Global Blockchain Apps in Telecom Market Forecast to Generate $1.37 Billion By 2024
A report made by Research and Markets affirmed that global blockchain apps in the telecommunication industry will generate a revenue of $1.37 billion USD by 2024. The report was out today, April 2.
The research company, which entitled its report “Global Blockchain in Telecom Market Forecast up to 2024,” predicts that the adoption of the blockchain technology will grow intensively in the near future. The annual growth rate of the technology will be 77.9% during this period, the research indicates.
There are many key factors which will be considered important for the growth of blockchain technology, according to the report. For instance, the rise of security concerns, a greater demand for fraud management in international companies, the rise of usage of 5G connections and the increasingly high number of blockchain consortiums were cited as important points.
Examples of conglomerates include the Carrier Blockchain Study Group, R3 (and its Corda blockchain) and Hyperledger.
The research has also predicted that the blockchain technology alone will contribute with the sum of $1 billion USD to the industry until 2021 when the major changes will happen. At the moment, the contribution of the technology for the industry is “mere” $46.6 million USD.
In its last report, which was out in March, Research and Markets forecasted that the industry of cryptocurrency ATMs may grow 46.6% in this same timeframe. According to this research, North America and Europe are the two continents in which technology is more popular.
China Leads The Blockchain World
Despite hating cryptos, China loves the blockchain. The country is the current leader in terms of blockchain initiatives in the world. Sure, it helps that the country admittedly has a lot of people in it, but the government is also promoting several blockchain initiatives there as well.
Local sources affirm that the number of blockchain-related projects in China can amount to a total of 25% of the world’s projects using the technology.