With every passing day, we see advancements in technology. Whether it is a smart TV, telecommunication, or the internet, we see companies growing and developing new technologies and software each day. As new technology and new devices are being made, it affects the telecommunication industry as well. Along with the new devices, the telecom industry also needs to grow to remain relevant and competitive.
The telecommunication industry is among those industries that are growing rapidly and dynamically globally. But in past few years, we have seen a decline in the telecom industry because of the increase in competition, changing customer and business needs, and the digital transformation effect. Despite the decline, the market is expecting growth.
Future of Telecommunication:
Digital transformation is providing an opportunity for the telecommunication industry to grow and expand its services. It will add value to both consumers and customers. If innovative technology is used correctly, it can help the telecommunication industry to distinguish itself, enhance productivity and decrease customer churn. It requires telcos to think and work outside the box.
5G Technology:
5G is changing the way many businesses operate. It is the 5th generation of wireless communication for mobile and allows faster connectivity. From 2020 to 2025, the expected investment towards 5G by carriers and operators throughout the world is about $1.1 trillion. 5G enhances connectivity, bandwidth and allows low latency. 5G is challenging the already existing modes of communication. In the United States, there are unlimited modes of internet connection. For example, Cable, Fiber, Satellite, and DSL are some of the modes of internet transmission. Out of all these, cable and fiber are the most common. These providers offer multiple services at once. For example, Charter offers Spectrum TV service in addition to the internet. Nevertheless, all these modes of communication are paving way for the growth of the internet industry while 5G continues to evolve.
Social Networking:
Social networking platforms are growing faster and they are attracting many users. According to a report, at the end of 2010, Facebook alone had 600 million active users that are more than one-third of people using the internet in the world. Among these people, about 40 percent of the people use Facebook from their mobile phones. Like Facebook, Twitter also reached more than 200 million users. Among them, 37 percent of the people use their mobile phones to stay active on Twitter.
There is massive content available out there on platforms like YouTube and Flickr. It reflects the number of registered users and the opportunities these applications are providing. These applications have reduced distance barriers and reduced time and turned the world into a global village where everyone is connected.
If we talk about YouTube, it has millions of videos, movies, and shows to watch. According to research, over 200 million videos are watched every day on YouTube. Flickr is an image and video hosting service and around 5 billion photos are uploaded on Flickr every day. These figures show the attraction and engagement of people towards social apps.
Services and new applications:
With the advancement in technology, banking, and money transfer, etc. are also shifted to online systems. M-banking is based on a simple message (SMS) and it has an impact on the rural areas as well. It allows the poor countries to participate with other countries in the economy. Some examples of those countries are Pakistan, Kenya, and the Philippines. They have developed m-payments and m-banking services.
Many applications are now being developed for the betterment of sectors like health, agriculture, finance, education, governance, transport, and employment.
Conclusion:
The telecommunication industry has a bright future and it will continue to grow with the new technologies like IoT, 5G, and artificial intelligence. The people working in the telecom industry need to change and adapt innovative ideas to enhance their services, business models, and offerings. They should take the full benefit from these advanced technologies like 5G. It will help them to enhance their customers, providing a fine customer experience, it will provide ways to increase productivity and revenue for their businesses. It will eventually affect the industry and it will grow faster.