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I AgreeAnalysis of Blockchain in Telecom Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global blockchain in telecom market is expected to surge ahead at an astonishing CAGR of 74.8% and reach a valuation of US$ 80 billion by the end of 2033, up from US$ 300 million in 2023.
Blockchain has been dubbed the 'technology that brings trust where there is none', and although the technology has made its way into other industries, it is only now gathering steam in the telecom industry.
Blockchain is a decentralized technological solution for recording, collecting, and storing a digital asset transaction history between two or more parties. It is linked via cryptography to provide a transaction time stamp. Organizations use it extensively to avoid thefts, build transparent networks, expedite administrative procedures, combat fraudulent activities, and retain unique device data.
Blockchain is frequently utilized in telecommunications for identity management, connectivity provisioning, smart contracts, payment, and billing. It also contributes to rapid traceability and automation and increased operational effectiveness of the business process. Moreover, it keeps historical user records that cannot be tampered with and can be authenticated by other stakeholders.
The emergence of COVID-19 has underlined the importance of telecom infrastructure. The worldwide health crises have placed additional strains on telecom systems, implying that they may play a critical role in emergency events beyond mere connectivity.
Countries around the world are witnessing a significant interest in new fintech services as demand for online and virtual services grows. The pandemic also increased the requirement for greater data-driven services and digital infrastructure in the telecommunications industry. As a result, telecom firms are strongly focusing on network robustness and dependability, notably in 5G expenditures.
Blockchain and 5G are expected to change emerging technologies in the telecommunications sector. Blockchain guarantees peer trust and security in the same way 5G promises excellent speed and QoS (Quality of service). 5G is rapidly being developed around the world. It promises to provide high-speed internet, which will be necessary for a data-rich future.
Telecom enterprises, or communication service providers (CSPs), must ensure a range of access nodes and techniques to deliver ubiquitous connectivity across networks for billions of devices. Every telecom organization can conduct this centrally, which frequently results in delays and non-seamless provisioning.
A far more dependable and efficient option is to use a private blockchain that CSPs can access. The regulations and agreements among several CSPs can be defined in smart contracts and maintained on a private blockchain. Devices that seek to connect to the network have to broadcast their identity to the decentralized network.
Fact.MR, a market research and competitive intelligence provider, expects that such important factors will drive high global demand for blockchain in telecom over the next ten years.
Report Attributes |
Details |
Blockchain in Telecom Market Size in 2023 |
US$ 300 Million |
Projected Market Value (2033) |
US$ 80 Billion |
Global Market Growth Rate (2023 to 2033) |
74.8% CAGR |
North American Market Growth Rate (2023 to 2033) |
46% CAGR |
Leading Application Segment |
Smart Contracts |
Key Companies Profiled |
|
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“Increasing Emphasis on Identifying & Avoiding Telecom Fraud”
Blockchain is a top candidate for drastically cutting the expense of fraud, which will promote its acceptance in the telecommunications industry, considering that the industry is still attempting to establish a mechanism for preventing fraud efficiently and consistently. Scams continue to increase in the telecom sector, causing enormous damage year after year.
Moreover, roaming fraud and subscription identity fraud are among the most prevalent types of fraud in the telecom industry. Subscription identity theft occurs when a subscriber uses a fake identity or the identity of some other subscriber (the victim) to gain advantages. For example, scammers can obtain a SIM card in the name of the victim using stolen identification information.
“Presence of Prominent Blockchain Technology Providers”
The North American market is projected to develop at a CAGR of 46% during the forecast period. Blockchain technology allows faster transaction processing and decentralized operations, alleviating several challenges that North American telecom operators are experiencing.
Moreover, several telecom companies, such as AT&T, are implementing blockchain technology to reduce roaming and identity fraud and enhance the customer experience.
“United Kingdom & Germany to Make Extensive Use of Blockchain Technology”
Blockchain is no longer considered merely a financial technology and a cryptocurrency instrument in the European market. Many telecommunication companies are making use of its capability to cut out the intermediary, saving money and reducing the chance of fraud and human mistakes.
Furthermore, the United Kingdom and Germany are increasingly utilizing the technology as it enables concurrent record-keeping, automation, faster transaction times, digitization of business operations, supply chain management, and mobile money features. Many telecom businesses in these countries have teamed up with blockchain solution providers to reap the benefits of blockchain technology.
“Start-ups Focusing on New Developments in Blockchain Technology”
Asia Pacific has enormous market potential, mainly due to the increasing significance of mobile payments in developing countries. Moreover, several start-ups in Japan and South Korea are focusing on new developments. Start-ups in Japan are creating blockchain systems that enable safe smartphone-based money transfers without the need for conventional banking documentation.
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“Provide Superior Security and Lower Contracting Costs”
Smart contracts are computer protocols that are intended to digitally streamline, verify, or regulate the performance of a contract. Smart contracts are intended to lower contracting costs while providing greater security than standard contract law.
Smart contracts enable trusted transactions to be completed without the participation of third parties. By automating service-level agreements (SLAs), smart contracts can remove or drastically minimize the involvement of different intermediaries. This provides real-time visibility to all stakeholders and promptly makes any threshold breaches transparent to all parties involved.
Furthermore, 5G technology is a notable example of how blockchain will alter the telecommunications business. For example, in 5G technology, smart contracts can employ a blockchain-based solution to expedite overall provisioning between the end user and the networks.
Blockchain can also improve identity management solutions. Customers currently undergo a time-consuming KYC (Know Your Customer) process that requires handing over or uploading sensitive information when registering for new accounts. This data is then held with a third party, putting it at risk of inefficient management, fraud, and even breaches or cyberattacks.
Incorporating blockchain into existing telecommunication networks can eliminate this risk since customer identities can be stored in a decentralized, unchangeable, tamper-proof ledger with no single point of failure.
The blockchain in telecom industry is highly consolidated with only a few major players providing blockchain solutions across the telecommunications industry. The vendors are also receiving funding from investors, which will aid in the development of innovative blockchain services.
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Complete list available upon request
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The global blockchain in telecom market is valued at US$ 300 million in 2023.
The worldwide market for blockchain in telecom is estimated to boom at a CAGR of 74.8% from 2023 to 2033.
The blockchain in telecom market is projected to reach a size of US$ 80 billion by 2033.
The North American market is forecasted to expand at a CAGR of 46% during the forecast period.
Auxesis Group, Abra, AWS, Blocko, Bitfury, Blockcypher, Blockchain Foundry, Blockstream, Blockpoint, and Cegeka are leading players in the global market.