Strong Market Growth Ahead for Blockchain in Telecom

The global market for blockchain in telecom expected to grow to $1.0 billion by 2026 at 48.5% CAGR.

March 30, 2022

WELLESLEY, Mass., March 30, 2022 – While previously only being associated with bitcoin, Blockchain Technology has been continuously gaining momentum worldwide as organizations find new innovative use-cases for it - those within the telecommunication industry are no different. According to BCC Research’s report, Blockchain in Telecom: Global Markets, the global market for blockchain in telecom is expected to grow from $143.6 million in 2021 to $1.0 billion by 2026, a compound annual growth rate (CAGR) of 48.5% for 2021-2016.

• The increasing adoption of machine learning, AI, and cyber security solutions in the telecom industries has fueled demand for blockchain technology in the coming future. The main advantage of blockchain technology is that it saves time and the organization’s cost. This technology also plays a vital role in providing real-time tracking and improved collaboration among stakeholders.

• The rising construction of smart city projects across the globe has increased the demand for high-speed internet connectivity. The major benefit of high-speed internet connectivity is that it saves the user time. The high-speed internet connectivity also increases the sales of smart devices across the globe. This factor results in increasing demand for blockchain technology in the telecom sector.

• COVID-19 has brought tremendous change in the adoption of wireless technology. The government has increased funding for the installation of public Wi-Fi globally. The growing trend of remote working, online education, online shopping has increased the adoption of wireless solutions. Wireless infrastructure advancements have also aided the ability to react to the COVID-19 pandemic. These factors tend to increase demand for blockchain technology in the telecom sector.

“The growing concern among businesses about lowering IT infrastructure costs during a pandemic has raised the demand for the blockchain in the telecom sector during the forecasted period. The key advantage of blockchain technology is that it allows businesses to remain competitive in the market,” states Saransh Parmar, Technology Lead at BCC Research.

Telecom’s Demand for Blockchain Security Solutions

The rising use of IoT solutions in the telecom sector has resulted in a rise in the volume of data generated. The high level of data protection offered by blockchain technology is fitting for the growing cyber threats, driving up demand for blockchain technology in the telecom sector during the forecasted period, 2021-2026.

Increased adoption of 5G in telecom has also been a catalyst for blockchain implementation as 5G provides users with faster and more reliable blockchain operations. In this way, the data on the network can be recorded and stored in a more secure and verifiable manner using blockchain technology.

Explore the full report here, and for further information or to purchase the report, please contact us at james.dowd@bccresearch.com.

Blockchain in Telecom: Global Markets( IFT240A )
Publish Date: Feb 2022    

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