Global Blockchain in Telecommunication and Post Services Market - Growth and Recent Trends by Forecast to 2023
The global blockchain in telecommunication and post services is projected to grow exponentially over the forecast period. The novel use of blockchain, which is in its nascent stage and the innovative applications being developed for the technology are expected to propel market growth during the forecast period. In 2017, the market was valued at USD 39.2 million. Comparatively, the global blockchain in telecommunication and post services is projected to reach an estimated USD 641.8 million by the end of 2023 and achieve an astoundingly positive CAGR of 59.3% during the forecast period of 2017 to 2023.
Blockchain technology offers various advantages such as the reduction of operational costs, secure tracking of customer data and enhanced proficiency of new products. The security offered by the use of blockchain technology also offers a lowered rate of fraud and forgery. Telecom giants have been investing in blockchain related projects in an effort to offer various value-added services and increase their customer base. Investments in startups, prototype, and experimental frameworks are expected to perpetuate market growth during the review period. Another factor encouraging the growth of the global market is the security that the technology offers. The advancement of blockchain technology has led to the development of a secure digital platform for payments and other transactions. The ongoing development of transactional processing and the potential the market carries has attracted several new entrants who have set up start-ups dedicated to improving several aspects of blockchain technology for use in telecommunication and post services.
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Since the market is underdeveloped, presently, there are concerns regarding the integration of blockchain solutions with existing applications. The high initial cost associated with such integration poses a challenge to market growth. Moreover, the use of blockchain solutions consumes significant amounts of energy during the computation process which is a concern as the global trend is to move toward sustainable and environmentally friendly methods. However, the emergence of blockchain technology for communication-based capabilities such as internet connectivity and phone calls is expected to lead to new avenues of opportunity and development is being made to provide data-integrity management, back-office systems, and efficient billing. Although these aspects are still under development, they offer many opportunities in the coming years
The global blockchain in telecommunication and post services market is segmented on the basis of service providers, organization size, platform, application, digital services, and region. By service providers, the market is segmented into application and solution provider, middleware provider, infrastructure and protocols providers. The application and solution provider segment is expected to achieve the highest CAGR of 60.6% during the forecast period, and maintain its leading position due to the development in protocols and infrastructure combined with the efficiency and security in transactional processes.
Blockchain technology offers various advantages such as the reduction of operational costs, secure tracking of customer data and enhanced proficiency of new products. The security offered by the use of blockchain technology also offers a lowered rate of fraud and forgery. Telecom giants have been investing in blockchain related projects in an effort to offer various value-added services and increase their customer base. Investments in startups, prototype, and experimental frameworks are expected to perpetuate market growth during the review period. Another factor encouraging the growth of the global market is the security that the technology offers. The advancement of blockchain technology has led to the development of a secure digital platform for payments and other transactions. The ongoing development of transactional processing and the potential the market carries has attracted several new entrants who have set up start-ups dedicated to improving several aspects of blockchain technology for use in telecommunication and post services.
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Since the market is underdeveloped, presently, there are concerns regarding the integration of blockchain solutions with existing applications. The high initial cost associated with such integration poses a challenge to market growth. Moreover, the use of blockchain solutions consumes significant amounts of energy during the computation process which is a concern as the global trend is to move toward sustainable and environmentally friendly methods. However, the emergence of blockchain technology for communication-based capabilities such as internet connectivity and phone calls is expected to lead to new avenues of opportunity and development is being made to provide data-integrity management, back-office systems, and efficient billing. Although these aspects are still under development, they offer many opportunities in the coming years
The global blockchain in telecommunication and post services market is segmented on the basis of service providers, organization size, platform, application, digital services, and region. By service providers, the market is segmented into application and solution provider, middleware provider, infrastructure and protocols providers. The application and solution provider segment is expected to achieve the highest CAGR of 60.6% during the forecast period, and maintain its leading position due to the development in protocols and infrastructure combined with the efficiency and security in transactional processes.
Segmentation:
By organization size, the market is segmented into large enterprise and SME. Large enterprises possess the largest segment of the market due to their ability to make considerable investments. However, SMEs are expected to show the highest growth as more startups enter the market and make advancements in blockchain technology.
By application, the market is segmented into payment & transaction, smart contracts, network management, reporting and analytics, billing/OSS, and others. The payment and transaction segment presently accounts for the most significant segment and is expected to maintain its lead while growing at the highest CAGR during the forecast period. The strong need for highly secure, fraud-proof payment systems is expected to propel the segment's growth.
