According to the forecast made by Research and Markets, one of the world’s largest market research databases, the blockchain in telecom market size is likely to grow from $46 600 000 in 2018 to $993 800 000 in 2023.
The newly published 132-page report singles out “rising security concerns” as one of the crucial propelling forces for the rapid expansion of blockchain in the telecom industry. Despite all the uncertainties of its regulatory status in a number of jurisdictions across the world, this technology is viewed as an adequate solution to personal data protection issues by quite a few telecom operators and service providers.
“The blockchain in telecom market is driven by various factors, such as the increasing support for OSS/BSS [operations support systems/ business support systems] processes and rising security concerns among telcos. However, growing concerns over the authenticity of users, and uncertain regulatory status and the lack of common standards can hinder the growth of the market,” – an abstract of the report summarizes.
Despite the doubts concerning the potency of mass innovations through the implementation of blockchain voiced by banking industry and other concerns over its adoption, Research and Markets, nevertheless, seems to be sticking to a more optimistic prognosis, foreseeing an 84% compound annual growth rate (CAGR) for blockchain in telecoms.