The last couple of decades have been a mix of growth opportunities and roadblocks for the telecommunications industry. The sudden surge in technological advancements, innovations, and digitalization has revolutionized and transformed the telecommunications industry. Telecommunications service providers improved their infrastructural capabilities across platforms such as mobile and broadband and established a connection between services and applications so as to enhance user experience. However, the companies in the telecommunications industry are facing liquidity crunch in their attempt to meet customer demands, upgrade their networks, and reinvent business models. Let’s look at some of the trends in the telecom sector.
Integrating Services with Applications
With the introduction of new technologies and increasing competition, the telecom companies must find a way to integrate services with applications while striving to keep the prices low. As a result, being connected comes at a very little price. However, in the next five years, market experts anticipate major telecom companies to be acquired by content or service companies as the latter builds and expands its data capturing capabilities.
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Large Scale Adoption of Internet of Things (IoT)
The telecommunications industry will witness a large-scale adoption of IoT connected devices; thereby, generating mammoth amounts of consumer data by the end of 2020. The massive amount of data will help telecom companies to gain an in-depth understanding of consumer needs and preferences. These insights will help them to either leverage it to drive organizational growth or sell them to companies from other industries such as retail, automotive, banking, and transportation.
Wireless Options Increases Mobility and Security Threats
Earlier, people would make use of landlines and hardline connectivity. But with the advent of 4G and LTE, wireless connectivity is the new trend that has eliminated the older modes of communication. The introduction of mobile handsets has made lives easier, convenient, cheaper, and highly accessible. As a result, consumers across the globe have raised concerns over the security of data and information generated via these networks. The telecom companies will have to direct their efforts towards addressing consumer needs, taking preemptive measures to protect the data, and add value to the internet value chain by adopting a range of operational and technical innovations.