Vendors in the burgeoning blockchain in telecom markets have plenty to celebrate looking ahead.

The global market for such services is expected to explode, jumping from $46.6 million this year to $993.8 million by 2023, according to a new report by MarketsandMarkets. That’s a compound annual growth rate (CAGR) of more than 84 percent. Not a misprint.

AWS, IBM, Microsoft, SAP and Oracle are among the major vendors in blockchain in telecom.

Major factors driving the market include increasing operations support system/business support system (OSS/BSS) processes and rising security concerns among telcos, according to the report.

This market is broken up into three categories: application, middleware and infrastructure providers. Among these types, application providers is the fastest-growing segment.

With the demand for enhancements in telecom networks and the implementation of 5G networks, connectivity provisioning is expected to grow rapidly. The OSS/BSS segment is expected to hold the largest share of the market as blockchain addresses concerns in resource-inventory management, service assurance, network management, product management, order management, revenue management and customer management.

Identity management is expected to hold the second-most market share.. Blockchain-based identity management offerings fight identity fraud, and help ensure compliance with banking procedures and regulations.

North America is estimated to have the largest market share this year, as the region is considered the most advanced in terms of technology adoption and infrastructure. Some of the significant application areas where North American telecom-focused blockchain vendors are looking forward to include OSS/BSS processes, identity management, smart contracts, payments and connectivity provisioning.