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Global Blockchain in Telecom Market Size, Share, Demand, and Growth Forecast to 2027

The global blockchain in telecom market is anticipated to grow at an 82.9% CAGR during 2021-2027 and is expected to reach USD 1,945.6 million by 2027. The surge in the adoption of 5G as a catalyst for blockchain implementation in the telecom sector will propel the growth of the market. This blockchain technology is anticipated to aid telecom companies in developing their security of networks and decrease their operational costs. Moreover, the mounting security concerns, rising demand for smart contracts, technological development like IoT and AI with connected devices, rising support for operation support systems or OSS as well as business support system or BSS processes, rise in adoption of blockchain-based mobile wallet payments will bolster the growth of the blockchain in the telecom market. Thus, interoperability and scalability will proliferate the growth of blockchain in the telecom market.

The COVID-19 pandemic has led to the innovation of fintech services owing to the rising demand for online and virtual services. Also, there is an increasing need to expand digital infrastructure and data-driven services. As a result, telecom companies are increasingly giving emphasis on network resiliency and reliability, specifically in 5G investments.


 

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The blockchain market in telecom is divided into operation support system/business support system (OSS/BSS) process, identity management, payments, smart contracts, connectivity provisioning, and others, depending on the application. Smart contracts are anticipated to have significant growth during the forecast period 2021-2027 as it offers scope for automation in its internal operations such as billing, roaming, and supply chain management. Smart contracts in the blockchain can eliminate intermediaries, which can add value to identity management solutions. This results in fewer roaming frauds, lower costs, and faster settlements.

Asia-Pacific is anticipated to have faster growth during 2021-2027 due to the increasing prevalence of mobile payments in countries like India and China. Moreover, the surge in venture capital funding, the rising number of start-ups entering the market, and initiatives by the government to regulate blockchain technology will provide growth opportunities in the blockchain telecom market.

In January 2021, Tanla Platforms, a CPaaS vendor, has partnered with Microsoft to build 'Wisely,' an edge-to-edge worldwide blockchain network for sending encrypted SMS straight from businesses to telco providers, potentially disrupting the conventional aggregator paradigm of commercial communication.

The prominent players in the blockchain telecom industry include IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Accenture plc, Intel Corporation, BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.

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