Telemedicine and Remote Health Services Generate Revenue for Telecoms amidst COVID-19 Pandemic
Vigorous adoption of telecom services during the COVID-19 (coronavirus) pandemic has led to an unprecedented growth of the global telecommunication market. Since stakeholders in most workplaces and other commercial spaces are practicing self-isolation and social distancing, they are resorting to telecommunication to connect with their employees and customers. The concept of telehealth is surging in the telecommunication market, since patients are preferring contactless diagnosis. Thus, the telemedicine technology is playing an instrumental role for healthcare practitioners in order to lower the risk of infection transmission and to flatten the curve of COVID-19 cases.
Voice and video conferencing has created a wave of transformation in telecommunication services. The burgeoning demand for remote health services is increasing worldwide. Hence, telecom retailers are increasing the availability of different communication and collaborative tools so that individuals can avail full advantage of telemedicine services.
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Cloud Computing and 5G Architectures Meet Fluctuating Demands of Users
5G architectures and cloud computing are paving the way for the adoption of new technologies in the telecommunications market. The growing demand for high-speed connectivity and fast protocols for data transfer are generating incremental opportunities for companies in the telecommunication market. Hence, the market is estimated to cross the ~US$ 2.5 Trn mark by the end of 2030. Stakeholders in the IT & ITES industry are becoming increasingly aware about the advantages of 5G that involve improvements in communication capacities and high-speed data transmission rates.
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Analysts of Transparency Market Research predict exponential growth for cloud computing in the market for telecommunication. Cloud computing is being increasingly adopted by stakeholders in the telecom industry to reduce costs in order to compete in the highly globalized market. Moreover, fluctuations in end user demands have encouraged telecommunication companies to adopt cloud computing in order to deploy new services.
Balance Between Online and Offline Trade Benefits Telecom Retail Stores
Companies in the telecommunication market are adopting new business strategies to unlock revenue streams through the consumer sector, B2B as well as the government sector. Since retail & e-Commerce is predicted to generate the second-highest revenue among all industries in the telecommunication market, companies are taking keen interest in developing comprehensive retail strategies to reach right customers. As such, the growing trend of online shopping is benefitting companies in the market for telecommunication, as companies are able to effectively market their products according to requirements of customers.
Furthermore, understanding the product mix is paving the way for success in retail operations. Companies in the market for telecommunication are identifying the mix of their product offerings to maximize customer-service quality in the retail sector. Even though digital services are on the rise, conventional brick-and-mortar stores offer a live experience to customers, which is often missing in the digital space. Hence, stakeholders owning telecom retail stores are tapping revenue opportunities in both online and offline to enhance the consumer buying experience.
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Established Players Face Tough Competition from New Companies in India Telecommunication Market
The global telecommunication market is largely fragmented with emerging players accounting for ~70%-75% of the market stake. Likewise, the India telecommunication market is highly competitive, thus posing tough competition to several companies. Chief information officers (CIOs) and chief technology officer (CTOs) have reported a slump in return on investment due to the burgeoning competition in the Indian market. This is evident since India is one of the rapidly developing countries in Asia Pacific. Moreover, the Asia Pacific is expected to dominate the telecommunication market during the forecast period.
It has been reported that new market players eat into legacy revenue streams of the key established market players. Emerging players in India are experiencing revenue growth with the Internet of Things (IoT) and 5G architecture. Hence, leading players in India are aiming to strike the right balance between transformation of processes and people within their organizations to gain an edge over newcomers.
Telecommunication Market: Overview
- The global telecommunication market was valued at ~US$ 2 Trn in 2019 and is expected to expand at a CAGR of ~5% from 2020 to 2030, reaching US$ 2.5 Trn by the end of the forecast period
- According to the report, the global telecommunication market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will remain at the forefront of the global demand, with the market in the region expected to grow at a higher rate throughout the forecast period.
- All businesses are affected by the increasing lockdown situation due to COVID-19. Demand for telecommunication solutions is expected to increase with the adoption of different cloud based communication platform solutions across all regions.
Rising Penetration of Mobile Devices and Benefits Offered by Cloud Telephony Solutions Driving Telecommunication Market
- Tablets and smartphones support audio and video conferencing, instant messaging (IM), email, and social networking via PBX mobile extensions and software clients. Hence, a majority of IP PBX vendors have integrated voice into their UCC portfolios to further extend the enterprise UCC functionality to tablets, cell phones, and smartphones via mobile client software. This functionality was traditionally available only through softphones and desktop phones.
- According to the Ericsson Mobility Report – 2017, smartphone subscriptions are expected to more than double by the end of 2020. Around 70% of the world’s population is anticipated to own a smartphone to get connected to the Internet by the end of 2020.
- Deployment of cloud telephony solutions has enabled enterprises to reduce their capital expenditure (CAPEX) associated with installation of hardware. It has also supported organizations to enhance their focus on revenue-generating operations, thereby eliminating the need for hiring and retaining operational staff for management of communication equipment in an organization.
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