Telecom companies usually claim they are unable to collect revenue as expected due to various operational costs. The issue can now be solved as a recent study by Juniper Research suggests that a big boost in revenue could be witnessed by focusing on business customers and the Internet of Things (IoT). The global telecommunications market is estimated to be at USD $900 billion this year and this presents a significant opportunity for operators.
Telecom industries have invested heavily in recent years in building up their 5G networks. As an aftermath, they have started faced challenges in collecting revenues from regular consumers. A major problem that has emerged is that they have not yet been able to charge more for 5G compared to older 4G services.
The report highlights the potential for telecom companies to tap into the business world by investing in cloud technologies. The technologies can support new services including CAMARA-compliant APIs, which helps in managing IoT services over networks. APIs act like connectors and allows various software to talk to each other within the telecom networks.
The IoT market is expected to be worth $23 billion and 5G will play an important role as it is flexible and make it easier to deploy APIs. Operators need to offer APIs that allow real-time device management, remote setup and integration with other software. They can position themselves to earn revenue from IoT connectivity. It is being forecasted that its market may reach $23 billion by 2028.
Researcher Benjamin Clark, who was involved in the study, emphasized the importance of creating new revenue streams through enterprise activities. He said that by just focusing on mobile subscribers is not enough and telecom companies need to find ways to add value for businesses as well as generate income from their activities.
