What are the Latest Trends in the Telecommunication Industry?
By Telecom Tech Outlook | Monday, September 30, 2019
Intelligent Connectivity has facilitated the convergence of high-speed 5G network. The IoT and AI will also provide personal and highly contextualized experiences that can make the future of the Telco industry.
FREMONT, CA: The year 2019 is crucial for every industry due to the rapid advancement in technology as every organization is trying to keep up with it. Similarly, the telcos are also feeling the pressure of making investments in technology while focusing on developing business models that will cater to 5G and other opportunities.
Once 5G is available in the market, it will create significant revenue-generating opportunities not only in the broadband and business-to-business areas but also in smart cities, Internet of Things (IoT) and connected homes. The biggest challenge will be to realign businesses and revenue models to support the new service.
Here are some of the top telco trends predicted to shape the sector.
1. Accelerating Cloud Adoption
Telecommunication companies are influencing the scale and agility of cloud that virtualizes the networks by rapidly introducing innovation and embracing IoT opportunities. The prospectus includes investment in cloud platforms and cloud-based unified commercial services.
In the upcoming years, it is expected that cloud will become increasingly embedded in the business process as the telecommunication sector will struggle to manage and automate their omnichannel interactions with the customers and take the support of big data to generate revenue opportunities.
2. 5G gets Real
Most of the sectors like energy, transport, manufacturing, healthcare, and transport are ready to seize the potential provided by 5G and IoT technologies. The advancement of 5G will help the telecommunication companies to partner with other providers so that they can capture the market opportunities. The major market prospects for the telecom sector will be fleet management, data collection and analytics, blockchain, smart city technologies, and predictive maintenance.
5G can create a wide range of opportunities in various fields, starting from machine-to-machine service and autonomous vehicles to remote healthcare and innovative video delivery services. Telco also has to invest in technologies for creating a go-to-market model that will capture the 5G-IoT businesses.
3. Ecosystem Value Creation
To take full advantage of the IoT opportunities, the telecommunication companies have to do more than making an API to the IoT platform available. They have to flawlessly create an ecosystem where the independent partners can together create value along with facilitating sophisticated integration capabilities and secure exchange of data.
Moreover, to enable virtual monetization schemes that will support automated service delivery, the telecom companies must adapt the process of handling complex and extended customer value chain.
4. Privacy and Digital Identity
In the coming years, privacy and identity theft will become a critical issue for providers. In an era, where data security is directly linked with customer satisfaction, the telecom industry's capability to provide greater visibility and control of personal data in exchange with personalized service will win more customers.