The global Telecommunication industry is transforming large communication and Technology companies with the maturity of intelligent edge. The intelligent edge is the combination of advanced connectivity, compact processing power, and Al located near devices that use and generate data. Predictions are that in 2021, there will be an expansion by Telecoms deploying the intelligent edge for 5G networks, and hyper scale cloud providers. The intelligent edge will benefit any business that manages data centres, cloud, and networks. Telecoms are key partners for intelligent edge. Large Telecoms sell their own edge computing and IOT solutions. As providers with the edge ecosystem telecoms can offer their enterprise consumers end-to-end connectivity for advanced 5G solutions, cable, fibre, and wired or wireless networks.
The Israel Telecommunication markets have witnessed growth in the recent years and are expected to grow in this direction over forecast period to 2025. The growth in this industry comes from the increasing adoption of mobile phones that supports 5G, 4G, and 3G across the country. This sector is further expected to grow over the forecast period with the increasing adoption of IOT, which is connected to wireless broadband.
The new trends in the telecommunication industry are major growth from value –added services. Digital transformations of new technology are helping to provide opportunities for the telecommunication industry to grow on their service offerings and solutions to add value added services to customers and consumers. Innovation Technology, if used correctly, can help Telco’s separate themselves in the market and increase productivity. This will call for the telecommunication industry to think outside the connectivity box and innovate technology in increasing value added services.
The below are some of the technology and trends set to influence the future of Telco’s:
The 5th generation of mobile wireless connectivity is 5G. According to GSMA this technology will account for 20% global connections. 5G technology will set to change the way businesses operate as it will allow for faster connectivity. This will influence the IOT and edge computing which will enable management of business process, operations, digitisation and automation. 5G connectivity will allow for Telco is to target companies with 5G related applications specifically built for industries, example, telemedicine apps that allow us to connect with the qualified doctors whenever needed, get a diagnosis and treatment plan online. In the hard times of COVID-19, these solutions are valuable if not critical.
AI (Artificial Intelligence)
Making use of AI, telecommunication industry will be able to process and analyse huge volumes of big data to gain access to actionable insights that can be used to enhance customer experience and increase profitability. This is done by using AI technology for network optimisation and automation which will enable Telco’s to detect or predict any problems or issues with the network and will allow them to identify and fix the problem before it negatively affects customers. The use of Virtual assistants allows for operators to implement self-service platforms and solutions that enable customers to do more themselves.
FinTech innovations, in the form of mobile wallets, mobile money, and digital payments have become an innovative and essential service globally. Telecommunication industry has the opportunity to connect with billion unbanked customers. The Fintech market has a huge growth potential and is looking for financial inclusion for simple and convenient ways to make payments. The Covid 19 pandemic has demonstrated the requirement for the FinTech solutions that enabled payments to be virtual either by mobile phones or online. FinTech related trends will continue to grow and impact the future of the Telco industry and provide the telecommunication industry with an opportunity to increase on their service offerings.
IOT (Internet of Things)
Internet of things continues to gain grip and impact the different industry verticals globally, especially since we see shifts towards smart manufacturing, industrial automation, smart cities and vehicle telematics. The estimated total operator – billed revenue from 5G IOT will reach 8 billion by 2024. This move towards internet of things provides an opportunity for the telecommunication industry to innovate their product offerings and make use of 5G capabilities, like network slicing, and multi edge computing solutions to add value to their customer base with solutions that talk to the changing needs of customers.
The companies highlighted below display variety of value added services for Telecoms:
- OKO – Provides effective, affordable insurance to farmers in emerging markets and delivers instant claim settlement. By leveraging the increasing influence of mobile technology, OKO aims to help overcome income distribution insufficiency for those who feed the world.
- Trackimo – Trackimo develops various personal safety and object tracking solutions, with the most cost-effective, compact GPS devices, and a global GSM/IoT service. With trackimo you can locate and track any person, vehicle, pet or precious object in seconds, using web or apps, and get alerts through multiple channels. Trackimo’s cloud-based API enables integration to multiple security and tracking systems.
- AirDoctor – Platform that helps travellers locate an appropriate physician abroad by language spoken, location, medical specialty, and reviews. And it is now preparing for a world where travel may look completely different. Air Doctor introduced a telemedicine service in December 2019 that allows travellers to virtually meet with physicians who can speak their native language. It saw a 150 percent increase in the use of its virtual network in the last two months, as the corona virus pandemic continued to spread throughout the world.
- Pay key – PayKey enables banks, e-wallets, telcos and other businesses to offer customers instant access to financial services, including P2P payments, balance check and top-ups – from within ANY mobile app, including all messaging apps. Pay Key patented Social Payments Solution™ is based on a state-of-the-art smartphone keyboard that includes your branded payment button, opening a menu of your services – always available to your customers, no matter what they’re doing on their phones.
The future of the telecommunication industry entails partnerships and other service providers. This helps the Telco’s to differentiate them, enhance service offerings, and create new business models that aim to provide customers with value added services that they looking for.