CXO Bytes

Ways the telco industry will change in 2023


Overarching all trends is the wider adoption of a digital-first strategy and the continued focus on delivering services in an efficient and measurable way. Over the next few years, enterprises will leverage technologies enabling digital outreach to customers and address their needs in real-time.Just a year post the pandemic, there is an unwavering dependence on online platforms. You will find more and more people expecting services through digital channels out of habit. To catch up with these digital native customers, enterprises need to continue to invest in technology that enables them to drive sales and enhance customer experience.

  • The key role of emerging technology like AI/ML, and computing.

Convenience is key and customers are looking for instant gratification, meaning more customers are demanding, “I want this and want it now.” Thanks to an omnichannel approach, a lot of brands are putting together a perfect way to reach out to customers and with time, this will improve. Gartner predicts that conversational AI will reduce contact center agent labor costs by $80 billion in 2026. One doesn’t have to be a futurist to say that in times to come, AI will be everywhere. With more customer-business conversations happening, AI and how businesses improve predictability and understand the context of customer conversations will be significant.

  • The Internet of Things will grow thanks to 5G.

Another development that will accelerate this momentum is the rollout of 5G in the country and its wider adoption by the end of 2023. There will be a much larger increase in the use cases and interactions will be more intertwined into the daily lives of people. Whether it is related to buying, selling, or transacting with banks, insurance companies, financial services, retail, or online commerce – any exchange of information will be available and made available faster on 5G. As of now, there are 800 million smartphone users in the country, and about 10% are already 5G-enabled. By the end of next year, there is a good possibility that we will see about 80% of smartphones being 5G enabled. For CPaaS providers, this would mean an increase in the consumer base and a greater opportunity to connect people with businesses.

The adoption of 5G, cloud computing, NaaS, and edge computing are four current trends that telecom firms may rely on in 2023 to keep giving customers a top-notch digital experience.The degree of market maturity in which the telcos are competing, however, largely determines the effect and scope of business difficulties and strategic initiatives.

(The author is Mr. Nitin Singhal, Managing Director, Sinch India and the views expressed in this article are his own)

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