We constantly follow new top telecom industry trends because this is one of the most dynamic industries and the driving force behind many new technologies. With the telecommunications industry continually evolving, 2023 will be no exception.
Let’s look at how the trends and advances in the telecommunication industry will majorly impact all industries and change the world around us.
Table of contents
As mentioned, in 2023, all industries and our lives will experience significant changes coming from the telecommunications industry. Without further ado, here are the top telecom industry trends we can expect in the year 2023:
- 5G technology will finally become mainstream, enable 5G monetization and enter the first stage of use cases.
- The internet of things (IoT) will continue to grow rapidly, mainly because of 5G technology.
- Artificial intelligence will play a more significant role in telecommunications.
- Cloud computing will continue to dominate the market.
- Cyber Security, resilience & Blockchain will be on everybody’s mind.
- Digital transformation, do we need to say more?
- Cloud BSS and billing platforms must be highly scalable and handle large data volumes.
Finally, 5G is coming!
In 2023 we will see the adoption of the first 5G use cases. More importantly, telcos will start to monetize on 5G.
This revenue is more than welcomed to support the significant investments in 5G networks and BSSs, measured in millions and billions, telcos made and still need to make.
For more information on what 5G is, its benefits, how to monetize on it, and what to expect from 5G technology in 2023 and years to come, read our comprehensive “Ultimate Guide to 5G monetization for Telcos.”
5G will boost the Internet of Things (IoT)!
The Internet of Things (IoT) is another major telecom industry trend for 2023, as 5G will also enable a new wave of IoT applications and services.
IoT refers to the network of physical devices connected to the internet. These devices can communicate with each other and share data. IoT applications, such as smart home devices and wearable technology, are already used today.
The importance of IoT comes from remote access capability to base stations and data centers. Most players in the telecommunication industry will increase the adoption of IoT to exploit the benefits bestowed by the technology.
An enabling role for providing IoT infrastructure, which the telecommunication industry is best positioned to deliver, will allow the carriers to structure their own IoT services and offer them to the ever-growing IoT market.
The fact that players in the telecom industry are also carriers of internet connectivity implies that the industry will play an enabling role in implementing and deploying IoT.
Artificial Intelligence (AI) is here!
Artificial intelligence (AI) is another major telecom industry trend for 2023. AI is a type of computer science that deals with creating intelligent machines.
AI can detect network issues, perform self-repairs, or safeguard networks from fraudulent activity.
It can also predict usage and behavior patterns in equipment operations or customer interactions. Therefore it can help improve a more efficient resolution of potential hardware defects or customer problems that can influence the user experience.
AI technology can automate tasks, improve decision-making, and provide personalized services.
In 2023, we will see more AI applications in the telecom industry, especially chatbots and virtual customer assistants.
Cloud Computing – now or newer!
Cloud computing refers to storing and accessing data and applications over the internet. It has many advantages, such as scalability and flexibility. In 2023, we will see even more telecom companies move to the cloud.
Even though cloud computing is not a new trend, this technology still needs to be adopted and implemented intensively and extensively to exploit its benefits.
We can witness the telecom sector move towards virtual networks and see a tremendous transition of communication service providers (CSPs) to the cloud.
Even today, most telecommunication companies rely on colossal computing infrastructure to operate various applications, manage data, and charge services. A switch to the cloud lowers the on-premise hardware and HR requirements, reduces investment and operational costs, and therefore boosts revenue streams.
Cloud computing will continue to trend in telecommunication in 2023 with increased adoption.
The list of the needs of telecoms in 2023 includes:
- introducing new services
- reducing costs to compete in a highly globalized marketplace
- adjusting to fluctuations in market demands more effectively
Today, telecoms are increasing their adoption of cloud computing in their operations, seeking to fulfill these needs by harnessing the benefits of the cloud. They can improve their services or introduce new services using the cloud’s pay-per-use service model.
