- Demand for advanced solutions for business processes is inspiring solution providing companies to offer next-generation solutions in technologies. Technical solution providers offer significant advancements in solutions for semiconductors, consumer electronics, industrial automation, IT and telecom infrastructure, and component maker sectors. Software providers are offering next-generation software solutions in different categories such as gaming software, application software, and security software to increase the efficiency of the business process.
- Increasing penetration of smart technological devices increases the demand for personalized media content on internet platforms. Smart TV, transmitting devices, and broadcasting units are integrated with AI and IoT technologies to enhance the performance of the devices.
- The telecom sector is using advanced technologies to transmit voice and data, and manufacturing companies are developing devices that support 4G and 5G technologies to improve the performance of signaling systems.
- Technology, media, and telecom sectors are interconnected to develop and implement next-generation solutions. Solution providing companies are focusing and investing in the R&D process to provide solutions in artificial intelligence, Big Data, Internet of Things, cloud solutions, Voice over Internet Protocol, robots, and industrial automation.
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Key Trends of Tech, Media & Telecom
- Adoption of artificial intelligence among different industries in various physical locations like consumer edge, enterprise edge, telecom edge, cloud AI in the data center, enterprise core for appliances is expected to drive the market growth. Increasing demand for professional service robots in manufacturing, automobile, food & beverages, and other production sectors creates and sets a new trend of automation process in industries. Increasing the use of IoT devices and AI technologies in communication devices requires high-speed media for transmitting signals. Toward this end, companies are adopting 5G networks to increase operation speed. Companies are offering new communication technologies with massive machine type and low latency communication and enhanced mobile broadband network services.
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Challenges: Lack of skilled professionals and limited budget for advanced technologies
- The lack of skilled professionals in industries can increase the challenges for solution providers to deploy and implement solutions and services in different industries. Small and medium enterprises have a limited budget for advanced technologies to update the existing IT infrastructure of a company. This also hampers the adoption rate of new technologies.
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Impact of COVID-19 on the Global Tech, Media & Telecom Industry
- Most new start-ups and market-leading companies are adopting business applications and software to operate all business operations across different regions. In such a scenario, business applications and operational software are an easier platform to access and store all necessary information about the company.
- Demand for advanced media platforms, video on demand applications and other software base solution and services is expected to increase during the forecast period and lockdown conditions. Demand for hardware based technology products in manufacturing, automobile and food & beverages etc. is expected to low during COVID-19 due to low
North America to Hold Major Share of the Tech, Media & Telecom Industry
- North America holds a prominent share of the tech, media & telecom industry due to the presence of key solution providers and increasing investment by companies on advanced tools and technologies to manage global business operations in the region.
- The tech, media & telecom industry in Asia Pacific and Europe is expected to expand the fastest during the forecast period due to increasing number of manufacturing and service providing companies and IT companies and also increasing investment by major players to provide advanced solutions in these regions.
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