The telecom industry has witnessed rapid changes over the last few years. Advancements in technology have completely altered the market landscape for the telecom industry. The advent of 4G, wearables, smartphones, and mobile apps have changed the way people consume telecom services. However, such disruptive innovations are posing challenges for the telecom giants as they are looking for means to stabilize their revenue streams.
Top Challenges Facing the Telecom Industry
Competition from OTT services
Mobile messaging and chat apps have been growing at a phenomenal rate, hurting the call and messaging revenues of telecom players. Customers of today have the option of choosing from a wide variety of messaging apps and most of the apps have included voice and video calling features as well. Text messaging services have been dwindling downwards along with the decline in voice revenue per user.
Privacy and Security Issues
Telecom service providers maintain a large repository of personal data and sensitive information. They are constantly under threat and vulnerable to hacking. Therefore, it has forced government bodies to create regulations regarding user data protection. Telecom players are always on the lookout for third-party organizations and state-of-the-art security frameworks.
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