How IoT And 5G Shall Play a Vital Role in Reviving Telecom Industry?
The Telecom industry is currently witnessing growth at a snail’s pace. With poor returns values, failure in collecting revenues by operators, things are quite grim for the telecom market. However, this will change when 5G enters the market scene and bolster the Internet of Things industry. According to a report by Analytics Insight, IoT is forecast to grow at CAGR of 10.6% in terms of the global market. It is excepted to expand from US$653.6 billion in 2019 to US$1080.4 billion in 2023. And with the advent of 5G, the IoT industry will help in reviving the telecom industry too.
The number of IoT based connected devices and sensors are rising day by day due to their wide applications and usability. From smartwatch wearable to biometric locks to smart cars and smart street lights, they are almost everywhere. Hence, to manage the data traffic and relay among these connected devices with each other, cloud and OTT broadcasting services, telecommunication companies provide the much-needed coverage channels. Therefore, with the arrival of 5G technology, IoT will attain new heights. This will allow real-time data processing and boost edge computing platforms too. Thus the telecom network will undergo massive transformation due to data explosion, new network strategies, and regulatory framework and demand for faster services without compromising the quality and quantity.
As 5G will develop, operators shall play new roles during and after the digital connectivity transformation. Telcos shall emerge as new hubs for data containers to cater to the new requests for richer data-hungry customers’ experiences and service structure. Although to address these newly founded request and demands, Telcos need to see data from the viewpoint of location-based intelligence. Generally, operators already manage the session data that runs through networking pipes that are a unique asset owned by them. By pairing with the data from IoT connected devices, Telcos can bedominant data vendors if they fuse the same data with location intelligence. Further, they can harvest benefits of valuable geographical and movement-related data through location intelligence; where operators can present location and context-aware, personalized and targeted services to vast numbers of end-users.
Keeping aside the lucrative advantages of IoT and 5G culture, Telcos must be careful while analyzing the data generated from the connected devices. In addition to that, the participating operators must develop a strategy to absorb most of the opportunities that shall rise once 5G is in the market view both for business and commercial purposes. Meanwhile, enterprises can focus on building or using a cloud or edge platform to house, analyze the sheer volumes of data. In this 5G backed telecom and IoT framework, emphasis should be on developing the ability to index and fuse all the data from various touchpointsand make it instantly available for advanced and flexible querying. Thus, upgrading to data enabling the wireless connected world with a plethora of innovations and new opportunities for better services.
// Metadata: With the entry of 5G, and IoT powered platform, Telcos can see a revival in the coming years. Thanks to edge and cloud platforms, data from connected devices can now be harnessed with location intelligence.
Keywords: 5G, Telcos, IoT, connected devices, location intelligence, edge, cloud platforms //