The pandemic has massively accelerated digital transformation in almost every sector. One technology that’s skyrocketed since 2020 is the “internet of things” (IoT).
IoT is now part of the new normal in telecoms. One survey predicts the global IoT telecoms market will grow to over $22 billion by the end of 2023 as demand for connectivity rises. Major players like Huawei, AT&T, Verizon, Vodafone and T-Mobile are pushing the bandwagon further.
Here are some of the reasons both providers and end users are excited about IoT.
IoT helps data-hungry companies
As devices like smartphones, smart appliances, and smart TVs become more and more central to our lives, businesses can reap tremendous benefits by enabling them to talk to each other: anything from analysing massive datasets collected by devices internationally to controlling giant machines.
It makes consumers’ lives more comfortable
Through the convenience of shopping through voice-activated assistants like Alexa, getting products delivered by drones, and arranging payments with one click, IoT is creating a more streamlined customer experience.
It improves the monitoring of smart devices
About 30% of telecoms activity is now dedicated to monitoring smart devices. IoT enables the real-time monitoring of cell towers and other telecom equipment, allowing workers to identify and fix problems quickly and to adjust remote equipment for greater efficiency.
IT improves telecoms software and infrastructure
The growth of Low Power Wan (LPWAN) is driving IoT connectivity worldwide. Its ability to resist interference and avoid collisions will improve the signal-to-noise ratio. IoT devices can provide real-time feedback on any interference around cell towers and other important equipment, and help to prevent damage from earthquakes and extreme weather.
We can expect the following from the rise and rise of IoT devices:
Improved customer satisfaction: By helping to collect data in real time, IoT will enable providers to make better business decisions that will improve customer experiences.
Flexible and cost-effective services: Collecting data through IoT also enables providers to create a platform from which they can transfer information to the cloud.
New business models and revenue streams: IoT business models will diversify, with data package sales models, SIM card management services, and acronyms like Iaa, PaaS, SaaS and BaaS becoming commonplace.
In short, IoT will continue to enable innovations that will transform the telecoms industry for good.