North America leads the global blockchain in telecommunications market with a projected CAGR of 56.02%, driven by major providers such as AT&T and T-Mobile. Europe, with an expected CAGR of 64.51%, emphasizes blockchain for data security and efficiency under GDPR. In Asia Pacific, particularly India and China, mobile payment trends are driving blockchain adoption, while Latin America is seeing growth with initiatives such as the LACChain Global Alliance and the launch of 5G networks, attracting interest from companies such as Huawei Technologies.
New York, United States, Feb. 28, 2024 (GLOBE NEWSWIRE) — A decentralized technological solution known as the blockchain can track, compile and maintain a digital asset’s history of transactions between two or more parties. This is coupled with cryptography to provide the timestamp of the transaction. Blockchain is frequently used for smart contracts, connection provisioning, identity management, payment and invoicing in the telecommunications sector. Process automation, instant traceability and increased operational efficiency are other benefits of blockchain.
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Increasing focus on the detection and prevention of telecom fraud is driving the global market
According to Straits Research, “The global blockchain in telecommunications market revenue was valued at USD 537.18 million in 2021. It is expected to reach USD 113.12 billion by 2030, growing at a CAGR of 81.20% during the forecast period (2022–2030).” As the telecommunications sector has not found a sustainable and effective way to prevent fraud, blockchain is a strong candidate to reduce fraud costs, which will drive its adoption. Every year, telecommunications fraud causes significant losses. According to a Communications Fraud Control Association ( CFCA) survey fraud costs the telecommunications industry USD 38.1 billion annually. Subscriber identity fraud and roaming fraud are common in telecommunications. Account creation and service assignment require subscriber identity information. A subscriber steals the ID of another subscriber (the victim) to When a subscriber uses fraudulent identification or the ID of another subscriber (the victim) to obtain benefits, this is known as subscriber ID theft. These factors are expected to drive market growth over the forecast period.
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Growing adoption by significant market players creates tremendous opportunities
Increasing use of blockchain in telecommunications and postal services to create cryptocurrencies and secure platforms for financial transactions is driving this technology. 5G and blockchain can also revolutionize telecommunications. Blockchain, like 5G, ensures peer-to-peer trust and security. 5G applications require speed, bandwidth and latency. Telecom vendors have expressed concern about its deployment, citing the need to connect trillions of nodes and exchanges. These issues raise new questions about data value, security and exchange. Significant telecom players’ investments are expected to drive adoption and demand over the forecast period.
Regional analysis
North America’s blockchain in telecommunications market share is expected to grow at a CAGR of 56.02% during the forecast period. A number of problems facing North American telecom operators are being solved by blockchain technology, which enables faster transaction processing and decentralized operations. The widespread presence of significant blockchain technology vendors in this industry is the primary driver of market expansion in this area. Several local telcos are implementing blockchain technology to reduce identity and roaming fraud and improve customer experience. In the local telecommunications market, AT&T and T-Mobile use the technology differently. Internally, AT&T has incorporated blockchain technology into its mobile device supply chain. This includes mobile device upgrades, returns and other supply chain related activities.
Europe is expected to grow at a CAGR of 64.51% during the forecast period. Blockchain is no longer considered a cryptocurrency tool and financial technology in the European market. Its ability to cut out the middleman, save money and reduce the likelihood of fraud and human error is being embraced by many telecoms. The EU General Data Protection Regulation has significantly increased the penalties for breaching data protection laws. Therefore, for the region’s telcos, the security of data stored on a blockchain platform is essential. The technology enables simultaneous record keeping, faster transaction times, automation, digitization of business processes, supply chain management and mobile payment features.
The market in the Asia Pacific region has a ton of potential, especially given how common mobile payments are becoming in countries like China and India. Since the demonetization plan, many telecom operators have switched to this model, especially in India. For example, the two leading telecom providers in the country, Airtel and Jio, offer their respective digital wallets to support customer-to-customer transactions. As a result, implementing blockchain technology to handle their online transactions can significantly increase the cost and security of their wallets. In addition, companies are expected to focus on blockchain-based applications for verifying customer identity and sharing IoT data.
Key highlights
On the basis of application, the global blockchain in telecommunications market is segmented into identity management, payment and billing, smart contract, and connection provisioning. The smart contract segment is the largest contributor to the market and is expected to grow at a CAGR of 57.36% during the forecast period.
North America is the major shareholder in the global blockchain in telecommunications market and is expected to grow at a CAGR of 56.02% during the forecast period.
Competitive players
The global blockchain in telecommunications market’s major key players are Blockchain Foundry Inc., Huawei Technologies Co. Ltd., Microsoft Corporation, Oracle Corporation, SAP SE and ShoCard Inc. (Ping Identity).
Market news
In September 2022, the leading North American blockchain development company Blockchain Foundry Inc. (“BCF” or the “Company”) announced that it and WonderFi Technologies Inc. signed a binding agreement under which WonderFi will purchase all of BCF’s issued and outstanding shares.
Global Blockchain in Telecom Market: Segmentation
Through Applications
According to regions
North America
Europe
Asian Pacific Ocean
Rest of the world
Get detailed market segmentation @ https://straitsresearch.com/report/blockchain-in-telecom-market/segmentation
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