The telecom industry is growing fast. The advanced technologies have brought some dramatic changes to offer enhanced customer satisfaction. It is anticipated that 2020 will bring more and varied opportunities.
The changing customer demands, evolving digital supply chain, and ever-smart devices will make the industry advanced and more responsive. Also, telecom companies will act smartly and more diligently to compete in this fast-paced and complex global economy. They will have to navigate a world where customers are demanding and frequently want new updates to make communication easier than ever.
What Is the Future of the Telecom industry?
The telecom industry will be more result-driven. It will develop advanced and innovative technologies to create an easy and safe solution for customers.
Here are a few things that customers can expect from telecom in the future:
To win the support of customers and regain their trust, dual transformation and industry restructuring are required. The telecom industry will have to transform its core business to stop the network commoditization. They will have to create a one-size-fits-all solution for all the customers. They will have to understand the underlying needs for the restructuring of the network to maximize the benefits.
Networks need to be tailored and hardened depending on requirements to boost resilience and security in the system. At the same time, they need to minimize the latency, jitter, interference, and error rate. Some changes are a must to provide trust network services.
The trust factor should include four features. These are privacy and security, confidence, control, and engagement support. For privacy and security, the telecom industry should focus on identity management and military-grade cryptography techniques. These will ensure transaction integrity as well as the highest level of communication and information transfer.
For the confidence, networks will have to focus on the branded and proven attestations and certifications. They need to deposit these within a distributed ledger. Immutable and incorruptible records can create a trustworthy environment.
The support for advanced and new technologies will be the priority to bring success-driven, cost-curve-bending, and customer satisfying results. For better control, the telecom industry might focus on certified self-sovereign identities and more transparency.
In the telecom future, AI analytics will play a major role. The involvement of the AI in the telecom industry will be more. It will help leading companies to offer advanced services by using machine learning techniques and sophisticated algorithms. All these will help to predict the future based on past data.
Also, the future of the telecom industry will focus more on data-driven insights. These insights will monitor the state of the equipment and predict any expected failure on the basis of the data patterns. Also, it can help to fix problems. These new technologies can succeed to create enhanced customer satisfaction by dealing with their problems more efficiently and in real-time.
RPA or Robotic process automation technology will enable the telecom industry to manage the rule-based, back-office operations, and large repetitive volumes more efficiently and easily. The RPA technology in telecom future will deal with the time-consuming and labor-intensive activities. It can streamline a lot of work such as workforce management, data entry, order fulfillment, and billing.
5G refers to the 5th generation wireless technology. It will serve beyond the 4G standards. The network providers are in the process of making 5G as they believe that 5G is the future of the telecom industry. Many leading companies including Ford, Google, and Uber are focusing on the 5G and working to give it a form in the near future. The first attempt at 5G is already there. Once it is introduced, customers can expect more efficiency and increased speed.
Mergers or consolidations are not new in the telecom industry. However, the industry might experience much more in the future. Many telecom companies might come forward to merge for better. Consolidation will offer better services to customers. It will open up new opportunities.
The telecom companies are heavily relying on the virtual assistants to manage customers and answer their requests for set up, installations, maintenance, and troubleshooting. This trend will continue to grow in the future of the industry. Also, companies will start using AI for self-service capabilities. It will help customers to install devices and fix and troubleshoot issues by following AI instructions.
Use of Connected Devices
Another change the telecom industry is going to witness is the explosion of connected devices. The industry will have to change the way it deals with the Internet of Things. The Thingification or IoT might add trillions of new connected devices in the future. As a result, there will be a significant boost in the data volume.
Mobile connectivity is more popular nowadays. It is surpassing the popularity of the hardline connectivity. The increased popularity will continue to grow in the telecom industry. Even though the landline connectivity will be there, mobile connectivity will be always preferred in the years to come.
The world is moving fast. Advanced technology is making life easier. But at the same time, it gives easy options to hackers to hack and steal the data. So, people will expect more security and the industry will focus on the advanced technologies to offer a higher level of protection. The telecom companies will develop different operational and technical innovations to prevent thefts to hack data.
In the future, most of the integrated value-added services including caller ID display, call transfers, screening, and even the three-party calling will be pushed to the second line. New innovations will be added to offer a better experience to the customers. There will be enhanced security, better efficiency, and easy communication.
New technologies such as internet protocols, fiber optics, chip enhancements, and processing speeds will be used heavily to improve the landline services quality and to reduce the overall cost. Customers will be moving from the narrowband to the broadband, from circuited switched to the internet protocols, and from landline to wireless connectivity. The telecom industry future is going to witness some major changes and we need to keep eyes open to embrace all those updates.
Stephanie is the Marketing Director at Talkroute and has been featured in Forbes, Inc, and Entrepreneur as a leading authority on business and telecommunications.
Stephanie is also the chief editor and contributing author for the Talkroute blog helping more than 100k entrepreneurs to start, run, and grow their businesses.