Consider a person's everyday routine in today's technologically advanced society. On social networking sites, the day begins with a "good morning message" and concludes with a "goodnight" on the same page. The social networking sites are like a virtual universe in and of themselves! The usage of mobile phones and the Internet for communication is constant throughout the day. There are options such as emails, teleconferencing, video conferencing, networking sites, and other technologies to make the procedure quick and easy. The most common modes of communication among the present age are mobile phones, emails, and social networking sites. Technology has even helped the telecommunication industry in other ways such as making temporary phone number to help certain people in certain ways.
Telecommunication around the world are going through an identity crisis as they try to compete on more than just price and coverage. While telecommunications is one of the most essential services in the world, staying relevant as more than a commodity is at the top of every telecom's strategic goal. DLT is a fantastic method to offer financial services while simultaneously providing a payment system that is free of high-cost banking fees. Blockchain offers the ability to eliminate middlemen and minimise friction in corporate processes where centralised operations are bottlenecks. Other decentralised functions can be better matched with distributed ledgers.
Telecommunications firms will continue to gather and create ever-increasing amounts of data through mobile devices, apps, wearable technology, and wireless data in the coming decade. All of this data, however, poses security and privacy threats, which telcos must address in order to comply with regulations while also ensuring that customer data is managed and shared with their full consent.
At the end of 2016, there were about 400 million IoT devices with cellular connections, with that figure expected to rise to 1.5 billion by 2022. Given the unique selling proposition 5G may provide, telcos who can capitalize on IoT will be in the hunt for significant potential profits in a worldwide IoT industry that is estimated to reach more than US$600 billion by 2022.
Artificial intelligence is rapidly being used in telecommunications, with applications such as virtual assistants and Chatbots helping to enhance customer experience. Predictive analytics AI is particularly important for the communications network since it enables for optimization and predictive maintenance. Through predictive analytics, AI enables telecoms to extract meaningful business insights from the massive amounts of data they receive every day.
In 2019, 5G was launched, bringing fifth-generation networks available to consumers, but what does the future hold for telecoms companies in this new decade? By 2025, the European Union's action plan ensures that uninterrupted 5G will be available in metropolitan areas and along major transportation corridors. We will obtain better data speeds, networking slicing, and ultra-low latency efficiency by embracing 5G. 5G will provide operators with new chances for network operation, customer experience, and new services. Telecommunication roles are evolving to become more prominent as both service providers and technology distributors.