Home » Tech Trends Set to Transform Technology, Media & Telecom industry in 2023

Tech Trends Set to Transform Technology, Media & Telecom industry in 2023

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Organizations in technology, media, and telecommunications are at the center of the digital economy. As per Mckinsey organizations in these industries create more economic profit than any other sector of the global economy. Yet, they are not immune to market volatility, global dislocations, inflation, increased interest rates, taxation, regulations, disruptions due to pandemics and other world events.

Following the pandemic, the emphasis has switched to assisting customers and businesses through digital transformation and creating a value-added ecosystem. Consumers rely heavily on bandwidth and online channel activities like remote learning, work from home, and gaming. As a result, TMT service providers need to accelerate their digital transformation strategies. This speed represents a greater move towards a digital-first economy and culture.

Technology trends TMT must embrace to stay competitive in 2023

The next wave of change with Artificial Intelligence

Artificial intelligence is reshaping industries and consumer experiences all around the world. Deploying AI-driven, autonomous zero-touch operations has become a reality. According to a Research And Markets report, the global AI in telecommunications market would be worth $6.3 billion by 2026. AI in TMT assists organizations with predictive analysis by leveraging data, algorithms, machine learning and forecast demand volatility and customer churn. AI-enabled virtual assistants or chatbots make customer service easier, reduce long wait times, and establish a hyper-personalized customer experience. A major telecom leader in North America leaking revenue of about 20-25% due to unproductive truck rolls which simultaneously resulted in bad customer experience turned to Innover’s AI/ML driven end-to-end automated solution to reduce unproductive truck roll by 30%, accrue $3.2M in savings in one quarter, and avoid revenue leakage by $2.9M.

Foresee the future of TMT with Digital Twins

To compete in today’s highly dynamic and uncertain environment, telecom organizations must enhance their data utilization capabilities and their abilities for experimentation, creativity, and quick decision-making. Digital twin platforms, generate virtual models of products, processes, resources, and accelerate innovation and decision-making. It enables organizations to examine and assess numerous business strategies at scale to see the outcomes prior to real-world implementation. According to Gartner, the digital twin industry is expected to reach USD 96.49 billion by 2029. A virtual replica of the network is the most spectacular digital twin breakthrough in telecom. It enables telecommunications businesses to monitor and predict network operations in real-time.

Drive excellence with the Internet of Things

TMT is a pioneer in the implementation of fast-evolving Internet of Things technology. According to Statista, the global IoT market is currently valued at roughly $389 billion and is expected to exceed $1 trillion by 2030, emphasizing the wide adoption of IoT across sectors. TMT organizations can use IoT to improve service levels, predict attrition rates, track and monitor equipment, detect hazards, and optimize operational efficiency. AT&T, an American multinational telecommunications giant, cut its energy consumption by 9 million kWh per year through energy management using the IoT, saving about $1 million.

Unravel opportunities in the Metaverse

The metaverse has the potential to have an extraordinary impact on all of our lives. Forbes estimates that the Metaverse represents a $1 trillion revenue opportunity for corporations. TMT will play an important role in the metaverse value chain, enabling TMT service providers to improve customer experience, monetize investment, and increase operational efficiency. The industry can use the metaverse to create 3D models that are exact replicas of real-life products and services, allowing them to make better data-driven decisions before releasing them into the real world. The metaverse can be used to build a marketplace, entertainment area, and workplace where staff can be trained and customers can have an immersive experience. Innover a digital transformation leader developed a Metaverse Lounge for a leading Telecom company in the US. The futuristic lounge provides personalized and immersive support for connected homes and has significantly improved customer satisfaction by 85% and enabled upsell for network speed upgrades by 20%.

The time is now

Digital transformation will be at the center of the next wave for TMT organizations. To increase revenue, connectivity, communication, and enhance customer experience, they must implement new business models and embrace digital transformation technologies such as AI/ML, IoT, Digital Twins, and Metaverse. Leveraging advanced technologies can assist a business in meeting macro-objectives such as improving the customer experience, operating at lower cost points, reducing time to market, and achieving a higher return on investment – which is where Innover steps in. TMT experts at Innover design and develop unique, futuristic digital solutions that capture the pulse of technology and prepare the media and telecom industries for the next big leap into the future.

  • Innover Team  |  March 14, 2023   |  

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