Reimagining Digital Transformation
Adapting to digitalized processes and AI has become the new normal for businesses. The radical advancement in communication technology transformed the soporific world into an invigorating global village. The splurge in mobile devices and the ever-increasing data speed have empowered users to groove digitally anytime-anywhere. The monopoly of the internet continues as it out-spaces time-consuming and redundant communication services.
Comparing the cost of some basic operations it is abundantly clear that the digital approach can increase savings and reduce costs in both sales and general expenses.
Telecommunication companies have recognized the need to elevate their engagement with vendors, partners, and consumers. Having a free flow of communication on both sides is enabled by harvesting Cloud-Native, Bss platform, AI, and Automation.
This helps organizations connect with their customers through a well-established CRM to offer better service through automated billing systems and cost carrier transactions through well-established networks.
The radical advancement in communication technology transformed the soporific world into an invigorating global village. The splurge in mobile devices and the ever-increasing data speed have empowered users to groove digitally anytime-anywhere. The monopoly of the internet continues as it out-spaces time-consuming and redundant communication services. The global OSS and BSS market size was valued at 36.85 Billion in 2019 and is projected to reach 104.14 Billion by 2027, registering a CAGR of 13.7% from 2020 to 2027.
Highlighting Sustainability Through Digital Transformation Solutions
The communication industry has had a holistic digital transformation in the last decade giving end users multiple reasons to smile. Traditional telecom operators are facing the wrath of digitalization. Subscribers are preferring multimedia content over native methods. This demand will witness an increase in the future with the increasing coverage of over-the-top (OTT) content. Revenue in the OTT Video segment is projected to reach US$2.53bn in 2022. Revenue is expected to show an annual growth rate (CAGR 2022-2027) of 8.23%, resulting in a projected market volume of US$3.76bn by 2027.
The communication services facilitated by these third-party OTT service providers are more credible than traditional services offered by telecom carriers. The recent app-based communication ‘play store’ further reduces the revenue wallet of old players even more.
Even key telecom operators are struggling to keep up with the supersonic and secure digital networks. They fail to fulfill the rising on-demand content that customers wish to consume. OTT services have already deteriorated the revenues of the telecom operators, and now with stalwarts like Google and Apple wearing the cap of MVNO, carrier services will be more troublesome to telecom operators.
Current operator pricing on international roaming is running extremely heavy, and people’s tendency to use services like matrix sim cards, buying a temporary local sim card, or switching to OTT services such as WhatsApp, Viber, etc., over Wi-Fi is further pushing revenue out from the Telco wallet to OTT.
Data Services are already touted as an emerging trend, and the services offered by companies like Google and Apple are predominantly offering a plethora of data services through the internet world. These stalwarts will have an edge in packaging these services along with carrier services with personalized bundled packs at extremely competitive prices. The end users will also prefer availing of the services under one umbrella as the service experience is good while the accessibility is simple and easy.
What’s Written in the Future Cards of Telecom?
Operators’ forte has been on infrastructure and connectivity, penetration of mobile users is still more than internet users, having control of the gold mine of subscriber data. Operators should begin to introspect and figure out their business models and services, revamp their core business, rebuild their market stature and bring a remarkable rate of technological change and innovation.
This will mostly involve leveraging their existing strong network interconnectivity, seamless roaming through agreements, and expanding their horizon into many futuristic technologies. Artificial Intelligence, sponsored data or data services in collaboration with external eco-systems like Ad Networks, IoT, Mobile Payments, and Marketplace to combat the OTT services and adopting NFV architectures for Enterprise services along with automation among hybrid systems have been such trends used to minimize revenue leaks and operational costs.
6d provides comprehensive solutions and platforms which will enable the operator to launch such innovative services by enabling ease of integration, faster time to market, and bringing additional source of revenues and assist operators to stay competitive and thrive in the market as leaders.