Global Blockchain in Telecom Market: Overview
The global market for Blockchain in telecom or telecommunications is expected to see promising growth in the future years owing to the rise in support for business support system (BSS) or operation support system (OSS).Blockchains are shared records that replicates through stakeholders in the network.
Blockchains also help maintain complete history of all transactions that have taken place between two or more groups or parties. In simple terms Blockchain is a history that can be verified by other stakeholder but cannot be tampered with. The transaction records of Blockchains are indelible and any other public or private network can be restricted as per the policies of the user company.
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Global Blockchain in Telecom Market: Trends and Opportunities
The global blockchain in telecom market is driven by a couple of factors. One of them being the rise in security concerns among all the telecommunication companies worldwide. Adding to that is the increasing support for processes namely BSS and OSS that is further propelling the market in the recent years.
However, the rise in concerns regarding user authenticity may hamper the growth of the market and user authenticity is an important part and parcel of the telecommunications department. Apart from that the lack of common standards and uncertainty in regulation status in the telecommunications department may also hamper the overall growth of the market in the long run.
Nevertheless, the fact that blockchain technology is very useful and helps to manage fraud cases in the telecom sector may offer lucrative opportunities of growth in the years to come. Apart from the telecom sector, blockchain solutions are also being adopted extensively in the Internet of Things Space and this may further fuel market growth during the forecast period. Another important factor propelling the market for blockchain solutions is the rising use of this technology for the implementation of 5G. This is assumed to bring in more growth opportunities in the blockchain in telecom market in the future years.
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Global Blockchain in Telecom Market: Regional Analysis
The global blockchain in telecom market is geographically segmented into the regions of Latin America, Asia Pacific, Europe, North America and Middle East and Africa. Trends prevalent across these regions are studied in detail. Furthermore, the impact of prevailing government policies and economic trends on demand witnessed in these regions are also examined in detail.
Global Blockchain in Telecom Market: Competitive Landscape
Prominent players of the global blockchain in telecom market are applying various marketing strategies in order to gain strong foothold in the market. Apart from that, they are also investing in research and development strategies in order to produce better application results of blockchain in telecom sector. Major players of this market are Global Payments Steering Group (HPSG), Spinsys, Auxesis Group, Blockcypher, and Oracle.