A company which fails to adapt might end up getting threatened by new competitions and other faster-growing companies.
Constant renovations are causing a change in the communication process of people. Therefore, the telecom industry also needs to re-strategize to meet expectations.
Today, the telecommunication franchisors need to amalgamate technology with their core offerings, making sure they stand with the latest trend happening in the industry.
No doubt, it is a dynamic as well as turbulent time for the telecommunication industry. Considering these facts, franchisors could create a balance in creating a lasting revenue stream, incorporating new innovative solutions capable of enhancing their key services.
Adaptation and developing solutions
Adapting to the change is essential to stay abreast with the trends and rising competitions. In today’s time, developing a suitable solution via proper investment could emerge as a key step in revamping the future of your telecom brand.
Failing which, a company might end up getting threatened by new competitions and other faster-growing companies.
Competitions from over-the-top companies
The rise of mobile messaging applications has caused a great challenge to the telecommunication industry. According to a report, approximately 2.5 billion people worldwide are at least having one messaging application on their cell phone. Thereby resulting in stealing traffic from the telecom companies which decreased to 34.5 % to 22.1% from 2007 to 2015.
If the trend continues to grow, soon text messaging will die out completely, allowing the OTT companies to steal the opportunity.
The rise of the Internet of Things(IoT)
IoT is invading our day to day lives, transforming things at a rapid pace. It is assumed that by the end of 2020, there would be 21 billion connected devices.
Telecommunication franchisors should focus on resolving this issue by developing a converged platform, sufficiently functional in supporting the full weight of the Internet of Things.
The development of 5g
5g is expected to become available in India by 2020. Experts believe that it will not just enhance the speed, but will improve the capacity and latency as well. In addition, unlimited connections and faster results would be witnessed.
The race is clearly on for the telecom franchisors where they need to develop 5g technology before they are shut.