The telecommunication industry has been one of the most revolutionary industries in the world. Every year, there are so many transformations taking place in this industry to leave people awestruck. Certainly, these changes make our lives more connected and augment the communication telecom industry experience. As a result, it becomes necessary to go through the upcoming changes and upgrades in technologies that will bring a paradigm shift in the world telecom industry. In 2024, there is much more to talk about while discussing top telecom industry trends. For example, the increasing trend of custom VoIP development, network slicing, 5G networks, and many more interesting trends are going to dominate this industry.
So, let’s delve deeper and discuss the top trends to look for in 2024 for our telecommunication industry. So, let’s begin and discuss the details of this trending topic with expert recommendations and views.
1. Evolution of Telecom Industry
Back in the 19th century, the foundation of the telecom industry was laid. It started with the telegraph and normal telephone with heavy infrastructure. Certainly, it made long-distance communication possible. At least, within a predefined range.
As time progressed, several revolutions took place in the telecommunication industry. Certainly, it brought innovations and inventions to this industry. For example, the invention of the mobile phone in the late 20s brought wireless communication into existence. It added more flexibility and mobility to communication. As a result, businesses could unleash the full potential of telecommunication.
In the 21st century, digital transformation started taking place. Moreover, it also gave a boost to VoIP (Voice over Internet Protocol) based communication, which was attempting to make its mark in the world for many decades. Digitization and digital transformation helped augment voice quality. Moreover, it reduced communication expenses. Additionally, it enabled multichannel communication.
The evolution in this industry continued. As a result, we all are living in the most connected world. Moreover, we have access to the most powerful communication features and tools at the cheapest rates possible. Additionally, omnichannel communication, digital socializing, and much more are on our plate which helps us feel overwhelmed with the choices of communication we have.
Certainly, there is much more to come. According to a stat result shared by Business Wire, by 2024, the telecommunication industry’s worth will increase by $ 2.42 billion US dollars within 4 years of the span from 2020 to 2024. It shows how important this industry has become in our lives. If you don’t believe us then think about a day without your phone, computer, and any sort of internet connection. Did you get an idea of how the telecom industry has become an inseparable part of our lives?
2. Necessity to Know Top Trends
Certainly, users embrace trends sooner or later. Social media trends go viral sooner than any other trend. However, lives are not restricted to those entertainment trends only. Certainly, there is much more to explore in life. That can change our habits. Therefore, it is necessary to explore.
Undoubtedly, the telecom industry is an inseparable part of our industry. Therefore, there are multiple reasons to explore the top trends. We are discussing these details for businesses. As a result, we have shared the top four reasons to keep your business aware of the top telephony trends. Moreover, if you are correlated to VoIP development services in any way, then it becomes inevitable for you to know.
Align with Technology
Technology adoption is common whether you like it or not. Certainly, your consumers and competitors will adopt these changes. Therefore, you have to align your telephony infrastructure with the upcoming technology-driven changes.
Stay Ready for the Change
Even if you don’t want to adopt upcoming telecommunication trends in 2024, you need to have a plan to deal with them. Therefore, knowing future predictions and trends can help you judge the situation. Moreover, you can also define priorities or a plan for the shift.
Make Conversant Decisions
Certainly, the telecom industry is one of the most dynamic industries. Therefore, it brings several changes and shifts. As a result, businesses must make several moves. However, change in the business communication ecosystem requires several amendments and arrangements. For example, you need to allocate funds for the change. Moreover, you need to run a training session for the team. Therefore, it is mandatory to learn about the upcoming trends in advance. As a result, you can make more reliable and conversant decisions.
Gain a Competitive Advantage
Early adoption of any technology trend is risky and expensive. However, it gives a strong competitive advantage. You can position your business as an innovative company that adopts change for good. Furthermore, you can impress clients and investors with this type of positioning. Therefore, it is worth knowing the top telecom industry trends.
3. Major Telecom Industry Trends in 2024
Several trends are dominating the telecommunication industry. We are going to discuss the major trends that are going to make transformative changes in the global telecom segment.
5G Gains Widespread Adoption
The deployment of stand-alone 5G networks marks a pivotal shift in the telecom industry. It offers unparalleled speed, connectivity, and innovation. Certainly, many telecom and VoIP service providers initially relied on existing 4G infrastructures. However, the advent of standalone 5G heralds transformative possibilities. This independent 5G iteration facilitates network segmentation. As a result, it allows telecom and VoIP service providers to create customized network slices tailored to specific applications and user needs.
Certainly, this granularity cultivates a perfect ecosystem for enhanced performance and security. As a result, it enables groundbreaking use cases like Industrial IoT and augmented reality paving the way for the VoIP industry. VoIP service providers and telecom companies are increasingly embracing the capabilities of standalone 5G. Certainly, experts anticipate a wave of innovative applications and services that redefine connectivity. Moreover, this wave of 5G will drive digital transformation and make the world more interconnected.
