PRIMED TO DEVELOP INNOVATIVE NEW BUSINESS
Telecommunications is the one industry that is well primed to develop innovative new business models and ecosystems. With the IoT revolution underway, this poses a huge opportunity to develop new services and products with healthy revenue streams. It’s predicted that by 2022 a million IoT devices will be sold every hour.
The catalyst driving IoT growth is high-speed wireless networks with a focus on Cloud Services and API’s to enable as many systems as possible to integrate with increasing speed. However, the cloud is not a long-term or midterm solution, and new infrastructure providers must deliver on edge computing solutions to minimise reliance on the cloud. This will soon become a necessity as it’s predicted there will be around 10 billion IoT connections worldwide within the year. With the 3 focus areas being Smart Cities (23%), Connected Industry (17%) and Smart Buildings (12%).
5G is the next generation in wireless tech and it’s set to transform the industry in ways that cannot be predicted. With 5G technology there will be an increased system capacity along with reduced latency and unprecedented high-speed connections. It’s predicted that 1.5 billion people will be using 5G within 5 years. Content and broadcasting will see a huge growth spurt as streaming becomes ubiquitous, which will spawn a host of new opportunities
With the advent of more complex systems a growth area will be in skilled technical resources that will offer in-field services. These will largely be contractors and this will be just one of the many outsourcing models telcos will have to embrace as part of the new cross-industry ecosystems that will have to be adopted to stay competitive at scale. These mega multi-player ecosystems are predicted to unlock business growth to the value of $100 trillion over the next decade.
The winning trifecta will be to invest across technology, media and telecommunications (TMT) combined with TV and content, Internet of Things and Enterprise Cloud Computing. Of course the winning approach is to keep expanding the ecosystem and to open up Application Programming Interfaces (APIs) to the smartest minds out there to drive business model innovation.
But there are those who believe that the tectonic technology shifts will be driven from the buyers-side and the focus should be on developing technology that best supports them, which brings us full circle to the more analogue customer experience that is considered a major competitive advantage.