By digital service, the Global Blockchain in Telecommunication and Post Services Market is segmented into digital asset transaction, voice/data services, value-added services, identity-as-a-service, content services, and managed services. The digital asset transaction segment, which is expected to grow at the highest CAGR of 60.4% during the forecast period, presently accounts for the largest segment of the total market. With the advent of various advanced technology such as the Internet of Things, Big Data, and Artificial Intelligence, blockchain technology is growing highly popular and is expected to impact various industry verticals greatly. Authentication and data integrity is expected to grow in importance in the coming years thus leading growth for the segment.
By platform, the market is segmented into Ethereum, IOTA, Hyperledger, HydraChain, Openchain, and IBM Blockchain. Ethereum is the largest and fastest growing market segment due to the popularity of the platform.
Regional Analysis
Led by the U.S, North America accounts for the largest region in the global market. The region is technologically advanced and has the well-developed infrastructure. The region also has a concentration of leading market players and startups which is expected to compel market growth over the course of the forecast period. U.S accounted for the largest sub-segment of the North American market and is expected to achieve a CAGR of 58.9% during the assessment period.
Europe accounts for the second largest market and closely follows North America with regards to consumption and growth patterns. Germany is one of Europe's significant countries in the blockchain for telecommunication & post services market and is projected to grow at a CAGR of 61.5% during the forecast period.
Competitive Tracking
In the course of market study, several prominent players were identified for their role and implemented strategies in the competitive landscape of the global blockchain in telecommunication and post services market. Players analyzed in the report include Microsoft Corporation, IBM Corporation, Juniper Networks, Atos SE, Coinbase, SAP SE, Bitfury Group, Accenture Plc., Blockchain Tech Ltd., and Earthport.
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By organization size, the market is segmented into large enterprise and SME. Large enterprises possess the largest segment of the market due to their ability to make considerable investments. However, SMEs are expected to show the highest growth as more startups enter the market and make advancements in blockchain technology.
By application, the market is segmented into payment & transaction, smart contracts, network management, reporting and analytics, billing/OSS, and others. The payment and transaction segment presently accounts for the most significant segment and is expected to maintain its lead while growing at the highest CAGR during the forecast period. The strong need for highly secure, fraud-proof payment systems is expected to propel the segment's growth.
By digital service, the Global Blockchain in Telecommunication and Post Services Market is segmented into digital asset transaction, voice/data services, value-added services, identity-as-a-service, content services, and managed services. The digital asset transaction segment, which is expected to grow at the highest CAGR of 60.4% during the forecast period, presently accounts for the largest segment of the total market. With the advent of various advanced technology such as the Internet of Things, Big Data, and Artificial Intelligence, blockchain technology is growing highly popular and is expected to impact various industry verticals greatly. Authentication and data integrity is expected to grow in importance in the coming years thus leading growth for the segment.
By platform, the market is segmented into Ethereum, IOTA, Hyperledger, HydraChain, Openchain, and IBM Blockchain. Ethereum is the largest and fastest growing market segment due to the popularity of the platform.
Regional Analysis
Led by the U.S, North America accounts for the largest region in the global market. The region is technologically advanced and has the well-developed infrastructure. The region also has a concentration of leading market players and startups which is expected to compel market growth over the course of the forecast period. U.S accounted for the largest sub-segment of the North American market and is expected to achieve a CAGR of 58.9% during the assessment period.
Europe accounts for the second largest market and closely follows North America with regards to consumption and growth patterns. Germany is one of Europe's significant countries in the blockchain for telecommunication & post services market and is projected to grow at a CAGR of 61.5% during the forecast period.
Competitive Tracking
In the course of market study, several prominent players were identified for their role and implemented strategies in the competitive landscape of the global blockchain in telecommunication and post services market. Players analyzed in the report include Microsoft Corporation, IBM Corporation, Juniper Networks, Atos SE, Coinbase, SAP SE, Bitfury Group, Accenture Plc., Blockchain Tech Ltd., and Earthport.
Browse More Details on Report at: https://www.marketresearchfuture.com/reports/blockchain-telecommunication-post-services-market-6214
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Contact:
+1 646 845 9312
Email: sales@marketresearchfuture.com
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