Custom VoIP Development
In the telecom industry, custom development is one of the major trends. VoIP based communication solutions are extremely popular among businesses. Certainly, these solutions provide a host of benefits to its users. For example, rich communication features, low communication costs, and similar features have been increasing the user base. The increase in user base has also increased investment in custom development.
Service providers invest in developing custom telephony solutions using VoIP. Certainly, they use these tailored VoIP telephony solutions to provide communication services to their clients. Additionally, enterprises also invest in custom development. Firstly, they invest in white label solutions. Secondly, they prefer complete ownership of their business communication system. Thirdly, they invest in tailored communication systems that can meet their communication needs. In short, for different goals, businesses invest in custom development services.
Also Read: AI Augmenting the World of VoIP Application Development
This trend has emerged heavily in the past few years. However, it will dominate the industry in 2024 and the upcoming years. Firstly, development services have become more affordable. Secondly, businesses are interested in gaining a competitive edge. Thirdly, companies are investing in future technology. As a result, VoIP custom development is one of the most prominent trends to look forward to in 2024 in the telecommunication industry.
Enterprise Software Integration with VoIP Solutions
Undoubtedly, VoIP has outpaced the capabilities of the conventional PSTN-based telephony system. In the modern and digitized business setting, VoIP offers a more tailored fit for emerging requirements than PSTN. Moreover, the requirements for integrated enterprise solutions have increased. Integration of VoIP solutions with enterprise platforms like CRM and ERP enhances features. These integrations bestow several benefits. For example, better customer engagement, improved productivity, increased traceability, enhanced customer support, and more.
Additionally, the rising trend of SaaS adoption in areas such as accounting, CRM, and help desk functions further increases the appeal of VoIP for effortless integration.
Rising Use of AI and Automation in Telecoms
In the telecom industry, AI and automation are reshaping telecoms. Firstly, it started with automating tasks for different aspects. For example, it automates network management, call routing, customer support, and more. Moreover, AI-driven, real-time monitoring allows VoIP service providers and telecom companies to be proactive, not just reactive. Generative AI enhances user experiences. Additionally, AI elevates workplace efficiency and encourages customer-focused services for improved engagement.
Certainly, chatbots, voice assistants, automation, voice recognition, natural language processing, sentiment analysis, etc. are redefining the future of VoIP and telephony industries. By 2025, AI is expected to drive 95% of customer interactions. Moreover, this is mainly going to affect the business sectors like customer care, sales, and support. The IDC Spending Guide highlights significant global AI investments in areas such as automated customer service agents ($4.5 billion about $14 per person in the US), sales processes ($2.7 billion), and threat prevention systems ($2.7 billion). Moreover, AI will furnish representatives with instant sentiment analysis and context-specific cues during live interaction. As a result, live customer interactions will become more engaging and strategic.
Furthermore, VoIP AI analytics will enhance user behavior insights and optimize sales closures. Additionally, AI will also bring features like agent scoring to enable them to monitor intangible metrics. Eventually, AI’s transformative impact on sales and customer support is forthcoming.
In short, AI is going to bring several changes in the telecom industry. From a call center solution to IP PBX software, VoIP Softswitch solutions, and many more telephony systems will be enhanced with AI technologies and inventions.
Increasing Importance of STIR/SHAKEN
Certainly, security and cyber-attacks are major trends in the telecom industry. We have also discussed them. However, robocalls and spoofed calls are two major nuisances in this industry. Several countries are concerned about the increasing number of spam and fraud calls. Moreover, a majority of these spam and fraud calls are related to robocalls and caller ID spoofing. As a result, a reliable security tool is required to combat these attacks on end users. Moreover, it is necessary to control these common attacks to regain the trust of customers.
Certainly, STIR/SHAKEN has appeared as one of the most feasible and reliable solutions to combat robocalls and spoofed calls. Therefore, several countries have already mandated STIR/SHAKEN. For example, in the USA, it is necessary to have a STIR/SHAKEN certificate if you want to do business in America. France is also going to make STIR/SHAKEN implementation mandatory from the 1st of January 2024. Therefore, STIR/SHAKEN is bringing revolutionary changes in the industry. As a result, it is going to dominate the telecommunication industry in 2024.
4. Major Challenges in the Implementation of the Latest Trends
Certainly, the telecommunication industry is going to face several revolutionary and transformative trends in 2024 and the upcoming years. Therefore, businesses need to make several changes in their models to make the adoption of these trends easier and seamless. To make transformative changes with easy adoption of major trends, you need to learn about major challenges.
Here is the list of major challenges:
- Network infrastructure and skill upgrade
- Regulatory challenges
- Lack of skills and knowledge
- Difficulty in prioritization
- Data privacy and security management
- Resistance from the internal team to the new change
- Added expenses to adopt the changes
Concluding Note
In conclusion, pivotal trends will influence the telecom industry in 2024. Telecom companies and VoIP service providers will leverage technologies such as 5G, Generative AI, and cloud solutions. Moreover, security tools like STIR/SHAKEN, fraud detection, etc. will make the world more secure and protected. Additionally, legislation in different countries might enforce the adoption of different technologies, security tools, and more
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