Into the Future of Telecommunications: What to Expect
The telecommunication industry encompasses “traditional” enterprises that struggle while trying to cope with the churn, caused by below-the-belt competitors’ offerings and OTT services. A few years ago, companies in the telecommunication industry have witnessed a considerable amount of technology decisions and software implementation architectures that were not considered logical from outsider experts’ point of view. […]READ MORE >>
The telecommunication industry encompasses “traditional” enterprises that struggle while trying to cope with the churn, caused by below-the-belt competitors’ offerings and OTT services.
A few years ago, companies in the telecommunication industry have witnessed a considerable amount of technology decisions and software implementation architectures that were not considered logical from outsider experts’ point of view. However, telecommunications companies are long past that stage. In the next decade, telecommunication services providers will transform their enterprise systems and digital B2C channels into modern and agile platforms. These will provide employees in the telecommunication industry with analytics-driven operational decision-support capabilities and would deliver seamless back-end integration capabilities through microservices.
Consumer-driven data consumption, fueled by the mobile and broadband services in IoT devices, which have soared and put unprecedented pressures on networks. Thanks to the introduction of GDPR, It has also been the year of stronger encryption practices as users, organizations and lawmakers alike became increasingly concerned about privacy and the safety of their data and infrastructure. The landscape has changed shape as companies in the telecommunication industry pushed into the OTT space and increased their user access capabilities as well as high-profile merger activity in the sector making headline news.
Telecommunication industry trends 2019
We at Infiniti Research have uncovered some of the top telecommunication industry trends that have been sourced directly from our global experts in the telecommunication industry. These trends are all set to take off in 2019 and overcome some of the biggest telecommunication industry challenges:
AI-driven predictive analytics are helping companies in the telecommunication industry provide better services by utilizing data, sophisticated algorithms and machine learning techniques to predict future results based on historical data. This means telecommunications companies can use data-driven insights to monitor the state of equipment, predict failure based on patterns, and proactively fix problems with communications hardware in customers’ homes. In the long term, these technologies will underpin more strategic goals, such as creating new customer experiences and dealing efficiently with business demands.
According to Infiniti Research’s recent study, several executives in the telecommunication industry, media industry, and tech industry claim that they have garnered substantial benefits from cognitive technologies.
Robotic process automation (RPA)
Companies in the telecommunication industry have vast numbers of customers and an endless volume of daily transactions, each susceptible to human error. Robotic Process Automation (RPA) is a form of business process automation technology based on AI that can bring greater efficiency to telecommunications functions. This technology allows telecom services providers to more easily manage their back office operations and the large volumes of repetitive and rules-based processes. Telecommunication industry trends such as RPA frees employees from labor-intensive and time-consuming activities by streamlining processes including billing, data entry, workforce management and order fulfillment.
Virtual assistants have learned to automate and scale one-on-one conversations so efficiently that they are projected to cut business expenses by billions of dollars in the next five years. Companies in the telecommunication industry have increasingly turned to virtual assistants. This is mostly to help contend with the massive number of support requests for installation, set up, troubleshooting and maintenance, which often overwhelm customer support centers. Using AI, companies in the telecommunication industry can implement self-service capabilities that instruct customers how to install and operate their own devices.
Increased security measures
In 2018, there was constant news of a data breach or a network being compromised. A good number of companies in the telecommunication industry are known to have suffered from DNS-based malware over the previous 12 months. For this reason, 2018 saw more and more network operators in the telecommunication industry roll out business-wide encryption. In 2019, holistic network security is expected to become more important than ever and encryption will transition from a niche play to a more pervasive technology.
Future of telecommunications: What’s in store?
The future of telecommunications companies gives both opportunities and challenges to all industry stakeholders. Multiple factors contribute to the unprecedented changes that we currently experience, and we can expect nothing but more change in the future.
The telecommunication industry will not be able to make big strides in IoT if constant broadband connectivity is not available. In the case of wireless connectivity over short distances, the capability of Wi-Fi is hard to beat. However, the truth being said, today’s Wi-Fi hotspots are notoriously slow and fickle. That’s about to change. By 2020, a good majority of wireless hotspots will be carrier-grade Wi-Fi that is extremely reliable and provides very fast fault recovery through redundancy.
Blockchain Will Connect Consumers with Content
These virtual, decentralized currencies are the most prevalent (and obvious) use, but in the next couple of years, blockchain will permeate to other industries. Creators are starting to use blockchain to monetize their content either through the community of fans upvoting content and being rewarded for popularity or with the help of direct payments using proprietary coins built on the blockchain.
Smart Cities Will Be Built Out
Industrial connections play a crucial role in capturing and transmitting data to power smart city use cases like smart lighting, metering, heating, and smart grid. Earlier, service providers’ networks in the telecommunication industry didn’t have the capacity to handle the amount of data produced by IoT devices. With more device connections coming online and the development of a 5G network that’s ready to support those connection, experts at Infiniti Research predict the first truly smart city to be built by 2020. Major metropolitan hubs in countries like the U.S., India, and China are leading their own smart city initiatives.
Struggling to match your services with the fast-paced telecommunication industry trends? Get in touch with our experts to learn about Infiniti’s market intelligence solutions for the telecommunication industry.