockchain to enhance network security and reduce operational costs, thereby fueling market expansion.
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Blockchain in Telecom Market: Strategic Insights
The scope of the blockchain in telecom market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific has emerged as the leading region in terms of market size for blockchain in telecom in 2023. The Asia-Pacific region presents a promising market for blockchain in telecom, driven by the increasing popularity of mobile payments in countries like India and China. In India, particularly after the demonetization initiative, telecom operators have been transitioning towards mobile payment solutions. For instance, leading telcos such as Jio and Airtel offer digital wallets to facilitate customer-to-customer payments. The integration of blockchain technology into these payment systems can enhance security and reduce costs, thereby fueling market growth.
The regional trends and factors influencing the Blockchain in Telecom Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Blockchain in Telecom Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.20 billion |
| Market Size by 2031 | US$ 40.81 billion |
| Global CAGR (2024 - 2031) | 55.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Enterprise Size
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Blockchain in Telecom Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Blockchain in Telecom Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Blockchain in Telecom Market Analysis" was carried out based on enterprise size, application, and geography. Based on enterprise size, the market is segmented into large enterprises and SMEs. Based on application, the market is segmented into identity management, payment and billing, smart contract, connectivity provisioning. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the blockchain in telecom market. A few recent key market developments are listed below:
[Source: TRAI, Company Website]
[Source: Global Telecom, Company Website]
The market report on “Blockchain in Telecom Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
The blockchain in telecom market size is expected to grow from US$ 1.20 billion in 2023 to US$ 40.81 billion by 2031; it is anticipated to expand at a CAGR of 55.4% from 2024 to 2031.
The blockchain in telecom industry has experienced significant growth in recent years, primarily driven by the growing number of fraudulent activities in the telecom industry are the major factors that propel the global blockchain in telecom market.
The global blockchain in telecom market is expected to reach US$ 40.81 billion by 2031.
The key players holding the majority shares in the global blockchain in telecom market are Blockchain Foundry Inc., Microsoft Corporation, Oracle Corporation, SAP SE, and SpinSys.
The integration of blockchain with the Internet of Things (IoT), is anticipated to play a significant role in the global blockchain in telecom market in the coming years.