The global blockchain in telecom market is on track to grow from just $46.6 million this year to $993.8 million by 2023, representing a CAGR of 84.4%, according to Research and Markets.
Growth is being driven by factors including increasing support for OSS/BSS processes, as well as growing security concerns among operators prompting them to explore new technologies to fill the gap.
Operators are adopting blockchain technology to assist with fraud management, and increasingly for implementing 5G technology, Research and Markets said in a new report. There are also extensive potential applications for the technology in the IoT space.
According to the research firm, the market is divided into three categories – application providers, middleware providers, and infrastructure providers.
Application providers are using the platforms supplied by infrastructure providers as well as the tools offered by middleware providers to develop applications that can run on endpoints, mobile devices and IoT devices. The fastest growing segment is the application provider segment.
But Research and Markets warned that growth in the emerging market could be threatened by rising concerns over the authenticity of users, the uncertain regulatory status of blockchain, and the lack of common standards.