Individuals who want to be successful in their telecom IT franchise should go beyond searching for mentors and receiving the necessary training and support. They should also take the time to be familiar with the trends in the telecom industry. Familiarity with the industry can give their business an edge over other competitors. If you are an aspiring telecom franchise owner, make sure that you keep these industry trends in mind.
The Coming of 5G
Network providers are doing their best to make 5G a reality. Various telcos across the globe, in fact, have initiated field trials and developed a 5G architecture to secure a competitive edge in the market. The amazing benefits of 5G, specifically less latency, higher efficiency, and better speed, will push for more connectivity. Additionally, experts see 5G as an enabler of next-generation M2M applications, such as self-driven vehicles and augmented reality such as the Internet of Things (IoT).
More Priority on Security
Last year, many news media outlets reported data breaches in high-end companies like Yahoo! and Wendy’s Co. This year is no different as WannaCry, a highly dangerous ransomware, struck more than 100 countries in the world over mobile phones and desktop computers. Given these cyber attacks, telecom companies need to place more emphasis on security to protect their business. Operators will prioritize network security and transition encryption from a niche play to a universal technology.
Increase in Over-the-Top (OTT) and Value-Added Services
The continually rising competition from over-the-top (OTT) players who provide content streaming and apps directly via the web will push service providers and telecom businesses to become OTT solution providers. Doing so can help drive revenue, build customer loyalty, and offset the downward price pressures. Additionally, the increase in OTT services will boost market opportunities and redirect a portion of the global OTT spend back to the service providers and the network.
The advent of 5G, the prioritization of security, and the rise in OTT services are some of the top trends in the telecom industry. Given that the industry is in the midst of evolution, it is crucial that telecom businesses embrace any changes that come their way so that they can keep up and stay competitive.