Even before the current economic downturn took hold, telecom was one of the most competitive industries in the world with one of the lowest customer retention rates worldwide. Experts say that the economy is expected to worsen before it improves, making it more important than ever for telecom companies to stay abreast of current trends in telecom industry.
Future telecom success will largely hinge on a company’s ability to deliver outstanding service and value for money. This article discusses some of the telecom industry trends that are likely to shape the industry in 2024 – and beyond!
5 Trends Shaping the Future Telecom Industry
These five telecom industry trends are expected to leave their mark on future telecom operations in 2024 while teeing up the future of telecommunications for what’s to come over the next decade. From nitty-gritty tech to better customer retention, these five trends are making big telecommunications news!
1. Great strides for 5G
While 5G has been around for several years, it has yet to be used to its fullest potential. Up until now, most telecom companies have used their existing infrastructures, offering 5G in tandem with 4G. One of the most noticeable 2024 trends in telecom industry will begin to see 5G offered as a standalone service. As a result, consumers will continue to enjoy the speed of 5G and begin to see the rollout of new apps and digital services offering greater security and stability than was previously possible. For the first time, telecom companies will start monetizing 5G and begin to recoup their investments in this technology.
2. Cloud computing will hit primetime
Cloud computing isn’t new, yet most telecom companies still rely on private data centers to host most of their IT infrastructure. This will change in the future of telecommunications as companies migrate essential infrastructure to the cloud. This migration will improve scalability and help telecom companies respond more effectively to demand fluctuations. This scalability will also enable these companies to bring new services to market more quickly, and assess demand before making huge and unrecoverable infrastructure investments in products that don’t gain traction. This will be especially important in the context of 5G as new apps and digital services enter the marketplace amid an economic downturn that can significantly impact customer demand. In addition, cloud computing stands to boost profits by drastically cutting costs related to data center staffing and on-site hardware.
3. AI-assisted customer service
A staggering 50% of customers say that one bad customer service experience is enough to make them switch providers. As telecom companies struggle to differentiate themselves in a crowded and highly competitive industry, an emerging trend in telecom industry will be to provide best-in-class customer service.
This presents a huge opportunity for future telecom providers to use AI-enabled predictive behavior analysis to automate CRM, improve personalization, sharpen customer segmentation, and more accurately identify customers who are about to churn. Today’s AI capabilities will also enable telecom companies to predict customer inquiry volume and types, so they can respond with groundbreaking efficiency while providing more accurate troubleshooting and technical support. The use of chatbots and virtual customer assistants will also make telecommunications news as companies implement them to help provide better self-service support tools while improving response times, reducing customer support costs, and providing better service.
Read this article to discover the 15 customer service KPIs you need to be tracking to help your company keep up with one of the most important trends in telecom industry by providing world-class customer service – and this one to learn 10 tips to reduce churn and improve customer retention.
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4. Machine learning- and AI-assisted network operations
In addition to helping telecom companies improve their customer service, AI algorithms will be used in combination with machine learning to help telecom companies provide better service and performance. Future-looking companies will use this powerful duo to optimize their network traffic by predicting usage patterns, and adapting and reconfiguring networks to respond to fluctuating usage demands. In addition to significant energy-cost savings from scaling back availability during non-peak times, this combination stands to improve the reliability of connectivity by monitoring performance and detecting anomalies to help companies perform preventive and predictive maintenance and make more informed decisions regarding resource allocation. Some companies will also use AI to detect and self-repair network issues, and others will use it to nip fraudulent activity in the bud by detecting security breaches such as unauthorized network access or service theft via stolen passwords and user profiles.
5. Increased cyber-attacks and data breaches, leading to better cyber security
Cybersecurity has been top-of-mind in the industry for years, and it will continue to be one of the dominant trends in telecom industry in 2024. Some experts predict that we’ve only seen the tip of the iceberg when it comes to cyber-attacks and data breaches, expecting that the proliferation of 5G will usher in a new era of security threats from hackers, corporate espionage, and uneducated users (e.g., poor password management, phishing links). Telecom companies are particularly vulnerable to cyber-attacks because of the breadth of sensitive data that’s stored on their networks. In order to protect their future reputations, telecom companies will have to ramp up their cyber security efforts. Savvy companies will amp up their threat detection along with their incident response methods and prevention measures, with many turning to Blockchain as their chosen solution. Companies using Blockchain will vastly improve the security of their operations with third parties while reducing costs and increasing revenue from new services offering state-of-the-art security.
Stay on Top of Telecom Industry Trends with KPIs and Dashboards
Tracking these five industry-specific telecom KPIs can help your company stay ahead of its competition. Plecto enables you to centralize and cross-combine data from different systems, which you can compile on real-time dashboards for on-demand access to a visualized overview of how your company is performing against its KPIs. Plecto also allows you to schedule and generate automatic reports with custom KPIs and real-time data to help you showcase your efforts to top management.
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