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Several elements are set to impact growth in the future of the telecommunication industry and will require Telcos to innovate their service offerings, change their business models, and move towards being more flexible, agile, and connected. These elements include the impact of 5G technology on bandwidth, reliability, and high-speed connectivity, growing demand for value-added managed services, the value of IoT, enhanced customer service, and a need for end-to-end solutions. These elements are not only providing growth opportunities but are some of the biggest challenges Telcos will need to navigate with regards to the future of the telecommunication industry.
Technology advances and trends making an impact on the future of the telecommunication industry
Digital transformation and the introduction of new technology is rife, providing a significant opportunity for Telcos to expand on their service offerings and solutions to add greater value to both enterprise customers and consumers. Innovative technology, if used and harnessed correctly, can help Telcos differentiate themselves in the market, reduce customer churn, and enhance productivity. This will require Telcos to think outside of the current connectivity box and innovate. Some of the technology and trends set to impact the future of the telecommunication industry
5G is the 5th generation of mobile wireless communications technology and will account for 20% of global connections according to GSMA. Operators and carriers across the globe are supporting the shift towards 5G with an expected investment of around $1.1 trillion in mobile CAPEX between 2020 and 2025. This technology is set to change the way many businesses operate as it allows for faster connectivity, low-latency, enhances bandwidth, and connectivity speed.
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