Blockchain and telecoms could become $1 billion industry
Blockchain could add $1 billion to the telecoms industry by 2023, a new report claims, soaring from a $46.6 million industry in 2018.
The new figures come from Research and Markets and, alongside estimates that telecoms and blockchain could become a $993.8 million business in just five years, the report points to some of the reasons for blockchain’s growing popularity including security concerns.
The report says: “The blockchain in telecom market is driven by various factors, such as the increasing support for OSS/BSS 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.
“The market study… aims at estimating the market size and the growth potential of this market, across different segments, such as provider, application, organization size, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.”
Telecoms giant Huawei, alongside others in the sector, has expressed interest in the blockchain space in regards to its phones or blockchain’s use in rights management.