Additionally, extensive cloud adoption offers telecoms economies of scale, scalability, and cost-effectiveness, which they require to address the need to reduce costs.
Similar to IoT, telecoms can use the cloud to improve the effectiveness of their operations, or they can restructure cloud computing services, allowing them to provide these services to the expanding and growing market.
Using cloud computing in operations will be beneficial because it provides an invaluable opportunity for telecoms to switch essential business functions to the cloud. The higher efficiency offered by the cloud enables telecoms to adjust to fluctuations in market demands.
The fact that the cloud is the ultimate solution for the needs of telcos indicates that cloud computing will still be a telecom industry trend even in 2023.
Cyber security, resilience, and Blockchain!
Cyber security and resilience are major concerns for the telecom industry. In 2023, we will see more cyber-attacks and data breaches.
The telecom industry has always been the most vulnerable target for cyberattacks, given the vast amounts of sensitive data stored on various complex networks.
Not a day goes by that we don’t hear of another security breach or personal details being leaked to the public.
The 5G technology brings new security threats, and telcos must prepare for direct or indirect cyber attacks. This means building adequate IT infrastructure and pairing it with talent and processes to support resiliency.
Effective cybersecurity must include the implementation of threat detection, incident response methods, and prevention methods.
Even worse, IoT-enabled networks are more vulnerable to major cyber invasions and crimes. Insufficiently protected devices such as laptops, routers, webcams, automobiles, home security systems, or IoT machines can be turned into weapons by hackers. So for Telcos, it’s essential to implement adequate cybersecurity measures.
As a result, telecom companies will need to invest in better cyber security measures. One way to improve cyber security is to use blockchain technology.
Blockchain is a distributed database that can be used to store data securely. In 2023, we will see more telecom companies use Blockchain to improve their cyber security.
Blockchain is a game-changer for secure business operations with third parties. It will also reduce costs and consistently increase revenue.
Communication service providers can use Blockchain to offer new and secure services.
Digital transformation is here to stay!
The whole world is going into digital transformation, and by 2023, this digital transformation will be well underway.
Currently, telecom companies are investing heavily in 5G technology and infrastructure. This new generation of wireless networks will provide faster speeds and lower latency, enabling a new wave of digital applications and services.
As a result, homes, and businesses will have access to incredibly fast internet speeds.
In addition to 5G, telecom companies are also working on upgrading their core networks. This upgrade will provide the foundation for future digital services, such as cloud computing and the Internet of Things.
By 2023, the telecom sector will be well on its way to supporting digital transformation.
Cloud BSS and billing platforms are a must!
Ultimately, we came to the most important part – telecom BSS and billing!
Cloud billing platforms are hardly a new trend in the telecom industry! However, they need to be mentioned since only some are using them.
Surprisingly, not all CPSs have the supporting infrastructure to support the rapid development of the industry.
According to a study by Nokia, only eleven percent of global 5G providers have an appropriate business support system (BSS) in place for effective 5G monetization. The study also found that 98 percent may need to alter their BSS in some way to meet the demands of 5G business models.
Cloud billing platforms allow telecom companies to bill their customers for services and applications that are used in the cloud. This type of billing is convenient and efficient. In 2023, we will see more telecom companies use cloud billing platforms.
The cloud billing platform, like Tridens Monetization, provides telecom companies with the capacity they require to support any monetization models.
Tridens Monetization is a full-stack cloud billing platform. It offers telecoms a proven solution for adopting different monetization models. With it, Telcos can create revenue streams in this Quote-Order-Cash digital economy.
Such cloud billing platforms offer telecoms the tool to support a large and evolving ecosystem needed to support the telecommunications industry expansion and rapidly evolving.
Into an exciting year for Telcos!
These are just some of the top telecom industry trends for 2023.
These trends, especially the 5G rollout, will significantly impact telecom companies’ operations.
Even more, their ability to monetize on 5G and other trends will influence them for many years to come.
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