Even with the decline, the market is still expected to see growth. In 2019 the global telecom market size was valued at USD 1.74 trillion but is expected to grow at a compound annual growth rate (CAGR) of 5.0% between 2020 to 2027. Mobile continues to play a significant role in this, with increases in mobile service subscriptions, which are currently sitting at 67% of the global population, which is 5.2 billion people. Mobile technologies and services generated $4.1 trillion of economic value added (4.7% of GDP) in 2019 and it is estimated that by the end of 2020 this number will increase to $5 trillion (4.9% of GDP).Digital transformation refers to the use of digital technologies to create new or enhance existing business processes, models, and customer experience to meet different customer segments’ changing needs.
In most cases digital technology, like machine learning, cloud computing, artificial intelligence and the Internet of Things, is used to make organisational processes and operations more effective and efficient.Digital transformation at its core is customer centric and is focused on changing how businesses operate to deliver more value to their customer base. Digital transformation is changing how businesses interact with their customers and offer customers more control, enhanced visibility and actionable insight, as and when they need it, in real-time.
Customers are no longer settling for sub-par services. Their expectations and requirements have shifted thanks to digital technology and what they are able to achieve at the click of a button. An answer to this need is to create self-service platforms and portals that allow customers to directly access the information, data and insight necessary to make informed business decisions and enhance operations as and when they need. We examine how this technology is empowering
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.
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