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