Blockchain application in telecom to produce $1.37 billion by 2024

Blockchain application in telecom to produce $1.37B by 2024

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Research and Markets, an Irish global market research company, estimates that blockchain applications in the telecom industry will generate $1.37 billion in revenue by 2024.

According to the report, dubbed “Global Blockchain in Telecom Market Forecast up to 2024,” blockchain adoption in telecoms will grow at a compound annual growth rate (CAGR) of 77.9% during the forecast period.

The report stated that numerous factors would contribute to the growth of blockchain in telecoms. These include demand for fraud management, rising security concerns, 5G implementation and increased number of blockchain consortia, such as Hyperledger, R3 (and its Corda blockchain) and carrier Blockchain study.

The research had also predicted that blockchain technology would contribute about $1 billion to the telecom industry by 2024. Last year the industry contributed $46.6 million.

The report outlines the benefits of blockchain technology in the telecom industry. It stated:

“Blockchain can enable the telecom operators in generating a new layer of confidence on the Internet, based on the data itself. Blockchain helps in building a network of peers, which consist of service providers, vendors, telecom operators, and other parties for increasing the trust among different partners within the ecosystem.”

Blockchain has also helped telecom companies in generating new revenue opportunities and streamlining internal processes, providing strong encryption to record and store the data on the network more securely and verifiable.

In their report, Research and Markets also give in-depth information about key players in the industry. The report also gives a complete overview of the industry which is aimed at providing emerging and established players an opportunity to understand the market trends, initiatives taken by the governments, current scenarios, and technologies related to the industry.

In another report, Research and Markets forecast that the global crypto ATM market is expected to grow at a compound annual growth rate (CAGR) of 46.6% to $183.7 million by 2024. This would be a significant rise from $18 million in 2018. The report, which was released end of March 2019 claimed that Europe and North America held a significant market share in the early adoption of the technology.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.