How Telcos can rise to the occasion
IoT, 5G and AI are ushering in a new era of customer and citizen engagement. This is a monumental data revolution that is driven by the smartest of solutions to make consumer lives better, improve people-to-people connect and enable enterprises to grow.
According to Gartner, 66% of organizations plan to deploy 5G by 20201. Meanwhile, 59% say they will include IoT communications in the use case for 5G1. IHS Markit estimates that the number of IoT devices will rise from 27 billion in 2017 to 73 billion in 20251. All of this will result in a massive increase in data volume.
IoT is pervasive and controllable, which has added a new dimension to information collection. The application of IoT data is virtually limitless. Combined with AI, IoT data will help uncover new avenues for revenue and increase the net value for Telcos, banks, and other enterprises. IoT with AI will also help government agencies to engage better with citizens.
Globally, IoT monetization is expected to reach USD $542.92 billion by 2023, at a CAGR of 52.95%2 5G is up to 100 times faster than 4G speed3 and this enables improved IoT connectivity and usage. The introduction of 5G will cause the Telco data volume to increase manifold. This presents a tremendous opportunity to derive insights out of data for enterprise collaboration and monetization.
Telcos: At the helm of the connected insights space
5G investments by Telecommunications carriers will power the IoT revolution. With the predictive capabilities of AI, Telcos will now be able to connect, monitor and monetize in real time - personal devices, autonomous cars, static sensors, cameras, kiosks and more - to give a unified positive customer experience to subscribers. Telcos can now be the focal points of campaigns, not just to offer better Telco services but also to become the hub to offer products and services across industries. Some use case options include:
- Personalized insurance offers based on the health parameters of the subscriber or driving pattern of the user using Telematics. The subscriber will also benefit from this since the personalized offer will consider the actual risk quotient of the user as opposed to the traditional categories like age, income etc.
- Smart Home data to monetize this with enterprises.
- Smart Refrigerator that monitors the replenishment levels of produce at each home, then orders replenishments through the food delivery service, or aggregated data shared with enterprises who value such data for better planning.
- Data from Smart Thermostats, Smart Bulbs can be invaluable in understanding the energy consumption patterns of consumers and aid in better planning of usage.
- Connected Enterprise, where 5G in tandem with IoT helps in information integration of manufacturing, logistics and the marketplace. These technologies help make enterprises efficient and nimble through all stages of planning to the sales process and supply chain optimization.
- 5G will improve location accuracy, which will be delivered with milliseconds low latency. This, in tandem with AI, will enable a better understanding of customer behavior, hobbies, occupations etc.