How The Use of AI Will Boost The Revenue of The Telecom Industry To $13 Billion By 2030

The telecom industry has become much more than a basic internet service and phone provider. The rise in demand for 5G broadband services and smartphone data are both crucial growth areas alongside the demand for the Internet of Things. Players in the industry are utilising various technologies to keep up and grow their revenues.

The rapid and continuing adoption of artificial intelligence (AI) and machine learning are expected to boost revenues in this industry. According to various estimates and reports, the global telecom industry’s revenue will rise to $13 billion by 2030. Here's how AI is driving this growth.

Customer Service and Support

Business owners already understand that catering to their customers meaningfully is one of the best ways to keep them around. It is also one of the best ways of keeping customers engaged with a business and its product or services.

Navigating customer service and support has been a challenge for many telecom industry players for years now. In the modern age, telecom companies have artificial intelligence to help them deal with the massive influx of customer complaints, needs, and requirements.

Telecom companies can deal with all this with the help of AI chatbots, machine learning, and an integrated ticketing system.

With AI-enabled virtual assistants becoming ubiquitous, telecom companies can also use them to connect with their customers via voice and chat. These options can also deal with customer complaints or queries requiring just a little attention. Doing so leaves customer service agents to focus on more complex issues that require human intervention.

All the above improve customer experiences, which are crucial for growing revenues and service engagement.

Artificial Intelligence Can Help With Network Optimisation

No one wants to use an inefficient network, especially at a time when significant portions of our lives and businesses run mostly online. Telecom companies are already using AI to analyse vast amounts of data in real time and using the insights they get from such analysis to optimise their networks’ performance and efficiency.

When doing this, they use AI algorithms to identify network bottlenecks and allocate resources so everyone has adequate bandwidth and internet access. Improved network performance attracts more customers and encourages existing subscribers to stay with the operator, ultimately increasing revenue.

AI For Predictive Maintenance

Another of the most common use cases of AI in telecom is its use in predictive maintenance. Predictive maintenance entails predicting potential issues so telecom company professionals can deal with them promptly before they become catastrophic, expensive problems.

Ai solutions and algorithms can monitor communication devices and systems, including cell phone towers and set-top boxes to ensure they are performing as expected, improve customer service, and reduce operational expenses which are directly related to their profitability.

Some telecom companies also use AI-enabled drones to capture damage in network equipment. These drones can detect damage and alert the right people so they can send out professionals to take care of them. Additionally, telecom companies are using AI-enabled drones to increase coverage during and after natural disasters. By doing this, they ensure their customers can be back online soon after an outage.

AI Can Enable Intelligent Pricing and Billing

In addition to reliability and customer satisfaction, price is one of the most common reasons people move from one service provider to the next. Everyone is looking for a good deal, and they will switch providers if they are not getting a good service for what they are paying. Additionally, most people do not want to pay for something they will not take full advantage of.

Instead of risking losing these customers, telecom companies use AI to analyse customer usage patterns and preferences to offer them dynamic pricing that matches their individual needs and usage patterns. They can also provide varying data, messaging, and text amounts for individual customers.

The attractive pricing packages can encourage customers to spend more on these personalised pricing models and plans. This is in addition to customers being more likely to use a specific company’s services.

Increasing Adoption of 5G and The Internet of Things

Another significant growth driver in the telecom industry is the adoption of 5G. It offers higher speeds and throughput that allows businesses and individuals to have better data access and to share it faster. It has allowed the telecom industry to transform quickly by allowing it to provide better services and customer experiences.

Additionally, it has accelerated business growth and helped businesses handle their processes more smartly and efficiently. It has also helped these businesses process large amounts of data faster than they could before.

All these benefits mean the demand for 5G services is increasing, leading to revenue growth for telecom companies in this specific area.

Robotic Process Automation (RPA)

Robotic Process Automation (RPA) helps businesses handle repetitive tasks and make their processes more efficient. RPA and AI are helping telecom businesses increase their revenues by helping them better handle calls, emails, sales orders, and customer profiling. Additionally, AI-powered solutions have helped workers in the telecom industry increase their productivity and better manage customer experiences, all of which benefit telecom businesses.

In an increasingly connected world, telecom businesses are working harder than ever to ensure the internet and network connections that run the modern world are not severed. They are using AI to ensure this and get numerous other benefits that are all leading to growth in their revenues. With our increasing reliance on the internet and the telecom companies that provide it, growth in the telecom industry will continue for decades to come.

Telecom