Where the opportunities for growth are in 2019-TeleCommunications
By the end of 2019, the opportunities for growth are expected to come from shifting market conditions and changes in consumer preferences. As per the debut of 5G technologies, consumers are signaling that they cannot get enough data. There are more data-heavy applications than ever before, and they are becoming a constant in people’s lives. In a mobile service survey, a total of 37% of respondents in 2018 had unlimited data plans, which is quite impressive considering it’s a 12% jump from the previous year. Another opportunity could stem from corporate consolidations, particularly in the cable and content industry. Consumers tend to prefer their streaming services nowadays, and a similar survey put the number of subscribers to a streaming service at 55%. In the same survey, cable subscribers were recorded at 63% having fallen by 12% from the previous year. Cable companies, in an effort to continue to be relevant are attempting to extend their programming beyond the fixed lines, and these changing dynamics could lead to some unlikely partnerships, especially because many companies are trying to rush the development of new business models and services based on the upcoming 5G technology.
Two other sources of revenue to come are mHealth and mPayments. For mHealth, operators can monetize services directed to the consumers who are sporting healthcare-centric wearables. For example, the devices can help patients take the proper dosage of their medication. mPayments, however, helps integrate devices for various applications, or payment methods, and customer ID management. One rough calculation estimates that mobile payment revenue could increase upwards of 4X by 2022. Some other emerging trends are voice assistance, and everyone’s favourite up-and-comer, blockchain. About two-thirds of customers say they use a voice-assistant on their mobile, a 20% increase form the previous year. As for blockchain, there’s a lot of potential for streamlining the billing process among a variety of other tasks. Blockchain could help supervise and regulate the Telecom’s networks to speed up their progress towards 5G.
Telecommunications businesses have a lot of potential areas for growth; however, they should still be mindful about a few elements. These opportunities will require a substantial amount of investment, and companies will need to focus on streamlining in addition to how they are going to monetize their investments. It’s a must to nail down all the potential steps when investing in these opportunities, having a well-planned strategy could save the company a lot of time and money. If you need help coming up with such as strategy, Mindtrades is there to make the process run smoothly.