Market Leader - Blockchain in Telecom Market
The global blockchain in telecom market size is expected to grow from USD 46.6 million in 2018 to USD 993.8 million by 2023, at a Compound Annual Growth Rate (CAGR) of 84.4% during the forecast period. The major driving factors in the blockchain in telecom market are increasing support for Operation Support System/Business Support System (OSS/BSS) processes and rising security concerns among telcos.
The major blockchain in telecom vendors include AWS (US), Guardtime (Estonia), IBM (US), Microsoft (US), SAP (Germany), Bitfury (US), Cegeka (Netherlands), Clear (Singapore), Reply (Italy), ShoCard (US), Abra (US), Auxesis Group (India), Blockchain Foundry (Singapore), BlockCypher (US), Blocko (South Korea), Blockpoint (US), Blockstream (US), Chain (US), Filament (US), Huawei (China), Oracle (US), RecordsKeeper (Spain), Sofocle (India), SpinSys (US), and TBCASoft (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global blockchain in telecom market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2016 to 2018, which helped them to innovate on their offerings and broaden their customer base.
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In line with the rising importance of the blockchain technology, Guardtime has been working to deliver efficient blockchain technology services to the telecom and other industry verticals. The company focuses on building long-term strategic partnerships with companies that are leaders in the blockchain in telecom market. This strategy has helped Guardtime develop new solutions and take them to the market faster. The company has established a goal to create a formally verifiable security system for the Estonian government by eliminating third parties, trusted insiders, and cryptographic keys for the verification of the integrity of government records, networks, and systems. In 2014, Guardtime established Guardtime Federal to exclusively support the cybersecurity and related requirements of the Department of Defense, the US Intelligence Community, other US government departments, and the industrial community that supports these US government agencies. The company has strengthened its presence in the blockchain in telecom market by adopting the partnerships and collaborations strategy. In February 2018, Guardtime collaborated with Verizon, one of the largest communication technology companies. As per this collaboration, Verizon would deploy Guardtime’s KSI blockchain technology to effectively leverage blockchains to meet the security demands of Verizon’s customers.
Clear is progressing in the blockchain space by providing solutions to the telecom, shipping, advertising, and energy industries. The company helps telecom vendors manage their transactions and inter-carrier wholesale payment settlements. It is developing a POC and is also in the process of developing a unified settlement platform. This unified settlement platform would aid in the resolution of disputes and the maintenance of security, control, and data assurance. The platform would also help telecom customers develop products, such as records management, Data on Demand, and Multi-cloud Compute, which are required for autonomous fleets, VR, and remote medicine. In March 2018, Clear released a POC to track the wholesale voice minutes in blockchain-based wholesale settlement systems. Moreover, the company has a strong solutions portfolio that offers faster settlements, flexible automation, and advanced security and privacy. Clear operates from Singapore and is expanding its customer base across the globe. Some of the prominent customers of the company include PCCW Global, Colt, BT, and HGC. The high demand in the APAC and European regions for blockchain solutions is expected to aid the company’s growth. The company has expressed interest in the inorganic growth strategy of partnerships. Recently, the company partnered with PCCW Global and Colt to develop a POC based on the blockchain technology. The POC would be focused on reducing the time required for inter-carrier settlement of wholesale payment settlements, resolving disputes, and managing records.
Related Reports:
Blockchain in Telecom Market by Provider (Application Providers, Middleware Providers, and Infrastructure Providers), Application (OSS/BSS Processes, Identity Management, Connectivity Provisioning), Organization Size, and Region - Global Forecast to 2023
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